I’ve been watching this, and believe it is the first shoe to drop for this struggling company. Numbers have been horrendous over the past several years, and they still have not realized the burden of their contracting tail. Storm losses continue to pound their underpriced personal lines. NSI is their only bright spot, but how many tanning salons can you write? Selling here gives the company some cash flow to offset all of the return premiums from their heavy contracting book. AM Best dropped their rating a few months ago, and I wouldn’t be surprised if they are put back under review.
struggling here, and they still haven’t fully accepted their snowballing problems. Look for significant personal lines rate increases next. Even a mutual can’t outrun losses and poor underwriting and underpriced business forever.
come on. just because this agency is buried in Illinois contracting, and just because they keep returning premium while the losses keep coming in, and just because personal lines continues to underperform and is underpriced, that doesn’t mean that the carrier is going anywhere.
They’ll keep buying business until that danged building is paid for!
I’ve been watching this, and believe it is the first shoe to drop for this struggling company. Numbers have been horrendous over the past several years, and they still have not realized the burden of their contracting tail. Storm losses continue to pound their underpriced personal lines. NSI is their only bright spot, but how many tanning salons can you write? Selling here gives the company some cash flow to offset all of the return premiums from their heavy contracting book. AM Best dropped their rating a few months ago, and I wouldn’t be surprised if they are put back under review.
struggling here, and they still haven’t fully accepted their snowballing problems. Look for significant personal lines rate increases next. Even a mutual can’t outrun losses and poor underwriting and underpriced business forever.
come on. just because this agency is buried in Illinois contracting, and just because they keep returning premium while the losses keep coming in, and just because personal lines continues to underperform and is underpriced, that doesn’t mean that the carrier is going anywhere.
They’ll keep buying business until that danged building is paid for!