Scuttled: The Sinking of The Palmer Cay

by Ron Collins

“In some respects, Palmer & Cay was too good to be true—a great place to work with snowballing success. Good leadership, talented personnel, personal freedom, and generous compensation contributed to the overall success of The Ship. This is a story not of evil wrongdoing, but of runaway egos, greed, and the lack of entrepreneurial skill or knowledge to lead the company forward. Those egos were willing to bet everything on an unproven scheme and ride The Ship to the bottom, if allowed.” For years, Palmer & Cay, a small but highly successful commercial insurance–brokerage firm, was a name synonymous with unbeatable talent, honest work, and a soaring drive to exceed all expectations. Everyone—employees, customers, and peers alike—wanted to climb aboard “The Ship” and be a part of the ride to success. Things could not have been looking better, until in 2003, when a sudden and unexpected change in management took a turn for the worse, and piece by piece dismantled everything that the 135-year-old company stood for. “ The Sinking of the Palmer Cay” tells the full story from the perspective of insider Ron Collins, former senior vice president of Palmer & Cay’s flagship department, and evaluates the roots of the poor decision-making that would eventually devastate other companies across the nation. From start to finish, Collins provides acute and heartfelt insight into what businesses need to succeed, and what will ultimately make them sink.

263 pages, Kindle Edition

Published May 1, 2017

Reviews

[Nicholas F. Munson · Rating 5 out of 5]

A great book about an industry I know well. Ron capsules this story well. What a shame that such a prestigious firm as Palmer Cay would fall to poor management. The Marsh employees were never responsible for balance sheets. This should have been a red flag to John Cay.

[Mary · Rating 5 out of 5]

This is a a very well written first book. It is an easy read and should be of great interest to anyone in business, especially insurance. Lots of fun southern references add to the enjoyment!