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Nationwide (Scottsdale/National Casualty) Exits Personal Umbrella:
Nationwide announced on September 14th that they are exiting personal umbrella
business in all states. No new business after October 15th and no renewals after
December 31st.
We'll Continue to give you solutions:
Our job as a wholesale underwriting agency is to offer you the best alternatives
available. Despite limited markets, we will offer your clients a
competitively priced alternative automatically through one of our A.M. Best "A+"
rated markets. The alternative replacement quote will be emailed between 60-65
days prior to expiration.
State of the Market:
The California tort liability situation is causing a very restricted market for
high limit auto and personal liability exposures. New developments such as
private equity litigation financing are resulting in an increase frequency and
severity of claims as as well as underwriting changes. Your clients
need more protection, but the cost of that protection is increasing as the
supply is decreasing.
James McCarthy
President
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