I too represent Olympus, and they will make an exception for anything! Their rules may be conservative, but they are not going by there own rules. They have written homes with prior claims very loosely, accepting homes that I would be hesitant to even write with Citizens, and even making exceptions on dog breeds. They have worried me for a little while now. As for Sawgrass, I am very hesitant when writing with them, and always offer another quote with an AM Best rated carrier along side them so the customer can choose what is best for them. About 50% of the time they choose the “stronger” company.
Agent,
Which AM Best rated carriers are you offering? I always offer ASI if possible but that’s becoming increasingly impossible. As for GeoVera et. al., I believe they exclude sinkhole coverage with no buyback option.
That could be a big E&O exposure for your firm. Especially with Morgan & Morgan railing against agents in their radio ads.
We wrote some business with Sawgrass in the last few months. I believe we’ll be regretting that in a year or so when we end up rewriting everything.
I’m almost to the point of quoting nothing but Tower Hill and ASI. If they don’t fit into those markets, they can go elsewhere.
We wrote a ton of business with Olympus in the last couple of years. If they go kablooey, we’ll be in rewrite hell.
The biggest thing you should look at when evaluating a carrier is surplus to premium written. With reinsurance here in Florida that metric is a bit off, but 1:3 is a good number.
Other things are reinsurance treaties. That’s something you’ll need to spend a lot of time learning as reinsurance is a nasty animal. Also, how much are they participating in the FHCF for reinsurance…anything beyond the mandatory layer and I cringe.
I don’t worry so much about dog breeds. They have the animal liability exclusion there. If they make breed exceptions AND let you add back animal liability I’d start to worry.
If you’ve got homes and situations that you’d be hesitant to write Citizens, why would you bother to write the business? Is your loss ratio not important to you?
The OIR approved the MGA contract that OIR now complains about. When Olympus ‘lost $14 MM in surplus’, it was because it paid back $14MM of surplus notes and needed OIR approval to do so. As for the reinsurance issue, Olmpus will have a different program in 2010 than it did in 2009 and the change in surplus position will be factored in.
Hillsborough Agent, I am not in the same boat as you are, yet as I am in Polk County, but we offer Bankers, and Florida Family predominately. Tower Hill as well. Morgan and Morgan and lawyers similar to them are partially why so many consumers are so upset with the insurance industry. I think Geovera is excess and surplus correct?
Mr. Solvent, My loss ratio is very important. What I neglected to say was I am not the agent who wrote the business. However, I do know that agent very well and I honestly don’t know how he looks at his loss ratio. By the way they may have the animal liability exclusion, but when a 3 year old child gets mauled by a Rottweiler the lawyers are going to request a copy of the policy very quickly and then will ask for your E & O very quickly, and I’m sure the customer will have forgotten that you disclosed to them the fact that animal liability is excluded. My whole point was basically that they make a lot of exceptios, don’t read into it so much.
It is my understanding the OIR approved the commission and underwriting expenses to the MGA not to exceed 29%. Olympus was paying the MGA 34%. I may be wrong, but I believe that is the problem.
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I too represent Olympus, and they will make an exception for anything! Their rules may be conservative, but they are not going by there own rules. They have written homes with prior claims very loosely, accepting homes that I would be hesitant to even write with Citizens, and even making exceptions on dog breeds. They have worried me for a little while now. As for Sawgrass, I am very hesitant when writing with them, and always offer another quote with an AM Best rated carrier along side them so the customer can choose what is best for them. About 50% of the time they choose the “stronger” company.
Agent,
Which AM Best rated carriers are you offering? I always offer ASI if possible but that’s becoming increasingly impossible. As for GeoVera et. al., I believe they exclude sinkhole coverage with no buyback option.
That could be a big E&O exposure for your firm. Especially with Morgan & Morgan railing against agents in their radio ads.
We wrote some business with Sawgrass in the last few months. I believe we’ll be regretting that in a year or so when we end up rewriting everything.
I’m almost to the point of quoting nothing but Tower Hill and ASI. If they don’t fit into those markets, they can go elsewhere.
We wrote a ton of business with Olympus in the last couple of years. If they go kablooey, we’ll be in rewrite hell.
The biggest thing you should look at when evaluating a carrier is surplus to premium written. With reinsurance here in Florida that metric is a bit off, but 1:3 is a good number.
Other things are reinsurance treaties. That’s something you’ll need to spend a lot of time learning as reinsurance is a nasty animal. Also, how much are they participating in the FHCF for reinsurance…anything beyond the mandatory layer and I cringe.
I don’t worry so much about dog breeds. They have the animal liability exclusion there. If they make breed exceptions AND let you add back animal liability I’d start to worry.
If you’ve got homes and situations that you’d be hesitant to write Citizens, why would you bother to write the business? Is your loss ratio not important to you?
The OIR approved the MGA contract that OIR now complains about. When Olympus ‘lost $14 MM in surplus’, it was because it paid back $14MM of surplus notes and needed OIR approval to do so. As for the reinsurance issue, Olmpus will have a different program in 2010 than it did in 2009 and the change in surplus position will be factored in.
This seems like a non-issue!
I think the repayment of the surplus note is really the missing piece of the puzzle here. Is the OIR upset that they paid it off early?
Hillsborough Agent, I am not in the same boat as you are, yet as I am in Polk County, but we offer Bankers, and Florida Family predominately. Tower Hill as well. Morgan and Morgan and lawyers similar to them are partially why so many consumers are so upset with the insurance industry. I think Geovera is excess and surplus correct?
Mr. Solvent, My loss ratio is very important. What I neglected to say was I am not the agent who wrote the business. However, I do know that agent very well and I honestly don’t know how he looks at his loss ratio. By the way they may have the animal liability exclusion, but when a 3 year old child gets mauled by a Rottweiler the lawyers are going to request a copy of the policy very quickly and then will ask for your E & O very quickly, and I’m sure the customer will have forgotten that you disclosed to them the fact that animal liability is excluded. My whole point was basically that they make a lot of exceptios, don’t read into it so much.
Mr. Solvent, My apologies I used your name by accident. ;)
It is my understanding the OIR approved the commission and underwriting expenses to the MGA not to exceed 29%. Olympus was paying the MGA 34%. I may be wrong, but I believe that is the problem.