https://www.insurancebusinessmag.com/us/news/breaking-news/state-farm-generals-credit-rating-downgraded-483201.aspx
11 replies (most recent on top)
SF General (CA), NJ Indemity, SF Texas Lloyds, SF Florida....the ignorance on this site is astounding. SF has been setting up these specialty companies for decades to force state insurance departments to actually do their jobs and create a stable and sustainable insurance market. Once the underlying funding for the specialty company is exhausted we tell the Ins Comish see ya later. Most of our competitors have been doing the same for just as long.
Laughing at 1xml he would rather be humiliated than demonstrating his GED intelligence.
Obviously another keyboard warrior who would run like a scared chicken if confronted. Typical desk jockey.
@1evb-must have been looking in the mirror with your juvenile comment. Would you like to try to ask an intelligent question or just remain humiliated as usual.
You missed the point stupid.
@1cib…….Well let’s see. They filed for adequate rate increases several years ago. Not their fault that the California DOI takes the position that no rate increase shall request shall be handled in a timely manner, or approved above 7% regardless of the need for rate. Then they tightened up underwriting to issue fewer policies. Then, while the rate increase request was still languishing, they made the unfortunate decision to stop writing new fire business. Nearly a year later, when they STILL can’t get adequate rate approved to even stop the bleeding from current business, they’ve made the even more unfortunate decision to non renew 72,000 policies. NOW the Commissioner says there’s a crisis, and his solution is to “look into State Farm’s finances”. That’s his way of trying to look tough in front of the electorate…..but would actually have been part of the rate request filing that hit his desk several years ago.
THAT’s what State Farm did to address (not avoid) the risk. What other stupid questions do you have?
I dont care how you look at it. It got downgraded. What did SF do to avoid the risk?
OK. SF General is the California Fire Company. This is just outside confirmation that pulling back and non renewing policies there is the right thing to do.
OP is probably one who also posted about how State Farm is (choose one) evil, incompetent, unethical for cutting back on its California Fire exposure. Because these people don’t understand or appreciate how insurance works or how the company operates—they just come here to complain.
It's not surprising. Isn't General just California Fire? The single most unprofitable area of the company that we keep doing drastic steps to stop the bleeding? Not surprising at all.
If being published just this week is old, you are correct
Old news. What else you got?