Yearly Archives: 2024

Adirondack, Mountain Valley Withdrawal From the Market: Your Questions Answered

Adirondack Insurance Exchange (AIE) and Mountain Valley Indemnity Co. (Mountain Valley) will withdraw from the New York personal insurance markets by the end of this year under a plan approved by state insurance regulators. The plan will permit an orderly wind down of the carriers' operations. Under the plan's terms, the two carriers will begin non-renewing homeowners, watercraft, umbrella liability, identity theft, and auto insurance policies as they expire. Any policies that are up for renewal in 2025 will be cancelled effective December 31, 2024. While it is believed that the carriers have sufficient reserves to pay their policyholders' claims, an Allstate company has agreed…

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Big I NY, DFS Meet a Second Time About Personal Lines Market

​At the request of the New York State Department of Financial Services (DFS,) Big I New York met by video with DFS representatives this morning to discuss the ongoing problems with the state's personal insurance market. Big I New York Chair of the Board David Bodenstein, President and CEO Lisa Lounsbury, and AVP of Research and Information Tim Dodge met with the DFS representatives for a little more than a half hour.DFS asked for the meeting to continue discussions that began on July 25. The meeting was productive. Further conversations between Big I New York and DFS on how they can work together to improve…

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AM Best Reaffirms Preferred Mutual’s ‘A’ (Excellent) Financial Strength Rating

Preferred Mutual Insurance Company's (“Preferred Mutual") current Financial Strength Rating (FSR) has been reaffirmed by AM Best as 'A' (Excellent) with a 'Stable' outlook. The Long-Term Issuer Credit Rating (ICR) has been reaffirmed as 'A+' (Excellent), and the outlook for the ICR remains 'Stable.' Preferred Mutual has held the 'A' rating for 22 consecutive years. The Ratings reflect our company's balance sheet strength, which AM Best continues to assess as 'strongest' as well as our 'adequate' operating performance which is supported by solid underwriting results and consistent investment earnings derived from multiple years of stable pure loss ratio trends. Preferred Mutual continues to maintain a…

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