American Community Taken Over by Michigan

[Crabcake Johnny]

According to an email I received yesterday, American Community has been taken over by the state of Michigan. Any formal confirmation?

 

[ABC]

This is correct! They are in receivership!

I got the call last night from my sales rep.


When they got down graded to D status I knew they were in major trouble.

When I first got into the business AC was the product I sold.

This company had very poor leadership.

I moved what group block I had left with them 1st quarter.
I still have a small block of individuals and I have already started to move them.

 

[Ron Van D]

Its true! Its all true!
I just spoke with them. A bulletin will be going out today to agents.

 

[HealthGuy]

I wonder if the state of MI is still going to be offering their "built in accident benefit"? Wow, I can hardly wait.

 

[hamben]

Just got off the phone with the state of Michigan and American Community was placed in rehabilitation as of 4/8/2010

 

[Crabcake Johnny]

So what's the flavor of the month going to be from MGAs who only care about their overrides?

 

[SamIam]

I got off the phone because they are in rehabilitationship. Never heard of that one. But bottom line they aren't taking anymore business. Like I was going to send them some.

 

[ABC]

Commissions with AC just got suspended.

 

[foxmarble]

Question: Since I have a small debit balance with them via advances should I worry about moving the business? What do you think guys?