Last week, representatives from PIANY met with officials from the New York State Department of Financial Services for a second time this month to continue discussions on the impending exits of Adirondack Insurance Exchange and Mountain Valley Insurance Company from...
Insurance is meant to protect you when unexpected events happen, but what happens if your insurance company goes out of business? That’s where the New York insurance guaranty fund comes in. This fund is designed to protect policyholders and ensure that claims are paid...
All homeowners should brace themselves for sticker shock next time their homeowners policy is up for renewal. Inflation’s effects on the construction industry and the broader economy extend to premiums charged on insurance policies. While it may cost more now, the...
The hard market has been a recurring topic of conversation over the last several months as something impacting insurance producers nationwide significantly. Diving further into the topic, the recent pattern of carrier withdrawals from various markets has become rather...
Representatives of PIANY met recently with officials from the New York State Department of Financial Services to discuss the impending exit of Adirondack Insurance Exchange and Mountain Valley Insurance Company from the New York marketplace. This meeting comes in...
Dear PIANY members, I’m writing to you to discuss the recent announcements from Adirondack Insurance Exchange and AmGuard Insurance Co., regarding their decisions to withdrawal from specific insurance marketplaces. When the announcement was made, an email was sent to...
Recently, the Department of Banking and Insurance released Bulletin No. 24-10, requiring all insurers authorized or admitted to sell property/casualty insurance in New Jersey to participate in a comprehensive survey on low-income housing discrimination. Facing...
In a significant development for New York state's insurance industry, Adirondack Insurance Exchange has announced its decision to exit the state's insurance marketplace. This move comes as AIE faces ongoing financial difficulties and a deteriorating capital...
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...
In recent years, Adirondack Insurance Exchange has grappled with challenging market conditions and increasing claims payment costs—leading to a decline in its financial strength. This situation now has culminated in Demotech's—a financial analysis and rating company...