Monthly Archives: December 2024

Big I NY Meets With DFS Again About Homeowners Market

Abstract: Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. Body: ​Big I New York met with the New York State Department of Financial Services (DFS) Deputy Superintendent of Insurance Bhavna Agnihotri and other DFS leaders on Monday regarding the state of the homeowners insurance market. The conversation focused on market disruptions expected when thousands of Adirondack Insurance Exchange and Mountain Valley Indemnity Co. policies are cancelled on December 31, 2024. Big I NY President and CEO Lisa Lounsbury, AVP…

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2025 Predictions

Body: By AgencyFocus​Looking ahead to 2025, our AgencyFocus team put together some of our predictions for what agencies should be expecting in the upcoming year based on trends in data we have seen this year. Good news for almost everyone- we believe the market will begin to soften.M&A Trends: Growing Divide in Agency Valuations M&A activity will remain strong but the gap between those that command strong multiplies and those that command weaker ones will continue to widen. This will be based on agency performance, risk, and transferability.Softening Market: Overall Revenue Dip Based on Retention Rate As the market begins to soften, many agents who saw an all-time…

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What You Should Do About Impending Adirondack Cancellations

Abstract: To protect your businesses, here's what we suggest. Body: ​On December 31, 2024, all remaining personal lines insurance policies issued by Adirondack Insurance Exchange and Mountain Valley Indemnity Co. will be cancelled:Adirondack's Demotech Rating Withdrawn (May 29, 2024)Adirondack Insurance Exchange: Your Questions Answered (June 18, 2024)Adirondack To Agents: Start Replacing Our Policies (July 11, 2024)Adirondack Insurance Exchange, Mountain Valley Advise Clients To Replace Their Policies (July 23, 2024)Adirondack, Mountain Valley Withdrawal From the Market: Your Questions Answered (Aug. 2, 2024)We know that Big I New York members who were agents of those companies have been under enormous strain. You have been completing new applications…

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