tetrix
New Member
- 4
Did Settlers close?
Settlers
- Thread starter tetrix
- Start date
- 16,877
Yes. NGL announced yesterday that they were pulling out of that part of the business. Settlers is shutting down for good this week.
It’s sad that around 100 people are losing their jobs on very short notice.
They just refused to adapt to modern times. When most of their competitors got more and more competitive with rates, underwriting and ease of doing business, they just kept going the other way.
You couldn’t meet nicer people than the management and staff at Settlers. But it was very obvious the decision makers were attorneys and accountants not sales minded people. They just couldn’t wrap their head around the fact that they needed to really jump in the game.
It’s sad to see them completely go out. I figured someone would buy them and completely turn them around. But it wasn’t in the cards.
It’s sad that around 100 people are losing their jobs on very short notice.
They just refused to adapt to modern times. When most of their competitors got more and more competitive with rates, underwriting and ease of doing business, they just kept going the other way.
You couldn’t meet nicer people than the management and staff at Settlers. But it was very obvious the decision makers were attorneys and accountants not sales minded people. They just couldn’t wrap their head around the fact that they needed to really jump in the game.
It’s sad to see them completely go out. I figured someone would buy them and completely turn them around. But it wasn’t in the cards.
moneycage 2018
Expert
- 68
So what exactly does something like this mean for an agent and that agents client. So obviously an agent can't write business for them anymore, but what does it mean for the clients policy, does the agent have to try to find them a new carrier??
- Thread starter
- #4
tetrix
New Member
- 4
Normally the current policies are fine since NGL owns them. They seem to be simply pulling out of FE.
- 5,260
$10 on JD FINALLY making his Forum return to comment on Settlers' demise.
- 29,480
Damn. Does that mean no more Bontellivision?
- 16,877
Just can’t sell new policies. Renewals still get paid. Policies are fine. They just closed for new business. Didn’t go bankrupt or anything. NGL will administer the policies from their offices.
moneycage 2018
Expert
- 68
so basically if it was your 'go to' carrier to write business, you just gotta get a new one, gotcha
- 16,877
That was their main problem. They only had about six agents that used them for a “go to” company. And those guys are aging out of the biz.
moneycage 2018
Expert
- 68
back to the other post
So there not actually closing there doors, they are just going to stop offering FE.
