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Goldsboro, N.C., April 1, 2013 – Strickland Insurance Brokers, Inc. (SIB), a wholly owned subsidiary of the Strickland Insurance Group, Inc., today announced it has acquired the assets of Palmyra, VA based Tower Transportation Underwriters, Inc. (Tower Underwriters). Tower Underwriters is a Managing General Agency that has been servicing the needs of independent agents in Virginia and Delaware since 1963. The company, which has specialized in commercial and public transportation risks since its founding, will become part of Strickland Insurance Brokers, Inc., and continue to provide its agents with high quality service and products.
“Tower Underwriters fits exceptionally well with SIB’s growth strategy in the mid-Atlantic”, states Robbie Strickland, President of Strickland Insurance Group, Inc., “This acquisition further enhances SIB’s footprint and we look forward to building on Tower’s excellent agent and carrier relationships. We are extremely excited about the future”. Fred Black, the owner of Tower Underwriters commented, “I am very pleased to announce this transaction with Robbie and his team. SIB is a fine organization with technological capabilities and insurance expertise that will further enhance the high quality service Tower has been providing to its agents for decades”. Strickland Insurance Brokers, which is headquartered in Goldsboro, N.C., is an MGA and wholesale broker representing over 20 different insurance companies. SIB offers property, general liability, commercial auto liability, physical damage, cargo, professional liability, environmental liability and select personal lines products to over 1,200 retail agents in the eastern U.S. Founded in 1969, the company prides itself on the breadth and depth of its relationships with its agents and its insurance carriers. Stamford, CT based Philo Smith Capital Corp. served as SIB’s exclusive consultant for this transaction.
Effective Date of Assigned Risk Renewal and Reinstated Policies
Recently questions have been presented to the Bureau regarding how assigned risk carriers are to handle lapses in coverage for renewals and reinstated policies. The indications are that there is confusion about the applicability for North Carolina of NCCI Basic Manual Rule 4-A-4-a-4 - Effective Date of Policy. Read More...
NCDOI Agreement Reached on Homeowner Insurance Request
For Immediate Release: March 5, 2013
Negotiated rate increase less than half of insurance companies' request
RALEIGH -- Insurance Commissioner Wayne Goodwin today signed a settlement agreement with homeowners insurance companies allowing an overall statewide average rate increase of 7 percent, varying by territory and form, beginning July 1. The insurance companies, represented by the North Carolina Rate Bureau, had requested an overall statewide average rate increase of 17.7 percent on Oct. 1, 2012. The difference between the requested and settled rates amounts to $237 million in savings to policyholders.
As Department of Insurance experts spent months studying the insurance companies’ request, it became apparent that some increase was justified, largely due to the steadily rising cost of reinsurance related to hurricane risks and ongoing concerns regarding availability. In order to minimize the increase, the Department of Insurance elected to settle on rates, eliminating the need for the hearing scheduled for June 3.
"Homeowners insurance is a very complex issue. We face a great challenge in making sure that it is not only affordable, but available, to consumers across the state,” said Goodwin. “I feel this settlement helps strike that balance, and I am pleased that the increase will be significantly smaller than what insurers originally requested."
The last homeowners insurance rate filing occurred in 2008 when the insurance companies requested a 19.5 percent statewide average increase. A settlement agreement allowed for a 4.05 percent statewide average increase to go into effect in May 2009.
see the latest FEMA/NFIP-WYO updates on claims-closure progress for Sandy. As you look at the trend line, you see progress has been made and they have paid out to day just under $6B.
The remaining open claims at this point are larger, more complicated &/or being disputed.
A number of issues arose which causes some claims to still be open &/or policyholders not having received paid claims monies.
The other big challenge – which is also one facing the US insurance industry as well, especially in property – is the lack of experienced & qualified NFIP certified (which means they also have property claims experience) adjusters. This is for several reasons, but it is one about which both WYOs and producers are concerned, and we need to identify some solutions. One area is that currently NFIP pays adjusters on a flat fee basis from which adjusters are responsible for all their own expenses (R&B, food, transportation), and the largest number of these tested adjusters are located in the SE/SC. The fees/reimbursements do not allow for significant expense differences between & among regions &/or because of the stresses of the event. So, the large group of south/central adjusters were not crazy about going to NJ/NY – where it is more expensive before & even greater after Sandy. So that is an are we’ll try to get addressed – while we should also all reach out to our communities and encourage young people to get involved in insurance – and in the insurance claims side as well.
Any questions, please advise.
