For the ninth consecutive year, Vermont Mutual Insurance Group® has been recognized as one of the top 50 Property and Casualty insurers in the United States by Ward Group, an Aon Hewitt company and one of the industry’s most respected benchmarking organizations.
In commenting on the company’s achievement, Daniel C. Bridge, President & CEO of Vermont Mutual, stated “It’s deeply gratifying to once again be recognized as a top performing insurance company by Ward Group. This noteworthy recognition is confirmation of our commitment to managing a financially secure insurance operation for our policyholders, our independent agency partners and our employees.” Bridge continued “We are honored to share this with our employees and business partners, whose combined efforts have allowed us to earn this recognition now for 9 consecutive years.”
Every year Ward Group identifies the industry’s top insurance companies through a comprehensive financial analysis of approximately 3,000 U.S. property and casualty insurers. The “Ward’s 50®” recognizes insurers for their consistency, safety and superior financial performance. This is the 27th year Ward Group has conducted the analysis.
As a nine-time recipient of the Ward’s 50 designation, Vermont Mutual has once again affirmed its position as a leading provider of automobile, homeowner and business insurance in the Northeast.
A.M. Best Improves Its Outlook on Bunker Hill; Affirms Parent Company Plymouth Rock
A.M. Best announced this month that it has revised its outlook for Bunker Hill Insurance Company and Bunker Hill Insurance Casualty Company from stable to position for the company’s Long-Term Issuer Credit Rating (Long-Term ICR). During the review, the rating agency also affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of “bbb” of both entities. The outlook of the FSR remains stable.
As many of readers know, both of these companies are operating subsidiaries of the The Plymouth Rock Company, Incorporated are known collectively as the Bunker Hill Insurance Group.
As for the parent company, Plymouth Rock, A.M. Best announced that it has affirmed the insurer’s Financial Strength Rating (FSR) of A- (Excellent) as well as the Long Term ICRs of “a” for all of the Plymouth Rock Assurance Group. These include Plymouth Rock Assurance Corporation, Mt. Washington Assurance Corporation and Pilgrim Insurance Company. The outlook for this group’s Credit Ratings is stable.
In commenting on its outlook with respect to Bunker Hill, A.M. Best said the following:
The revised Long-Term ICR outlook for Bunker Hill reflects its improved underwriting and operating performance in recent years, which improved risk-adjusted capitalization. The core books of business have shown improvement in performance as a result of underwriting discipline and rate actions.
The rating affirmations reflect each group’s solid risk-adjusted capitalization, as well as management’s extensive experience and expertise in the Massachusetts, Connecticut and New Hampshire automobile and homeowners’ insurance markets. The groups utilize several innovative distribution methods to produce business and maintain market share in the competitive and challenging Massachusetts insurance market. Conversely, as predominantly single state writers, Plymouth Rock and Bunker Hill members remain susceptible to severe localized weather and to economic, judicial and regulatory issues.
The rating assignments for Bunker Hill Preferred, Bunker Hill Property and Bunker Hill Security follow their inception in November 2016 and inclusion in the intercompany pooling agreement with Bunker Hill Insurance Company and Bunker Hill Insurance Casualty Company, which together now comprise Bunker Hill.
XS Brokers Expands into the Southeast; announces new office in Orlando
Quincy-based XS Brokers has just announced its expansion into the Southeast. The company will open a new office in Orlando and has hired Lori Ault as Executive Vice President and Territorial Manager.
In commenting on the expansion, XS Broker CEO Adam Devine said,
We are thrilled to be opening a local presence in Orlando under the leadership of Lori Ault,” stated Adam Devine, CEO. “There is a tremendous amount of growth opportunity in this region. We look forward to servicing our existing retail agency clients as well as new ones in this region.”
In a sure sign of the company’s rapid growth and increased demand for its services, this is the third office expansion for the company within the past year. XS Brokers now has five office locations down the Eastern Seaboard in Pennsylvannia, Connecticut, Massachusetts and now Florida.
According to the company, the new Orlando location will allow XS Brokers to meet the needs of its clients based throughout the entire Southeast. It will also allow for the company’s further growth and expansion in this region.
All of our success and growth has been purposeful. XS Brokers has always invested back in the company, from our office spaces, to our cutting edge technological capabilities, and our ability to attract and retain the best talent in the industry,” stated Devine.
Hired specifically to build and manage the XS Brokers independent brokerage brand within this new territory, Ms. Ault brings considerable experience in commercial property/casualty, professional/financial lines, as well as third party administration to her new position. Prior to joining XS Brokers, she was a senior vice president at Admin America, Inc., a leader in employee benefits, where she created new territory launch strategies. Prior to that, she worked in business development, sales and marketing for several leading brokerage firms.
As for Quincy-based XS Brokers, the year 2017 continues its upward trajectory and is on pace for surpassing its 2016’s achievements. Last year, the company recorded its highest gross written premium writings in its history, in addition to welcoming 14 new work associates, and placing a record amount of new business for the calendar.
For those unfamiliar with XS Brokers Insurance Agency, Inc., the Quincy-based company is a leading wholesale & MGA brokerage that “…has been dedicated to providing retailers with unmatched product availability, powerful market knowledge and unparalleled underwriting expertise with leading-edge service for almost 40 years.”