I have come accross this several times, it is for real, and Cincinnati is about as competitive as it gets. In Utah they are very tough to compete with on mid market accounts. I usually don't waste my time if they are on that program.
I have come accross this several times, it is for real, and Cincinnati is about as competitive as it gets. In Utah they are very tough to compete with on mid market accounts. I usually don't waste my time if they are on that program.
They are my biggest competitor but well worth competing against as I can usually beat them. I am just curious if the rate is guaranteed for 3 years, an what are the benefits. I don't want to give out wrong information?
They are my biggest competitor but well worth competing against as I can usually beat them. I am just curious if the rate is guaranteed for 3 years, an what are the benefits. I don't want to give out wrong information?
The value of the 3 year rate guarantee is a little overstated. First, it doesn't apply to workers comp, which is generally the single largest policy within an account. Second, locking in the rate during a soft market doesn't make much sense, while I'm sure their willingness to lock it during a hard market decreases significantly.
I started to bump into them...so we got appointed with them.
They are good company to deal with overall.
They will do the 3 year lock....which is a good selling point...but as others have said, in this bloody market...it may not really make a difference.
Dwayne, we have Cincy in our agency but since I am detached and 60 miles from the agency office I can't use them for the most part. It's something in their agency contract. However, I am able to use them for churches and they have a great and competitive church program.
They don't have 3 year policies for every line of coverage; just packages. They are a good market in that while it seems most commercial insurors send out lists of what they want and I get real tired of how they all want fruit stands and yogurt shops. While certainly not an E & S outlet, they will look at some accounts and classes that might be difficult for other carriers, ie, manufacturing. Also, the package is a 3 year "rate guarantee" not a 3 year premium guarantee.
Here in Illinois they use to be a force that was hard to beat but in the recent years since they have changed and are no longer the hottest market on the street they use to be from a premium standpoint.
As for whether a 3 year rate guarantee makes sense in this market - I think it does. We are in the very last stages of this protracted soft market I truly believe. I discuss the cyclical nature of our business with church business managers and how it just might be advantageous to lock in their rate for the next 3 years.
OK, I gots to get back to work. Have a great weekend everyone.
Dwayne, we have Cincy in our agency but since I am detached and 60 miles from the agency office I can't use them for the most part. It's something in their agency contract. However, I am able to use them for churches and they have a great and competitive church program.
They don't have 3 year policies for every line of coverage; just packages. They are a good market in that while it seems most commercial insurors send out lists of what they want and I get real tired of how they all want fruit stands and yogurt shops. While certainly not an E & S outlet, they will look at some accounts and classes that might be difficult for other carriers, ie, manufacturing. Also, the package is a 3 year "rate guarantee" not a 3 year premium guarantee.
Here in Illinois they use to be a force that was hard to beat but in the recent years since they have changed and are no longer the hottest market on the street they use to be from a premium standpoint.
As for whether a 3 year rate guarantee makes sense in this market - I think it does. We are in the very last stages of this protracted soft market I truly believe. I discuss the cyclical nature of our business with church business managers and how it just might be advantageous to lock in their rate for the next 3 years.
OK, I gots to get back to work. Have a great weekend everyone.
