Cincinnati has been a good and loyal company. One fo the few that still do it the right way. They’ll write what you need them to, and pay you for it! We just wrote a $300,000 contractor with them, and many carriers are backing off contractors in Illinois. But we are watching other things going forward, because their stock problems have us worried.
My partners and I just returned from visiting several of our carriers. An annual trip designed to gather carrier information and direction. Here are tidbitss that we gathered during our visits. Cincinnati appears to be headed for significant concerns and could be driven by their financial issues. Safeco will likely exist West, as the lead LRAM carrier for Liberty, but will probably be consumed in the Midwest and EAst by other LRAM carriers. Safeco may also beocme the direct marketing arm for LM, similar to a GEICO or e-surance carrier. QBE is looking for another purchase and it could be a carrier like Selective – strong in the east, or Fireman’s Fund with strong brand recognition and platform. They just missed on an $8 billion deal in Australia, so they have the ability for a $1B to $6B deal in the US. West Bend also will have some financial issues because they are likely headed for a combined over 100 again, and maybe as high as 105 or more. Look out for Hanover, they will continue to strengthen and might also be looking at some acquisition or merger opportunities. they are strong. Travelers is in great shape but not looking to buy, which is a surprise.
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How much can Cincy lose without reunderwriting their book, or repricing? Not good timing in a soft market. Have they started to firm up yet?
You do not want to be a Cincinnati agent in 2009. IF they are even around.
Cincinnati has been a good and loyal company. One fo the few that still do it the right way. They’ll write what you need them to, and pay you for it! We just wrote a $300,000 contractor with them, and many carriers are backing off contractors in Illinois. But we are watching other things going forward, because their stock problems have us worried.
My partners and I just returned from visiting several of our carriers. An annual trip designed to gather carrier information and direction. Here are tidbitss that we gathered during our visits. Cincinnati appears to be headed for significant concerns and could be driven by their financial issues. Safeco will likely exist West, as the lead LRAM carrier for Liberty, but will probably be consumed in the Midwest and EAst by other LRAM carriers. Safeco may also beocme the direct marketing arm for LM, similar to a GEICO or e-surance carrier. QBE is looking for another purchase and it could be a carrier like Selective – strong in the east, or Fireman’s Fund with strong brand recognition and platform. They just missed on an $8 billion deal in Australia, so they have the ability for a $1B to $6B deal in the US. West Bend also will have some financial issues because they are likely headed for a combined over 100 again, and maybe as high as 105 or more. Look out for Hanover, they will continue to strengthen and might also be looking at some acquisition or merger opportunities. they are strong. Travelers is in great shape but not looking to buy, which is a surprise.