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Message
Home Insurer Downgraded - Offered Underwriter Reciprocal Exchange in its place
Posted on 6/19/22 at 12:48 pm
Posted on 6/19/22 at 12:48 pm
Insurer was downgraded and doesn't have adequate reinsurance coverage for the 2022 hurricane season. Policy cancelled.
I know Reciprocal Exchanges have been around a long time and Farmers is example of very large one. I am not otherwise familiar and would like understand this reciprocal exchange better (Sagesure).
How do you determine if an exchange is able to support its subscribers’ coverage needs (it does not have an A.M. Best Rating. All I could get is that it is rated A by the BBB)?
How do I get visibility to the reciprocal's ability to cover its costs (insuring subscribers, running the organization, and the cost of the reciprocal’s attorney costs) and number of subscribers (ie, assess how well it may cover insurer needs).
Info and steer is appreciated!
I know Reciprocal Exchanges have been around a long time and Farmers is example of very large one. I am not otherwise familiar and would like understand this reciprocal exchange better (Sagesure).
How do you determine if an exchange is able to support its subscribers’ coverage needs (it does not have an A.M. Best Rating. All I could get is that it is rated A by the BBB)?
How do I get visibility to the reciprocal's ability to cover its costs (insuring subscribers, running the organization, and the cost of the reciprocal’s attorney costs) and number of subscribers (ie, assess how well it may cover insurer needs).
Info and steer is appreciated!
Posted on 6/19/22 at 1:43 pm to Turf Taint
I've heard that Pure Insurance is also notifying people that they are retreating from Louisiana. I have not confirmed this but that's what I'm hearing.
Posted on 6/19/22 at 9:58 pm to MrLSU
quote:
I've heard that Pure Insurance is also notifying people that they are retreating from Louisiana.
I can confirm this.
I have lost more than a half dozen coastal carriers in LA and AL over past 12 months.
Received notice that Attune, my largest commercial carrier, is leaving LA effective nearly immediately, and not writing biz in AL within 5 miles of any coast, nor writing frame buildings at all.
Sagesure, Am Modern, iCat (personal lines), Geovera, QBE, and several others. I feel like a clown juggling carriers rather than a broker.
Posted on 6/20/22 at 7:10 am to Turf Taint
I'm in this same boat. Occidental left so I got offered to stay on with Sagesure. Can't find a ton of reviews online, but everything I've found seems positive. No red flags that I can find.
Also have not gotten any outside quotes that even come close to matching Sagesure.
Also have not gotten any outside quotes that even come close to matching Sagesure.
Posted on 6/20/22 at 8:32 am to Neauxla_Tiger
Last quote from Sagesure was out the box but then again, all of the quotes are obscene right now
Posted on 6/20/22 at 8:55 am to Turf Taint
find out this before you rack your head through the wall, what other options do you even have? LA Citizens and what else?
Posted on 6/20/22 at 10:05 am to BamaCoaster
Any word on Allied Trust? Feel like they are on the cusp of dropping
Posted on 6/20/22 at 10:25 am to TigerTatorTots
quote:
Any word on Allied Trust?
quote:
To All Allied Trust Partners,
Allied Trust has continued to monitor our production levels during this everchanging Insurance environment. We were hoping that the underwriting restrictions that we recently implemented would slow down our writings to a sustainable level. Due to the numerous companies being placed into receivership, liquidation, leaving the state or implementing state-wide moratoriums, there is simply too much business left to be written by too few companies. Continuing to accept new policies at these levels would eventually consume all of our reinsurance and underwriting capacity. Therefore, effective 5:00 p.m. central time on June 17th, 2022, Allied Trust will no longer be accepting new business policies in the state of Louisiana until further notice. We will honor any policy that was bound prior to the stated time above or quotes that were already submitted to Underwriting Department. Unfortunately, we are not in a position to honor other quotes within the system.
By being one of the last markets available, if we continued to write more business at these levels, we would outstrip our reinsurance capacity. This is a decision which we cannot allow ourselves to make at this difficult time in the market. We are continuing to look into possible ways of increasing our capacity and if successful, will look forward to reopening new business in the State.
Posted on 6/20/22 at 12:31 pm to Turf Taint
Posted on 6/20/22 at 12:33 pm to Chad504boy
So if I have them and my policy expires July 30th, I'm SOL? Or are they saying they are keeping existing customers, just no new customers?
Posted on 6/20/22 at 1:42 pm to TigerTatorTots
they shut down new business for now.
i'd guess you'd be getting a renewal offer.
i'd guess you'd be getting a renewal offer.
Posted on 6/20/22 at 5:05 pm to Chad504boy
Is anyone writing new policies in Jefferson parish? Called several brokers and all they can offer is Citizen’s.
Posted on 6/20/22 at 9:47 pm to biggie
Not really. Maybe National general, not sure but it’s heavily underwritten and credit driven etc.
Posted on 6/21/22 at 5:33 am to biggie
Nat Gen, Centauri, there’s a few others
Posted on 6/21/22 at 6:38 am to jorconalx
quote:Centauri stopped taking new policies around the end of May. NatGen is hit and miss…sometimes you’ll be able to get a quote through but most of the time their system will decline for coastal exposure management reasons. I don’t know of anybody else writing southshore besides Citizens
Nat Gen, Centauri, there’s a few others
Posted on 6/21/22 at 7:11 am to Tiger Prawn
quote:
Citizens
Didn't this happen after Katrina for a while? I feel like when I moved back to JP in 2013 all you could get was Citizens but then within a couple years there were more options. I wonder if this is cyclical and after every big storm (Katrina, Ida, etc.) there are no options besides Citizens and then after so many years more start to move back in (until the next big storm).
Posted on 6/21/22 at 8:41 am to bod312
quote:
Didn't this happen after Katrina for a while? I feel like when I moved back to JP in 2013 all you could get was Citizens but then within a couple years there were more options. I wonder if this is cyclical and after every big storm (Katrina, Ida, etc.) there are no options besides Citizens and then after so many years more start to move back in (until the next big storm).
Similar ish to after Katrina but this is a much much worse situation the state is in.
Posted on 6/21/22 at 2:25 pm to Chad504boy
I have to brush up on Citizens…this market is wild right now.
Posted on 6/21/22 at 8:09 pm to Beef Tips
Thank u! Missed this. Very helpful.
Posted on 6/21/22 at 8:43 pm to bod312
Yeah but back then you didn’t have multiple companies failing back to back to back and having around 80-90k policies being cancelled all at the same time. After Katrina, you had the big national companies stop writing new policies that had wind/hail coverage in the southern parishes, but this is different because not only is nobody writing new policies, but exisiting policies are being cancelled in large numbers because of carriers going under. People are seeing premiums double or triple to get a new policy from Citizens compared to what they were previously paying
ETA:
ETA:
quote:If you were calling State Farm or Allstate maybe. But by 2013 independent agents had Bankers, Lighthouse, Centauri, ASI (Progressive), Southern Fidelity, Americas, and probably a few others….although Lighthouse, Southern Fidelity, and Americas are among the insolvent carriers the past few months
when I moved back to JP in 2013 all you could get was Citizens
This post was edited on 6/21/22 at 8:48 pm
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