A.M. Best Places Cincinnati Insurance Under Review

July 7, 2008

  • July 7, 2008 at 10:26 am
    MarketWatcher@yahoo.com says:
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    Hello – this is a significant wake-up call for Cincinnati agents ! Watch what you put here, and how much. This is going to snowball.

  • July 8, 2008 at 9:31 am
    MARKetWatcher says:
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    REPRINTED from another post: 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

  • July 8, 2008 at 10:53 am
    Former Employee says:
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    This company is one interesting case study. You have nepotism, bullying, no diversity and incompetence running throughout. An allegience to 5/3rd bank that is unprecedented and the majority of the workload is given to Independent agents who are treated like dogs. A long way from the founding philosophy of “sitting around the kitchen table and writing an insurance policy”.

    Did I mention lack of diversity? I don’t know if there is one African- American acting officer with real authority.

    Many Personal Lines U/W’s are bullied by one senior member of management so bad they look for ways to abandon ship, while Commercial line Underwriters struggle to keep up with the out dated technology and policy issuing systems and reams of cumbersome paper and disorganization.

    The Life Dept is a joke and not competitivly priced. Again, lack of technology or innovation is the source of decline. I estimate that we will see continued decline to a point where CFC will have to abandon certain lines as they have been so lazy with collecting their profits for so long they’ve never managed to catch up to the 21st century.
    BAD INVESTMENT, TRUST ME- BEEN THERE, DONE THAT

  • July 8, 2008 at 11:26 am
    competitor says:
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    As someone competing against them, we have seen some stupid pricing coming out of this company in the past couple of months. I guess they haven’t caught on yet….

  • July 8, 2008 at 12:32 pm
    zman says:
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    How does not having a black officer in the company have to do with Cinn. poor underwriting and their cheap rate? A person should not be given a position for the their skin color but only for their competence.

  • July 8, 2008 at 1:46 am
    Taylor says:
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    I agree with MarketWatcher! I cannot believe the types of accounts they will write at prices that are not nearly commensurate with the risk. Not to mention they don’t loss control anything that I’m aware of which, in my experience, leaves the door wide open for unscrupulous agents.

  • July 8, 2008 at 3:47 am
    Another Competitor says:
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    In 100% agreement with Competitor. We compete against them on a lot of habitational business. They’re writing frame at 4 & 5 cent net rates. They’re going to get burned, literally, with these premiums.

  • July 8, 2008 at 5:14 am
    old school says:
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    the only thing dumber is the fact that agents keep putting business with them at that pricing. Some agents are afraid of their own shadow & won’t sell to save their life. CIC seems to cater to these agents all the time.

  • July 9, 2008 at 8:43 am
    reality says:
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    that’s awful noble of you. Good luck with that & the selling of increases and lower rating in a soft market.

  • July 9, 2008 at 1:53 am
    Steve says:
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    Well it looks like CinFin is finally getting their turn….Ive been an Executive Recruiter working the P&C industry for over 20 years now and Ive just been amazed at how CinFin has just sat there doing the same things over and over with now regard to how things are changing around them.



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