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Message
Bankers Ins. Co Filing to Exit Homeowners’ Business in LA
Posted on 7/22/22 at 11:33 am
Posted on 7/22/22 at 11:33 am
Son of a Bitch. Another one bites the dust.
Territory: Louisiana
Product: Pristine Homeowners (HO3); Legacy Homeowners (HO3); Legacy Homeowners (HO6)
As we have communicated in recent weeks, unprecedented reinsurance costs over the last several years are forcing many carriers, including Bankers, to seek viable options to continue offering a mix of product lines in a distressed marketplace. We have, therefore, made the difficult decision to inform the Department of Insurance that Bankers is exiting its Homeowners (HO3, HO6) lines in Louisiana. Bankers has been proud to serve these lines for decades and remains dedicated to its agents and its policyholders.
Bankers remains financially sound and committed to all Commercial Lines, Builders Risk, HO4, and Flood in the state. We want to remind you we maintain a financial strength rating of at least B+ from AM Best, meeting the requirement for mortgage lenders Fannie Mae and Freddie Mac.
Your loyalty to Bankers over the last 46 years is paramount to us and we felt compelled to communicate with you directly. This decision was difficult, however, necessary to allow us to grow responsibly and maintain our long-term financial objectives.
Territory: Louisiana
Product: Pristine Homeowners (HO3); Legacy Homeowners (HO3); Legacy Homeowners (HO6)
As we have communicated in recent weeks, unprecedented reinsurance costs over the last several years are forcing many carriers, including Bankers, to seek viable options to continue offering a mix of product lines in a distressed marketplace. We have, therefore, made the difficult decision to inform the Department of Insurance that Bankers is exiting its Homeowners (HO3, HO6) lines in Louisiana. Bankers has been proud to serve these lines for decades and remains dedicated to its agents and its policyholders.
Bankers remains financially sound and committed to all Commercial Lines, Builders Risk, HO4, and Flood in the state. We want to remind you we maintain a financial strength rating of at least B+ from AM Best, meeting the requirement for mortgage lenders Fannie Mae and Freddie Mac.
Your loyalty to Bankers over the last 46 years is paramount to us and we felt compelled to communicate with you directly. This decision was difficult, however, necessary to allow us to grow responsibly and maintain our long-term financial objectives.
This post was edited on 7/22/22 at 12:00 pm
5
Posted on 7/22/22 at 1:33 pm to Chad504boy
Will your E&O allow you to write AM B+???
Posted on 7/22/22 at 1:39 pm to BamaCoaster
quote:
Will your E&O allow you to write AM B+???
as opposed to all the dissolved demotech chicken shits?
Posted on 7/22/22 at 7:14 pm to Chad504boy
Is their a list of who is still writing homeowners policies in Louisiana?
Posted on 7/23/22 at 11:26 am to Simon Gruber
quote:
Is their a list of who is still writing homeowners policies in Louisiana?
If you qualify, USAA.
Posted on 7/23/22 at 11:57 am to Simon Gruber
Pretty sure State Farm is
Posted on 7/23/22 at 11:58 am to Simon Gruber
Farm Bureau
Posted on 7/24/22 at 12:46 pm to Simon Gruber
I have a friend who is a State Farm agent. She said they can do policies in non-coastal areas and in coastal areas, they go though their subsidiary company called Dover Bay. She said the price is high, but lower than Louisiana Citizens.
Posted on 7/24/22 at 2:15 pm to Skippy1013
So 3 home insurers left?
Posted on 7/24/22 at 8:32 pm to Jimmy2shoes
I believe progressive is writing. National General just wrote my policy.
I was told some companies are only writing policies on houses 10 years old or newer.
I was told some companies are only writing policies on houses 10 years old or newer.
Posted on 7/24/22 at 8:41 pm to Chad504boy
Donelan made carriers pay for things that weren’t covered and we’re with low quality insurers.
The quality companies won’t touch us.
The quality companies won’t touch us.
This post was edited on 7/24/22 at 8:50 pm
Posted on 7/24/22 at 8:47 pm to SlidellCajun
Not the rhyme or reason
Posted on 7/25/22 at 2:11 pm to Chad504boy
Hopefully it takes some time for them to leave. Not going to be fun moving those policies right now.
Posted on 7/25/22 at 10:53 pm to Chad504boy
So how does this work? Do they just cancel everyone on a certain date? Or they just don’t renew policies as they come up for renewal?
Posted on 7/26/22 at 5:26 am to Skippy1013
Non-coastal -where is that? Mandevile a mile off + off Pontchartrain is “coastal”
Posted on 7/26/22 at 6:52 am to LSUFanHouston
Non-renewal as they come up throughout the year.
FedNat’s exit was unique because for the first 6 months of the year, they were just non-renewing policies. Then they got a big financial rating downgrade, so the Dept of Insurance allowed them to cancel everything they had left at one time
FedNat’s exit was unique because for the first 6 months of the year, they were just non-renewing policies. Then they got a big financial rating downgrade, so the Dept of Insurance allowed them to cancel everything they had left at one time
Posted on 7/27/22 at 7:01 pm to Tiger Prawn
They entered receivership. Big difference.
Posted on 7/27/22 at 9:27 pm to Riverside
quote:Who? FedNat hasn’t gone into receivership. They just lost their demotech rating, so they didn’t meet the minimum financial rating requirement for most mortgages. So the DOI approved their expedited exit from LA but they’re still in business, but Florida only now
They entered receivership. Big difference.
This post was edited on 7/28/22 at 9:01 am
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