I'm a insurance broker who heard today that the Hartford is getting out of the Limo, Charter bus and School bus insurance. They were super cheap in this line..anyone know if this is true. I'm sure they got their butts kicked.
amazing what misinformation does. school bus is very much alive and thriving! limo is just fine. They got out of charter bus because they didnt want to compete in a really soft segment. they didnt get there butts kicked at all!
I'm sorry .I was misinformed...they did only get out of Charter Bus and the limo in New York..I guess they are still writing limo other places and the school bus is doing ok...still makes you wonder...heavy commercial auto or AARP?? Good luck to them...
i heard they cancelled the agency that did limo in the greator New York area..16 mil of premium that they lost their shirts on...so that is not true?? I think it is safe to say they were by far the lowest priced market for limo ..period. In some cases they were half the price of their competators. In my area they write all of the school bus contractors in the Chicagoland area..tough stuff. Sure does not seem to me like they could be coining money.
These were written out of our program's area. While I don't know if HIG is getting out of these programs, I can tell you that they were always regarded as tough business. Super cheap on tough business probably tells the story. This was a theme as HIG dealt with Life problems. Regardless though, the loss of these programs is not material and will most likely help the department's profitability.
Not material? Maybe to Hartford, but certainly material to the broker and customer.
The bigger issue for HIG is to figure out how on earth they wrote these programs to begin with and then how they let them get out of control? Was the thirst for premium far greater than the understanding of the price and exposure?