In a significant move impacting the insurance landscape, AmGUARD Insurance Co., has announced its decision to withdraw from the personal-lines marketplace for admitted business nationwide, effective July 8, 2024. Most notably, this decision will affect homeowners and personal umbrella policies across the Northeast.
AmGUARD communicated this decision via a notice to agency principals—emphasizing the strategic shift toward strengthening its focus on commercial-lines insurance.
According to the statement, AmGUARD will stop accepting submissions for new homeowners and personal umbrella policies and subsequently, the company will nonrenew existing policies in accordance with and subject to applicable law.
Impact on agents and policyholders
The withdrawal process is structured in compliance with state regulations, meaning the specifics of policy nonrenewals will vary by jurisdiction. AmGUARD has pledged to provide further details on state-specific timelines, which will be available on its Personal Lines webpage accessible via its Agency Service Center.
PIA has resources to help
PIA has information on the required policy run-off periods in the impacted states. For more information, PIA Northeast members can click on the appropriate link:
Guidance for agents and brokers
Agents and brokers are advised to manage this transition proactively. AmGUARD’s notice highlights the importance of securing alternative coverage options well in advance of the nonrenewal dates.
For agents looking for resources and support during this transition, PIA offers members valuable guidance on market withdrawals. PIA provides a comprehensive suite of resources designed to help member agents navigate the complexities of market exits and ensure continuous coverage for their clients:
Hard market: When carriers withdraw from a market
Bradford J. Lachut, Esq.
Bradford J. Lachut, Esq., joined PIA as government affairs counsel for the Government & Industry Affairs Department in 2012 and then, after a four-month leave, he returned to the association in 2018 as director of government & industry affairs responsible for all legal, government relations and insurance industry liaison programs for the five state associations. Prior to PIA, Brad worked as an attorney for Steven J. Baum PC, in Amherst, and as an associate attorney for the law office of James Morris in Buffalo. He also spent time serving as senior manager of government affairs as the Buffalo Niagara Partnership, a chamber of commerce serving the Buffalo, N.Y., region, his hometown. He received his juris doctorate from Buffalo Law School and his Bachelor of Science degree in Government and Politics from Utica College, Utica, N.Y. Brad is an active Mason and Shriner.
