Kingsway should have been able to see problems on the horizon with Lincoln General. From what I saw, L.G. excercised little if any oversight to ensure that long haul units were being rated correctly; and it caught up with them. “Inspect what you expect”.
I’m wondering when AM best plans to downgrade some others? two in particular, Cincy and West Bend have been carrying NEGATIVE implications for more than a year, their underwriting results are not good, and their investments aren’t good either. Cincy got hit hard in 2008 and had to divest themselves of many of their investments. And these carriers get to keep their lofty Best ratings?
West Bend has really pulled in their ways, terminating agents and pushing pricing. They’re still chasing contractors in Illinois (I don’t know why) but they are pushing pricing across the board. They are very likely to have their third or fourth straight combined over 100. I don’t care if you are a mutual or not, you can’t post over 100 every year when you’re sitting on that monster (Illinoi contracting) and when you have a beautiful new building to pay for.
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Kingsway should have been able to see problems on the horizon with Lincoln General. From what I saw, L.G. excercised little if any oversight to ensure that long haul units were being rated correctly; and it caught up with them. “Inspect what you expect”.
I’m wondering when AM best plans to downgrade some others? two in particular, Cincy and West Bend have been carrying NEGATIVE implications for more than a year, their underwriting results are not good, and their investments aren’t good either. Cincy got hit hard in 2008 and had to divest themselves of many of their investments. And these carriers get to keep their lofty Best ratings?
West Bend has really pulled in their ways, terminating agents and pushing pricing. They’re still chasing contractors in Illinois (I don’t know why) but they are pushing pricing across the board. They are very likely to have their third or fourth straight combined over 100. I don’t care if you are a mutual or not, you can’t post over 100 every year when you’re sitting on that monster (Illinoi contracting) and when you have a beautiful new building to pay for.