@TRKINSURE - Reinsurance Market

Michael Ludwig

Well-Known Member
20
Just wondered if you might want to give us all an update on 1) The insurance market in general, and 2) the re-insurance market?
I'm under the impression that the re-insurance market recently got super-tight i.e. ... there's only a couple of players in the game now.
 

TRKINSURE

Active Member
10
Hey Michael, thanks for the shout out.

The market is as “hard” as it’s ever been (that’s what she said). I don’t think I’ve seen an “as is” renewal the year. Standard markets are anywhere from 10%-15% on good risks to 30%-non-renewal on the bad ones. If you’re on the lighter side than the, your brokers doing a good job or you run an exceptional operation.

Regarding the re-insurance market... assuming you’re referring to the umbrella/excess market.
To my knowledge, there is only 1 insurer who is providing “excess” insurance at this point in time for trucking... SUM Insurance. You’ll find Markel is going to nonrenew all policies on a “go forward” basis.

My brokerage has a program setup with Lloyd’s of London that we can provide 3M limits in excess of the primary 2M limit. However, I’ve tried to not use this forum to sell/advertise and try to keep anonymity so I can freely express my opinions without being shunned by insurers. But to my knowledge, we are the only ones with this program. PM me if you want more details.

Any further info you need feel free to PM or respond to this thread.
 

TRKINSURE

Active Member
10
And I should note, the excess liability Markel is getting off, is in excess to your $2M underlying policies.

They may/may not stay on risk for the higher underlying limits. I just know they got beaten up on this class of business (at $2M underlying limits) and as a result thought to clear house, as most insurers do.
 

Michael Ludwig

Well-Known Member
20
No problem brother :)
I think it is excellent that you are on this board and are making your knowledge available to the members here. Do not, for one second, think that it goes unappreciated :)
Myself, I am quite aware of what is going on in the truck insurance market. The reason for my post was that I am fairly certain there are a number of members here that, through no real fault of their own, do not employ "truck-savvy" insurance brokers whether that is because of their size, or lack of access, or the segment of the industry they serve.
Regardless, there have been recent changes, such as the re-insurance, or umbrella, market, and the general tightening of the overall market, that everyone here should be aware of, and I for one, appreciate your taking the time to explain it to everyone.
 
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