Allstate announces CL runoff in 5 states today.

[NY independent]

NY, NJ, Ca, FL, Louisiana. Every CL policy they've written including commercial auto. Talk about distruption!
No carrier wanted the renewal rights? The scale is too massive I guess.

 

[Markthebroker]

NY, NJ, Ca, FL, Louisiana. Every CL policy they've written including commercial auto. Talk about distruption!
No carrier wanted the renewal rights? The scale is too massive I guess.

I'm a commercial broker here in California. Do you have any more information on this, like any articles, press releases, etc?

 

[DayTimer]

I'm a commercial broker here in California. Do you have any more information on this, like any articles, press releases, etc?

You would think news like this would be easy to find with The Google, but I can't find anything.

 

[Markthebroker]

You would think news like this would be easy to find with The Google, but I can't find anything.

ditto

 

[NY independent]

It was announced this morning. If you are an Allstate agent, contact your SM or TM or just log into their site. One would think it would be all over google but t's not. Neither is all the bad news from PRG, Hartford, UPC, NBIC, Travelers HO, Velocity....I can go on and on.

 

[Al3x Lee]

It was announced this morning. If you are an Allstate agent, contact your SM or TM or just log into their site. One would think it would be all over google but t's not. Neither is all the bad news from PRG, Hartford, UPC, NBIC, Travelers HO, Velocity....I can go on and on.

Thanks for the scoop

 

[Markthebroker]

Thanks for the scoop

I just talked to a friend of mine that owns an Allstate office.

It's not yet official, but yes it's coming. Probably Q2.

 

[adjusterjack]

The following post on Reddit's insurance forum is from 4 months ago regarding Allstate's pausing of new homeowners insurance in CA.

Allstate shuts down CA Homeowners : Insurance (reddit.com)

It mentions:

In addition, the No. 4 carrier said in the memo that Allstate Business Insurance would stop accepting new business in California, Florida, Louisiana, New York and New Jersey from Jan. 1, 2023. The action is in “response to industry-wide cost pressures,” according to the memo.

I'm guessing that the poster is an Allstate agent who got the internal memo or somebody to whom an agent leaked the memo.

Allstate will be pushing policies to its surplus lines subsidiaries.

 

[Markthebroker]

I'm so glad I went independent.

 

[myfakename]

I had an Allstate agent tell me they are cutting commissions from 9% to 7%. ouchie.