Aviva – Aviva came in strong into the game of long-haul trucking back in 2013. Their team has some talent from other trucking insurers. Claims team not necessarily up to speed – but as long as the broker can coach them along – they are not bad. Due to loss ‘nuisance losses’ they increased the minimum deductible to $10,000 (really – if you have a fleet of 20+ - you should be carrying that deductible anyways).
- 5 Years in Business
- CVOR under 35% (not conditional either)
- Good Loss Ratio
- Over 20 Power Units
- Currently a “passive” market
AIG – AIG (formally Chartis) has been the most aggressive market (best prices) if you have a clean and well run operation. Their claims team is good and underwriting specialization is an understatement. Recently they have corrected their book of business resulting in 30% – 40% rate increases amongst their largest brokers yet have still retained 80% of the accounts due to their underpricing compared to the rest of the market.
- 5 Years in Business
- 30+ trucks
- Unlimited US Exposure
- Acceptable SMS/CVOR (not “Conditional”)
- Currently an “Aggressive” market
Blue Sky – an MGA (google it) which is now backed by a private captive & Travelers (previously AIG). This company is reserved in who they allow to come in. Not only from a profitability standpoint, but also a personal standpoint. They will not take ‘fly by nighters’ and only looking for the ‘best in class’. Almost a ‘by invite only’. They will continue to grow, just so long as they are profitable. Only writing business for select brokers; Dalton Timmis (primarily), Cowan, Palmer & Associates & Stoneridge Insurance.
- Currently a “Active” market
Co-Operators – recently Co-Op have entered into the game of trucking (for now). They have very little underwriting and are quick to ‘quote and bind’. You might as well ride that wave while you can – if you live/run a day to day business and not concerned about longterm costs. Guaranteed they are looking to sell to another insurer and are padding the books to make themselves look better. They typically like local radius operations – not much for long haul. Call your local agent – you may need to send them a copy of your policy so they know what to put in place. I think most agents of Co-Operators have no idea about trucking insurance.
- Currently an “Aggressive” market
CHUBB – If you are a fleet that can afford a $100,000 - $250,000 deductible this is the market for you. Their minimum requirement is at least 100 units, but realistically… if you can afford a deductible that large, you should have ownership in a captive not ‘renting’ insurance annually. Chances are if you are running a company like this you’re not scouring this forum for advice on insurance so screw you…..
Echelon – Recently came into the trucking market. Could be a short term play – we’ll see. Recently they were sold to Co-Operators (!!!!). The underwriting talent comes from top tiers of Intact. Over 50+ years between 3 individuals. They’ve seen 90% of accounts in Ontario, if you were a past Intact client and on the radar (paying $200,000+ for insurance) you should be asking your broker to send your business their way. Only 6 brokers have access to Echelon right now; McDougall, Dalton Timmis, Stoneridge, JDIMI, Bryson, McDougall. They will target 10 – 50 power units. Pricing is very aggressive compared to rest of market. They are okay with high US exposure.
- Currently an “Aggressive” market
Economical – last year they had exited the business. Cancelled 95% of their clients – even longterm relationships that had very good results. Now they are knocking on the doors of trucking brokers asking for business again. They will only write operations 10+ units and the operation needs to show stability and controls. Economical is “de-mutualizing” which means they are going public. Likely this is a last stunt (or maybe not) to pad their books and go IPO. Again, ride the wave while you can – if you’re that kind of consumer.
- Currently a “passive/aggressive” market (sounds like my wife)
The Guarantee (GCNA) – They had started a trucking program back in 2014 and steadily gained traction since then. They are one of the only profitable trucking insurers in the group. Their top talent comes from Zurich and other trucking specialist markets. Their Risk Control is one of the best in the industries and this market likes to build long-term relationships. They want their clients to continually work with them to get better – not a bad idea in a perfect world, not always practical.
- 5 years in business, 20 – 50 trucks (they will write as low as 15)
- Currently an “Aggressive” market
Intact – Has been writing trucking business for many years since the acquisition of Jevco & AXA. They have the ability to write operations but are very selective (like everyone else). This may sound offside, but it seems they only write business for Brampton brokers and Brampton run operations. I’m not sure why that is, just my perception over the 6+ years I’ve been continually doing this.
- 1 – 100+ trucks
- Business for at least 3 years
- No US limits
- Currently an “Active” market
Lynx – this company is an MGA, they underwrite with Scottish & York who is fully owned by Aviva. They entered the market 3 years back and since had disrupted the market. Extremely difficult to deal with due to limited knowledge on underwriting & claims handling. The company is exiting a large portion of the class (will only write small operations now) due to their poor losses and clearly uncontrolled underwriting guidelines (they had a couple operations go from 10 trucks to 70-80 in 1 year).
- 1-9 trucks
- Unlimited US exposure
- Currently a “passive” market
Northbridge – previously known as “Markel”, these guys are in it ‘for the long haul’ (pause for laugh). They a good company with top talent from the top/down. Your business is safe with Northbridge, you can set your clock to their renewal prices which is nice. The downside is that often they are more expensive, especially if you’re a high US exposure carrier. They have the ability to write any operation in trucking. They have insured Challenger Motor Freight for over 20+ years.
- Currently an “Active” market