Yeah right. They are going right down the tubes. Brown and Brown is distributing some nasty stuff about them to every condo association on the block, they will be lucky to keep what they got. Better gear up the marketing machine Bill. It is going to be a long year.
Stupid or not, they took a beating on Condo master policies in Florida, They will make it, but probably make serious changes in how much condo property they write. It was actually Southern family that was on the heavy condo losses, not Atlantic preferred, so maybe Toms comments could be taken as stupid. Most of Atlantic preferreds business is in south Florida, dade broward, palm beach, Which was not affected much by any of the hurricanes. There is bad blood between Poe and the old partnet Brown, so take it for what its worth
I’ve contacted AM Best and Joe’s comments are substantially accurate. In fact, in Best’s downgrade of Southern Family’s rating, Best discussed with Poe Financial a “strategic plan” that Poe go back to being a Homeowners/Personal Lines writer, and not continue to write Condo master policies at such inadequate rates. AM Best, by downgrading Southern Family “with negative implications”, is actually saying that Southern Family’s ratings are very likely to go down even further, and that there is virtually no chance for them to ever increase their Best’s ratings in the future. You can confirm this by simply contacting the analysts at AM Best who authored the downgrade of Southern Family. Has everyone forgotten what happened to Kemper in less than one year?
Southern Family is not the topic of this forum, and they DO NOT write personal lines policies except for flood.
Atlantic Preferred is a totally seperate company, with stand alone surplus and reinsurance. The only thing they have in common is that they are both owned by Poe.
It is really silly to say that a company will virtually never be able to get AM Best to review and raise the rating. The analyst did not indicate this at all. Both companies have pumped additional millions into surplus they will both survive, but may rethink some strategies. It really sucks that some Brown & Brown employees spew trash. If there was ever an organization to be cautious of it would have to be Brown & Brown. They are way to large and are continuing to grow and aquire books and even companies and MGA’s and this leads to poor service historically. and Kemper is still alive at least for today, they also took a beating in Florida last year
There are two contradictory comments by “Joe”….is it the same person taking both sides of the issue, or 2 different guys. Secondly, I contacted AM Best at 908-439-2200 and was informed that a downgrade in Southern Family’s rating “WITH NEGATIVE IMPLICATIONS” does mean that it is highly improbable that Southern Family could ever go up from the recently reduced rating to B+ …..and is likely to have its rating further reduced in the future…that is what “NEGATIVE IMPLICATIONS” means. I suggest that the partisans on both sides of this issue also go right to the source, AM Best, and ask to speak with those analysts who effected the downgrade in Southern’s rating.
Look folks, you can try to seprate the two companies if you like. Either way, the additional millions will do nothing except prolong their ability to write new business. Those millions do nothing to assist them in taking another hit from the hurricanes.
Poor management, and poor class of business will NEVER allow them to increase their ratings. They must change what they do. Otherwise, Brown & Brown will own them soon.
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Yeah right. They are going right down the tubes. Brown and Brown is distributing some nasty stuff about them to every condo association on the block, they will be lucky to keep what they got. Better gear up the marketing machine Bill. It is going to be a long year.
Tom
This company didnt get to where it is by being stupid!
Your statement was much more eloquent and descriptive than mine. Thank you. Roger is obviously an employee.
Stupid or not, they took a beating on Condo master policies in Florida, They will make it, but probably make serious changes in how much condo property they write. It was actually Southern family that was on the heavy condo losses, not Atlantic preferred, so maybe Toms comments could be taken as stupid. Most of Atlantic preferreds business is in south Florida, dade broward, palm beach, Which was not affected much by any of the hurricanes. There is bad blood between Poe and the old partnet Brown, so take it for what its worth
I’ve contacted AM Best and Joe’s comments are substantially accurate. In fact, in Best’s downgrade of Southern Family’s rating, Best discussed with Poe Financial a “strategic plan” that Poe go back to being a Homeowners/Personal Lines writer, and not continue to write Condo master policies at such inadequate rates. AM Best, by downgrading Southern Family “with negative implications”, is actually saying that Southern Family’s ratings are very likely to go down even further, and that there is virtually no chance for them to ever increase their Best’s ratings in the future. You can confirm this by simply contacting the analysts at AM Best who authored the downgrade of Southern Family. Has everyone forgotten what happened to Kemper in less than one year?
Southern Family is not the topic of this forum, and they DO NOT write personal lines policies except for flood.
Atlantic Preferred is a totally seperate company, with stand alone surplus and reinsurance. The only thing they have in common is that they are both owned by Poe.
It is really silly to say that a company will virtually never be able to get AM Best to review and raise the rating. The analyst did not indicate this at all. Both companies have pumped additional millions into surplus they will both survive, but may rethink some strategies. It really sucks that some Brown & Brown employees spew trash. If there was ever an organization to be cautious of it would have to be Brown & Brown. They are way to large and are continuing to grow and aquire books and even companies and MGA’s and this leads to poor service historically. and Kemper is still alive at least for today, they also took a beating in Florida last year
There are two contradictory comments by “Joe”….is it the same person taking both sides of the issue, or 2 different guys. Secondly, I contacted AM Best at 908-439-2200 and was informed that a downgrade in Southern Family’s rating “WITH NEGATIVE IMPLICATIONS” does mean that it is highly improbable that Southern Family could ever go up from the recently reduced rating to B+ …..and is likely to have its rating further reduced in the future…that is what “NEGATIVE IMPLICATIONS” means. I suggest that the partisans on both sides of this issue also go right to the source, AM Best, and ask to speak with those analysts who effected the downgrade in Southern’s rating.
Look folks, you can try to seprate the two companies if you like. Either way, the additional millions will do nothing except prolong their ability to write new business. Those millions do nothing to assist them in taking another hit from the hurricanes.
Poor management, and poor class of business will NEVER allow them to increase their ratings. They must change what they do. Otherwise, Brown & Brown will own them soon.