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UPC Insurance downgraded by Demotech; eta now leaving LA
Posted on 8/2/22 at 11:18 am
Posted on 8/2/22 at 11:18 am
Likely the beginning of the end to another huge book of business in the state of LA.
LINK w article about leaving state
quote:
On Monday (8/1), Demotech downgraded UPC from an “A (Exceptional)” rating to “M (Moderate)”.
A “Moderate” rating by Demotech is typically not accepted by federally backed mortgage lenders.
IIABL is in communication with the Department of Insurance and others regarding options, but agents need to monitor the situation closely.
LINK w article about leaving state
This post was edited on 8/26/22 at 11:26 am
Posted on 8/2/22 at 11:28 am to Chad504boy
All of my rentals were through State National and they’re now being non renewed. Safepoint has taken over and now won’t send me loss runs, so I can’t get other quotes. Insurance in this state is a fricked up deal.
Posted on 8/2/22 at 11:30 am to Chad504boy
The industry is spiraling out of control in Louisiana right now. These last couple years have just been too much.
Posted on 8/2/22 at 11:38 am to Chad504boy
quote:
Chad504boy
Aren't you the guy that constantly talks about these companies like UPC just being a victim to reinsurance? You are probably some wet-behind-the-ears insurance agent that has no clue about operational costs, PHS ratio and all the other critical requirements to a solvent, legitimate company. And even worse than that, you can't even see the irony within your own OP compared to the countless times you vouched for these Citizens' depopulation fly by night companies and whined about some boogeyman reinsurance treaty holding them back from succeeding in Louisiana. You are a lost cause.
Posted on 8/2/22 at 11:39 am to Chad504boy
Stay Strong Saharan Dust!
Posted on 8/2/22 at 11:41 am to nugget
Thoughts on National General by All State?
Posted on 8/2/22 at 11:56 am to MrJimBeam
We got national general when we bought our new home.
Made a claim right after Ida only been with them a few months at the time.
I thought they were fair not exceptional. Renewed last month premium went up $444.00 annually over last year
$1k hurricane deductible
Made a claim right after Ida only been with them a few months at the time.
I thought they were fair not exceptional. Renewed last month premium went up $444.00 annually over last year
$1k hurricane deductible
Posted on 8/2/22 at 12:02 pm to baxter12
Thanks, I'm having to switch to them since my old policy doesn't do 1k deductible for everything anymore. I had multiple agents come back with them as the best policy. It's a few hundred more per year but I feel like that's not bad considering. Thanks for the input on your experience.
Posted on 8/2/22 at 12:04 pm to Chad504boy
Switched from UPC to Safeco a couple months ago. Perfect timing.
Posted on 8/2/22 at 12:09 pm to Tomatocantender
quote:
Aren't you the guy that constantly talks about these companies like UPC just being a victim to reinsurance? You are probably some wet-behind-the-ears insurance agent that has no clue about operational costs, PHS ratio and all the other critical requirements to a solvent, legitimate company. And even worse than that, you can't even see the irony within your own OP compared to the countless times you vouched for these Citizens' depopulation fly by night companies and whined about some boogeyman reinsurance treaty holding them back from succeeding in Louisiana. You are a lost cause.
You're saying a lot of shite that means nothing. It's all coincidental that all of these companies are folding like cards? No "good enough by your standard" companies wanted to come write any property here for years and years. Not sure what you think you are proving beside your just screaming like a brat.
Posted on 8/2/22 at 12:16 pm to Chad504boy
quote:
Chad504boy
You are a clown. I should pull the UPC post from last year where you were victim shaming a poster here on TD because UPC Insurance was taking him to the cleaners on an IDA claim and all you could do is cite these useless exclusions. And over the last year you have double downed on stupidity and vouched for these shitty companies over and over again.
Posted on 8/2/22 at 12:19 pm to Tomatocantender
quote:
You are a clown. I should pull the UPC post from last year where you were victim shaming a poster here on TD because UPC Insurance was taking him to the cleaners on an IDA claim and all you could do is cite these useless exclusions. And over the last year you have double downed on stupidity and vouched for these shitty companies over and over again.
Yeah, you should pull exact posts of what i've said. Not sure what nearly every company going dissolvent has to do with you wanting to defend a random person's insurance claim all because you have a hatred of nearly all insurance companies.
Posted on 8/2/22 at 12:25 pm to Chad504boy
It won't be too long before there are no insurers in Louisiana. What happens then?
This post was edited on 8/2/22 at 12:26 pm
Posted on 8/2/22 at 12:28 pm to Chad504boy
quote:
Not sure what nearly every company going dissolvent
Just 2 weeks ago you were still beating the drum about these companies being dealt a bad hand with reinsurance and that was the sole reason they're all flying the coop along with greedy policyholders in Louisiana and frivolous homeowner claims. You have no idea what you're talking about. None.
Posted on 8/2/22 at 12:28 pm to Chad504boy
Demotech - rated carriers are to be avoided in general. If Demotech downgrades you, you must really be garbage.
Posted on 8/2/22 at 12:28 pm to Ingeniero
quote:
It won't be too long before there are no insurers in Louisiana. What happens then?
Surplus lines ridiculous options (even ex wind options) and LA Citizens predominantly.
Posted on 8/2/22 at 12:31 pm to Tomatocantender
quote:
was the sole reason they're all flying the coop along with greedy policyholders in Louisiana and frivolous homeowner claims. You have no idea what you're talking about. None.
i've never said any of these words. I said reinsurance is a huge issue. it is. never said sole. But you're too busy crying over you north b.r. options, you aren't even in the hardcore areas getting dealt way shittier hands. You're also the one whose vagina was bleeding not understanding the justification of replacement cost of your home going up substantially the past 2 years.
Posted on 8/2/22 at 12:31 pm to Ingeniero
quote:
no insurers in Louisiana. What happens then?
The same thing that's happened the last 3 months. LA Citizens covers everyone.
Posted on 8/2/22 at 12:32 pm to Ingeniero
quote:
It won't be too long before there are no insurers in Louisiana. What happens then?
Donelon has just introduced the incentives again for "Depopulation" companies. These same ultimate controlling persons of UPC, Maison, Lighthouse et al just form a new company HQ in Florida and start writing policies again in Louisiana like they did post Katrina. It's a long-tailed Ponzi scheme at its purest form essentially. All to take a little stress off the back of the market of last resort, Louisiana Citizens (coastal), La Property IC (non-coastal).
Posted on 8/2/22 at 12:48 pm to Tomatocantender
quote:
Donelon has just introduced the incentives again for "Depopulation" companies. These same ultimate controlling persons of UPC, Maison, Lighthouse et al just form a new company HQ in Florida and start writing policies again in Louisiana like they did post Katrina. It's a long-tailed Ponzi scheme at its purest form essentially. All to take a little stress off the back of the market of last resort, Louisiana Citizens (coastal), La Property IC (non-coastal).
Oh man. Did you send the invite to Geico and Liberty Mutual among others and offer them the opportunity to write property insurance in the coastal parishes of Louisiana?
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