Pat Borowski, CPIW, Senior Vice President mailto:firstname.lastname@example.org
Bankers Insurance and you do not have to have a premium commitment if you are a member of PIANC. Need excess flood insurance? Agents can also write excess flood insurance not only through Bankers Insurance but also through Gridiron Insurance Underwriters and other E&S Coverages. Become a member of PIANC for better deal. Remember, it takes 30 days to bind Flood Coverage except for new mortgage! A client cannot call you up today to bind Flood Insurance tomorrow! A final reminder, do you have in writing from your client/s that they did not want Flood Insurance with both husband and wife signature, Corporate signature? If not, hope that you have large limits of E&O! Not a member of PIANC, your agency is missing out on many benefits both from PIANC and National PIA, dues are just $425 year, wow what a deal! Join today! Remember, the Federal Government is just waiting to take over the insurance industry, so fight back by joining PIANC/National PIA. It is your livelihood! Thank you, Jim Kennedy EVP PIANC email@example.com
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FEMA National Flood Insurance Program October 1, 2012, Rate and Rule Changes (157.9KB)
Effective May 01, 2012
New Dwelling Fire Rates and TerritoriesThe Associations will adopt the Dwelling Fire rates published by the North Carolina Rate Bureau and approved for usage in the state of North Carolina. This change will only affect the Fire portion of the premium and generally is a decrease in rate; the Extended Coverage portion of the premium was not affected. In addition to this change, new territory assignments will be adopted to mirror the Homeowner territories that have been in place since 2009. You may refer to the North Carolina Rate Bureau website for further information at www.ncrb.org. Our Dynamic Web is in the process of being updated and we will update our website when this change is complete.
here are some pictures and here is what some of the agents and vendors had to say!
"Please once again accept my warmest appreciation for you and your association allowing me to attend your conference please let others know. I have been to one before and enjoyed it so much that I really wanted to make the effort to be there again. Your group have been the most genuine and caring people I have meet in a long time and not a coat and tie bunch which I really like. To allow me to attend for free I was humbled and got to enjoy a couple of days with you and was my little vacation. The companies were wonderful for all they did and tried to thank them each in person but would love the info so I can thank those that provided lunch both days. I thought the location and facility was wonderful and will be only better next year when they get the transition completed and all of their employees were personable and I had conversations with several even the man with the squeaking cart he is from South Carolina and loves to go back and fish on the Santee River. I felt I learned much useful info and that is why I prefer to attend a class and not online. "
"Cudos to all of you! YOU DID A FANTASTIC JOB.....I think this was the best yet. Thanks for all the hard work you did. Everyone, including me, loved the PIA Notebooks you gave us. I took mine out on an appointment today and it is just the correct size and weight. I also love my PIA Shirt. Thanks again for running the convention so smoothly."
"Just wanted to let you know that I had a lot of positive feedback from my students and others on how wonderful the conference was. "
"It is a pleasure and honor to work with you folks...you are true professionals...
"Congrats to all of you for a great convention...!!!"
You guys did a great job, food, CE, all was good…thanks
"Thank you for letting us be a part of it!"
"I wanted to thank each and everyone of you for inviting me down to the convention. I told Sherry how well I was treated by you folks. I was made to feel a real part of the PIA family. If there is anything that I can do for any of you let me know. Even if it is a risk I can't write I will try and direct you to someone that can write the account for you."
The Butler Company Chester A. Butler III, CIC, CPIA Waggoner-Butler-Adderhold Waggoner-Butler WaggonerAtPodium Butler-Waggoner-LeeAtPodium JuneTaylor-Butler PIA National Company Representative of the Year Award: Don Owens President, Empower Insurance Harris-Owens-Adderhold PIATexas-Owens PIA National Company Award of Excellence: Central Insurance Companies Steven Mansfield, Marketing and Agency Development Director Adderhold Harris-Mansfield-Adderhold Ohio-Mansfield General: ViewFromHotel Alexi Papandon, CAE Vice President, Marketing and Affiliate Relations National Association of Professional Insurance Agents 400 N. Washington St., 2nd floor Alexandria, VA 22314-2353 www.pianet.com firstname.lastname@example.org (703) 518-1353 (direct) (703) 836-9340 Ext. 353 (main) (703) 836-1279 (fax)
Introduction of Actual Cash Value Loss Settlement - Windstorm or Hail Losses to Roof Surfacing - Homeowners Policy Program
Insurance Journal 09-19-12
A leading NC P/C insurer has seen its credit rating downgraded due to a significant decrease in its underwriting revenue and its potential for large losses due to hurricanes and other severe weather conditions.
Standard & Poor’s rating agency announced it would reduce the credit rating and financial strength rating of the NC Farm Bureau Mutual Ins. Co. from A to BBB.
The rating agency based its decision on two factors including a decline in the Raleigh, NC based Farm Bureau’s operational profitability. In 2011, the insurer posted $303 million underwriting loss. The rating agency also cited the insurer’s potential exposure to losses from hurricanes, hailstorms, tornadoes and other weather events.
The insurer provides coverage to farm and nonfarm property owners in all of the state’s 100 counties.
Standard & Poor’s did acknowledge that the insurer’s strong overall financial position partially offset the negative factors contributing to the rating downgrade. Along with an unrated subsidiary, Farm Bureau of North Carolina, Inc., the Farm Bureau Group in 2010 reported earning $688 million in net premium.
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