New Rates – April 8, 2014

As the market turns – runs in circles might be a better phrase – actually we are finding rates and X-Mods increasing and schedule credits lessening is many cases. And then something happens and someone goes nuts (frequently the quasi-governmental insurer) and out comes a quote so far below market that everyone pauses and just wonders what the heck they’re thinking. We are hearing stories of SCIF quotes from 20 to 50% below others enough times to call it something to look out for. Brokers generally continue to regard and position SCIF properly as the market of last resort but cover their butts in case one of the aforementioned mental disturbances happens.
We are seeing smarter brokers writing a lot of business and PEOs increasing their marketshare.
Here are three filings from last week, all running in Compline’s integrating rating system.

Star Insurance Company files a 10.7% rate increase effective July 1, 2014
Star Insurance Company revised rates, the modification factor, minimum premiums and class deviations

Williamsburg National Insurance Company files a 10.1% rate increase effective July 1, 2014
Williamsburg National Insurance Company revised rates, the modification factor, minimum premiums and class deviations

ProCentury Insurance Company files a 10.2% rate increase effective July 1, 2014
ProCentury Insurance Company revised rates, the modification factor, minimum premiums and class deviations