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New Opportunities to Place Larger Property Accounts

June 29, 2016  |  Posted by Nick Peterson  |  3855 Views

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office buildingOur underwriters see market trends come and go like the changing tide, but when the property market is concerned the tide continues to pull farther away. Market research has determined that the plummet of premium costs is due to the lowered cost of reinsurance, and carriers are now able to lower their premiums and raise their total insured value on property.

Because of this, MacNeill has achieved a record production month. Now writing larger property accounts with Capacity Insurance (an A.M. Best rated Admitted carrier exclusive to MacNeill) and other markets, target accounts include lessors risk, offices, warehouses and houses of worship.

In an article published last year by PropertyCasualty360.com, after the depopulation of Citizens beginning  in 2013, “legislation required Citizens to create programs to return its policyholders to the private insurance market….with policy counts returning to around 600,000 by early this year.”

“This, coupled with a lack of significant weather events in the past ten years and favorable reinsurance market conditions, makes Florida an attractive market for private insurance carriers right now. Some of today’s biggest players in the marketplace are smaller newly formed or local Florida-only property writers.”

MacNeill’s success this year has been mirrored by Capacity, which recently made a major change with the help of the marketplace conditions.

As of June 1, 2016, Capacity has given MacNeill authority and increased their target total insured value per location to $4 million and plans for a successful impact on the Florida marketplace. The tide may have subsided for premium costs, but it continues to rise with Capacity which has reflected a 30% net growth from policies with TIV’s greater than $3 million.

If the reports are accurate, we look forward to continuing this upward motion and adding value to our agent partnerships.

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