UPC getting ready to cancel 1000’s in SC and raise rates on the others big time. It really sucks for those agents that don’t mind selling the demotech rated companies. Now they get to rewrite it…lol.
Jack – what about the agents selling AM Best rated carriers that get down graded and/or go insolvent? It happens to both demotech and am best. I dont like monopolistic rating bureaus and you shouldnt either.
Funny thing is I just had an AM Best rated carrier in Florida non-renew a bunch of policies and increase the rates on the remaining policies, so go figure…. lol.
Both Best and Demotech receive money from companies they rate. The companies ‘buy’ their rating. I like Weiss but I don’t even think they saw the HomeWise failure coming.
This is not a good sign for Sunshine State.
Agreed. This can’t be good news and makes me wonder what UPC must have seen to back off the deal.
UPC getting ready to cancel 1000’s in SC and raise rates on the others big time. It really sucks for those agents that don’t mind selling the demotech rated companies. Now they get to rewrite it…lol.
Jack – what about the agents selling AM Best rated carriers that get down graded and/or go insolvent? It happens to both demotech and am best. I dont like monopolistic rating bureaus and you shouldnt either.
Funny thing is I just had an AM Best rated carrier in Florida non-renew a bunch of policies and increase the rates on the remaining policies, so go figure…. lol.
Both Best and Demotech receive money from companies they rate. The companies ‘buy’ their rating. I like Weiss but I don’t even think they saw the HomeWise failure coming.
What does it mean for the future of US RE?