When binding a policy under a business entity name, please use a bank account associated with the entity to ensure that you can deposit a check as the payee. The bound entity name on the policy is the same name that a refund will be issued to. An incorrect theory regarding issuing refund checks, the…
Many factors and variables are driving the change in cycles. They include Available investment capital, investment returns, cash flow, claim losses- especially large CAT events, claim costs, underwriting standards, and most certainly reinsurance cost and availability. When several of these factors begin to align together, they trigger a change in the cycle. Over the past several months, we have started to see the cycle change to a hard market for property and casualty business lines. Every insurance company is having negotiations with their reinsurers and pricing is increasing like many other
product insurances that are subject to supply and demand. The cost is then passed on to the retail consumer, our policyholder.
First, I hope you, your family, and your staff are safe and doing well both physically and mentally. We all have come to realize that managing our personal and business lives through COVID-19 is a multi-faceted challenge, and we accept that changes can and will occur daily. Indeed, this experience is proving to be a…