I’m certain I missed something, but what is this article and Demotech talking about? I know that Nationwide is a National company. Who cares that Nationwide Mutual Fire Insurance Co just so happens not to write in a few states. Same thing with Mid-Century Insurance Company and Fire Insurance Exchange – both of which a sub-companies of Farmers Insurance Group/Zurich.
The article says these companies are “critically important to the industry”. What? Are you trying to tell me that if Fire Insurance Exchange didn’t exist, that Farmers wouldn’t place that exact same business with another one of their companies? Get real.
Being a Texas agent, I am not familiar with the majority of the remaining players on this list, but I’m guessing there is a chance that some of these others are also sub-companies of other larger counterparts.
If that’s so, the entire concept must be called into question. I realize the IJ does not limit itself to Independent Agencies, but the world would not even hiccup if Mid-Century blew up tonight. That biz would roll over to Farmers Insurance Exchange, or any of a dozen other shell companies that the parent company can use.
The list is meaningless it appears. I expected better from this source. Certainly AutoOwners qualifies with 4B in premium and also Erie. I am amazed that State Auto @ 1.2B is not shown.
Thank you, thank you for calling out this list! Peerless, Indiana, Golden Eagle, Wausau, are not Super “Regional” companies. They are the devil in the clothing of a sheep, and Independent Agents drink their Kool-Aid. Now it appears that IJ does as well?!?!?!? C’mon, a National is a National is a National!!! So PLEEEASE do not do the hard-working and true regionals and super regionals the injustice of parading this fraud! Erie and Auto-Owners are a good call, but I disagree on State Auto? Isn’t this Lake States redressed and doing the same dumb things as they did in the 90’s? I do wonder where Acuity falls? And forget it, General Casualty and Unigard don’t even get to call themselves Super Regionals anymore – they are QBE.
The most interesting fact that I find is that there are 152 – count ’em – 152 Super Regionals? And all of my friends in the industry say that if there are any more acquisitions, then we won’t have any choices left?!?! There are plenty, plenty of insurance carriers. We need to get some of them off the street! (is Liberty the only one buying?)
The concern in the previous posts seems to be what the definition is of a super regional. The consensus seems to be that if owned by a national company an insurer cannot qualify as a super regional.
Having worked for a couple of regionals that were owned by larger companies my experience was that the regional did not change. It still had to make underwriting decisions, stay solvent, comply with state laws, settle claims as before, etc.
The article mentions super regionals as one of 11 categories. Perhaps the Insurance Journal could do a follow up article explaining the criteria for a super regional as well as the other categories Demotech has determined.
Let’s get all the information before making a judgment about who should and should not qualify as a super regional.
I think there is some discrepancy as to what a super regional is. In my estimation, there may be 152 “regional” companies but only about a couple of dozen Super Regional companies. IJ should post all the lists of categories they say they have. I agree with comments on Erie and Auto Owners but I also agree with Peerless. Peerless, Indiana, Wassau and Golden Eagle may be under the Liberty umbrella but EVERYONE KNOWS they act separately in almost every way in this industry. That is the idea behind the different companies – different regional focuses, product diversity and agency management. The idea behind a super regional is the regional focus. This is why State Auto is not there – they look like they are going national. I may not agree with everything Liberty does but the idea behind the regional companies such as Peerless, Ohio Casualty and Indiana definitely works. I applaud them for their efforts with holding on to the regional focus that has helped us on the Independent Agency side. Obviously, there will be more discussion on super regionals but Erie, AutoOwners, Country Mutual and Peerless definitely belong on this list. Congrats to those companies!
But before I get back to work, how come I can place coverage with Liberty & the policy comes in written in Peerless? Would not seem to be a regional carrier now would it? Ok, going back to work now.
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I’m certain I missed something, but what is this article and Demotech talking about? I know that Nationwide is a National company. Who cares that Nationwide Mutual Fire Insurance Co just so happens not to write in a few states. Same thing with Mid-Century Insurance Company and Fire Insurance Exchange – both of which a sub-companies of Farmers Insurance Group/Zurich.
The article says these companies are “critically important to the industry”. What? Are you trying to tell me that if Fire Insurance Exchange didn’t exist, that Farmers wouldn’t place that exact same business with another one of their companies? Get real.
Being a Texas agent, I am not familiar with the majority of the remaining players on this list, but I’m guessing there is a chance that some of these others are also sub-companies of other larger counterparts.
If that’s so, the entire concept must be called into question. I realize the IJ does not limit itself to Independent Agencies, but the world would not even hiccup if Mid-Century blew up tonight. That biz would roll over to Farmers Insurance Exchange, or any of a dozen other shell companies that the parent company can use.
Super Regionals …whoopty-doo.
Good call, confused. As far as I know, Peerless is owned by Liberty Mutual. Regional indeed. Hmmmm.
The list is meaningless it appears. I expected better from this source. Certainly AutoOwners qualifies with 4B in premium and also Erie. I am amazed that State Auto @ 1.2B is not shown.
Thank you, thank you for calling out this list! Peerless, Indiana, Golden Eagle, Wausau, are not Super “Regional” companies. They are the devil in the clothing of a sheep, and Independent Agents drink their Kool-Aid. Now it appears that IJ does as well?!?!?!? C’mon, a National is a National is a National!!! So PLEEEASE do not do the hard-working and true regionals and super regionals the injustice of parading this fraud! Erie and Auto-Owners are a good call, but I disagree on State Auto? Isn’t this Lake States redressed and doing the same dumb things as they did in the 90’s? I do wonder where Acuity falls? And forget it, General Casualty and Unigard don’t even get to call themselves Super Regionals anymore – they are QBE.
The most interesting fact that I find is that there are 152 – count ’em – 152 Super Regionals? And all of my friends in the industry say that if there are any more acquisitions, then we won’t have any choices left?!?! There are plenty, plenty of insurance carriers. We need to get some of them off the street! (is Liberty the only one buying?)
The concern in the previous posts seems to be what the definition is of a super regional. The consensus seems to be that if owned by a national company an insurer cannot qualify as a super regional.
Having worked for a couple of regionals that were owned by larger companies my experience was that the regional did not change. It still had to make underwriting decisions, stay solvent, comply with state laws, settle claims as before, etc.
The article mentions super regionals as one of 11 categories. Perhaps the Insurance Journal could do a follow up article explaining the criteria for a super regional as well as the other categories Demotech has determined.
Let’s get all the information before making a judgment about who should and should not qualify as a super regional.
I think there is some discrepancy as to what a super regional is. In my estimation, there may be 152 “regional” companies but only about a couple of dozen Super Regional companies. IJ should post all the lists of categories they say they have. I agree with comments on Erie and Auto Owners but I also agree with Peerless. Peerless, Indiana, Wassau and Golden Eagle may be under the Liberty umbrella but EVERYONE KNOWS they act separately in almost every way in this industry. That is the idea behind the different companies – different regional focuses, product diversity and agency management. The idea behind a super regional is the regional focus. This is why State Auto is not there – they look like they are going national. I may not agree with everything Liberty does but the idea behind the regional companies such as Peerless, Ohio Casualty and Indiana definitely works. I applaud them for their efforts with holding on to the regional focus that has helped us on the Independent Agency side. Obviously, there will be more discussion on super regionals but Erie, AutoOwners, Country Mutual and Peerless definitely belong on this list. Congrats to those companies!
More than anything I’m suprised that so many of you give a crap about this meaningless article. Get back to work…
Where do we get the full list ? How?
But before I get back to work, how come I can place coverage with Liberty & the policy comes in written in Peerless? Would not seem to be a regional carrier now would it? Ok, going back to work now.