Anyone have any connections on the Carrier side? I'm looking to open another market in NY for limousine business. The market has dried up here and there's only a few left writing. Anyone new wants no part of the exposure in NY.
There is a reason for that .... you cannot make money there.
Do not worry .. there will be another idiotic carrier along shortly that will think their experience will be different than every other carrier that has ever tried it.
There is a reason for that .... you cannot make money there.
Do not worry .. there will be another idiotic carrier along shortly that will think their experience will be different than every other carrier that has ever tried it.
Yes .. I ran an MGA that wrote taxi and limousine business in NJ, PA, and NY.
When I started it in 1985 it was a great idea .. as limos were an E&S risk all day long and you could get the premium to sustain the book... and we were legally able to write state min. which helped.
In todays market .. its impossible.
I am at Philadelphia Insurance Co now and work their Limo program ..... unfortunately when I came on I brought my "NO NY, NO FL" policy.
Yes .. I ran an MGA that wrote taxi and limousine business in NJ, PA, and NY.
When I started it in 1985 it was a great idea .. as limos were an E&S risk all day long and you could get the premium to sustain the book... and we were legally able to write state min. which helped.
In todays market .. its impossible.
I am at Philadelphia Insurance Co now and work their Limo program ..... unfortunately when I came on I brought my "NO NY, NO FL" policy.
I had most of my book with Philadelphia until they decided to close the program effective 07/01/15. Now I'm struggling to find other markets to write it. Only Praetorian and Lancer are left as far as A rated companies. Since I started writing limo's I've seen programs from Hartford, Hanover, American Alternative, American Southern and OneBeacon all shut down.
I had most of my book with Philadelphia until they decided to close the program effective 07/01/15. Now I'm struggling to find other markets to write it. Only Praetorian and Lancer are left as far as A rated companies. Since I started writing limo's I've seen programs from Hartford, Hanover, American Alternative, American Southern and OneBeacon all shut down.
