DEAR A.M. BEST – you better take a long hard look at West Bend. They’ve been headed for deep doo-doo for a long time. Not only storm losses, but Illinois construction is burying them bigtime, and the losses keep piling up. They still don’t know the white elephant that they are sitting on, and – PREDICTION – their 102 combined of 2007 was followed by 106 in 2008, and will probably be 112 or 115 in 2009.
For West Bend, the sad news is more than just weather-related losses, poor underwriting, and bad investments. They are neck-deep in contracting problems in Illinois, and have hired industry advisors to help them out of the hole. The first thing that they need to do to get out of the hole, IS STOP DIGGING! And that is coming. Get ready for major reunderwriting and repricing.
At least AM Best is really starting to look at some of these clowns that have been undisciplined for so long. Lib Mutual and now West Bend are tagged with Negative implications; and now AM Best needs to confirm and drop their ratings. West Bend should be lucky to keep an A- when this is all over.
I remember late 90’s, I think, when West Bend ran into surplus problems – and if I recall they stopped writing new business and didn’t recover for a few years. It looks like all of their contracting problems has them going down the same path. We’re going to wait and see instead of going through the headache of having our book completely reunderwritten by them. Secura rep was just in and said that they want anything we can give them from the West Bend book of business.
Good luck with That. I think Secura had a 111 combined in 2008? They have bigger problems than West Bend. and if you think that West Bend doens’t underwrite, then you ought to look at the dumb things that Secura does. They’re next to get nailed by AM Best.
So who’s strong? Lib Mutual has negative implications, West Bend will be “Gone South” Mutual by the end of this year, and Unitrin just got dropped to A minus. And from I hear, Hartford will be teamed up with Fireman’s Fund and owned by Allianz soon. I can’t give all of my business to Traveler’s and Chubb!
AM Best keep it up! You’re finally doing your job! We’ve been wondering when the West Bend house of cards was going to fall, and a few others. Keep going, and get these “mutuals” to ‘fess up to all of their bookkeeping and underwriting shenanigans!!
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DEAR A.M. BEST – you better take a long hard look at West Bend. They’ve been headed for deep doo-doo for a long time. Not only storm losses, but Illinois construction is burying them bigtime, and the losses keep piling up. They still don’t know the white elephant that they are sitting on, and – PREDICTION – their 102 combined of 2007 was followed by 106 in 2008, and will probably be 112 or 115 in 2009.
For West Bend, the sad news is more than just weather-related losses, poor underwriting, and bad investments. They are neck-deep in contracting problems in Illinois, and have hired industry advisors to help them out of the hole. The first thing that they need to do to get out of the hole, IS STOP DIGGING! And that is coming. Get ready for major reunderwriting and repricing.
At least AM Best is really starting to look at some of these clowns that have been undisciplined for so long. Lib Mutual and now West Bend are tagged with Negative implications; and now AM Best needs to confirm and drop their ratings. West Bend should be lucky to keep an A- when this is all over.
I remember late 90’s, I think, when West Bend ran into surplus problems – and if I recall they stopped writing new business and didn’t recover for a few years. It looks like all of their contracting problems has them going down the same path. We’re going to wait and see instead of going through the headache of having our book completely reunderwritten by them. Secura rep was just in and said that they want anything we can give them from the West Bend book of business.
Secura had a 111 or 112 in 2008 I think. They’ll be the next to lose rating or have negative implications. Wouldn’t wanna be ya!
Good luck with That. I think Secura had a 111 combined in 2008? They have bigger problems than West Bend. and if you think that West Bend doens’t underwrite, then you ought to look at the dumb things that Secura does. They’re next to get nailed by AM Best.
So who’s strong? Lib Mutual has negative implications, West Bend will be “Gone South” Mutual by the end of this year, and Unitrin just got dropped to A minus. And from I hear, Hartford will be teamed up with Fireman’s Fund and owned by Allianz soon. I can’t give all of my business to Traveler’s and Chubb!
AM Best keep it up! You’re finally doing your job! We’ve been wondering when the West Bend house of cards was going to fall, and a few others. Keep going, and get these “mutuals” to ‘fess up to all of their bookkeeping and underwriting shenanigans!!