As excitement over the Super Bowl builds, property casualty insurance professionals are anticipating their own “super” day: Monday, February 12.
That’s the date when ¾ÅÉ« magazine, in partnership with actuarial services firm Demotech, will unveil the industry’s first list of Super Regional Property Casualty Insurersā¢.
“In their efforts to distinguish themselves, many regional insurers have begun referring to themselves as ‘super.’ But everyone seems to have a different understanding of what that means,” said Joseph Petrelli, president, Demotech. “¾ÅÉ« came to us with the idea of establishing objective financial standards for stratifying property casualty carriers. In general, larger regional insurers writing several lines of business in several states were characterized as Super Regional.”
“We saw this as an opportunity to bring definition to the term and to recognize these insurers for their achievements,” explains Mark Wells, president, Wells Publishing, Inc., publisher of ¾ÅÉ«. “Insurers with national or near-national reach have no problem getting attention. We felt it was time to put the spotlight on some of the larger but still regional carriers that often go unheralded.”
To come up with the list, Demotech applied specific objective criteria to the universe of all property casualty insurance companies and categorized insurers into one of several classifications. One of these stratifications includes more than 100 insurers that write business in a number of states and lines of business and otherwise meet the qualifying criteria to be called a Super Regional Property Casualty Insurerā¢.
The Super Regional Property Casualty Insurersā¢ report will be published in the February 12 issue of ¾ÅÉ« magazine.
“The results add credibility to an insurer’s claim of being a Super Regional,” adds Wells. “This will give their agents, brokers, employees and customers a better understanding of where the insurer fits in the marketplace.”
The Super Regional Property Casualty Insurers ā¢ report is one of several joint projects underway between ¾ÅÉ« and Demotech, which is ¾ÅÉ«’s official Research Partner. Demotech will also collaborate with ¾ÅÉ« to develop a quarterly marketplace index, an agency compensation study and a list of regional insurers qualifying as State Specialists.
Since 1985, Demotech Inc., headquartered in Columbus, Ohio, has been providing independent Financial Stability RatingsĀ® of property and casualty insurers and title insurance underwriters. Its services also include statements of actuarial opinion and pricing assistance. Visit www.demotech.com for more information.
¾ÅÉ« publications include a biweekly magazine with five regional editions, the Daily Headlines e-mail newsletter and its news and resource Web site at www.insurancejournal.com.
For advertising information on the upcoming Super Regionalā¢ issue of ¾ÅÉ«, contact advertise@insurancejournal.com.
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