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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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Workers Comp Loss Costs To Drop 9% in October

​New York Workers' Compensation insurance loss costs are set to decrease by an average 9% this fall according to a recent action by the state Department of Financial Services (DFS.) The New York Compensation Insurance Rating Board​ (NYCIRB) announced last week that DFS had approved its new loss cost filing, effective October 1, 2024.Loss costs are values calculated by the NYCIRB and, for each rating classification, include provisions for:Expected lossesLoss adjustment expensesTerrorismNatural disasters, andCatastrophic industrial accidents.They are not rates. Individual insurance carriers and the New York State Insurance Fund (NYSIF) must apply additional factors, known as "loss cost multipliers," that include provisions for carrier overhead expenses…

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Big I NY Leaders Meet With NYDFS To Voice Alarm Over the Market

Leaders and staff from Big I New York yesterday warned the New York State Department of Financial Services (DFS) that the New York personal insurance market is tipping into crisis.The meeting on late Thursday, July 26, 2024 included:Agent leaders David Bodenstein, Chair of the Board; Kelly Gonyo, Vice Chair & Secretary/Treasurer; Ron Brunell, National Director.Association staff Lisa Lounsbury and Tim Dodge.DFS representatives including Executive Deputy Superintendent of Insurance, Bhava Agnihotri.Big I New York shared current market data on the profitability of personal lines business and per capita costs of insurance in New York versus those in neighboring states. We also presented data on the increase…

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