Secura Insurance departs from Personal Lines

[Juannywags]

Secura Insurance Co. from Appleton, WI has made the decision to completely exit the personal lines market with non-renewals to begin on 2/1/2024. Secura is a regional carrier that writes business in Arizona, Colorado, Illinois, Iowa, Indiana, Michigan, Minnesota, Missouri and North Dakota. 200mil of premium in personal lines will hit the open market.

Here is the message from the current CEO - vimeo.com/876039774/b7ea0ea1e1

 

[marindependent]

I want to like the post, but not the message.

The insurance carnage continues! Unfortunate.

 

[AZDave]

Secura Insurance Co. from Appleton, WI has made the decision to completely exit the personal lines market with non-renewals to begin on 2/1/2024. Secura is a regional carrier that writes business in Arizona, Colorado, Illinois, Iowa, Indiana, Michigan, Minnesota, Missouri and North Dakota. 200mil of premium in personal lines will hit the open market.

Here is the message from the current CEO - vimeo.com/876039774/b7ea0ea1e1

Unreal news. Still adjusting to this kick in the nts. Crazy I find out on FB and here, then see the innocent email. Really shitty x 2.

At least they will continue on with the commerial lines.

 

[shawnmwalker]

200m no one is buying! 200m no one wants! Its wild, BTW this one of three huge messages yesterday. Additionally, GEICO announced 2000 staff reduction and Germania announced 7% of workforce reduction.

 

[AZDave]

200m no one is buying! 200m no one wants! Its wild, BTW this one of three huge messages yesterday. Additionally, GEICO announced 2000 staff reduction and Germania announced 7% of workforce reduction.

Shawn - I can't help but think this is just a beggining. We all understand FL and CA issues, but this one is a Midwest company only. The extreme midwestern strorm/hail events have pummelled these companies and of course inflation, but to totally get out of the auto/home market rather than take necessry rate is so extreme too. And here I thought the Regional's are more insulated the the big companies.

What do you think - more to come?

 

[shawnmwalker]

Sh And here I thought the Regional's are more insulated the the big companies.

What do you think - more to come?

100% more to come. The Regionals are not protected! Germania is a huge TX regional. Secura, Regional. OR Mutual, Regional! We have at the very least a rough year ahead.

 

[AZDave]

Milestone Gold - R.I.P.

Maybe Secura's product and market were their downfall. Milestone Gold offering more coverage than most other companies. There market was higher value homes, upper income preferred market, and Secura insured in some tough to place brush areas.

Those very atributes that made them great for an Agency to offer came home to bite them.

 

[AZDave]

200m no one is buying! 200m no one wants!

Thinking about this - No one is buying their book, and no one wants their book.

Yikes! Buckle up is right!

 

[Markthebroker]

It's gonna be fine - everyone needs insurance.
It's gonna be fine - everyone needs insurance.
It's gonna be fine - everyone needs insurance.

 

[Al3x Lee]

insurance carnage

Sounds like a cool name for my band