The news that Allstate will no longer write new business in lower New York state could be a prelude to underwriting changes in areas far from the Gulf, according to wholesale brokers in the Northeast.
Dick Munce, regional vice president for Montvale, N.J.-based wholesaler Jimcor Agencies, said rates along the New Jersey coast appear flat "at present," but could see increases as reinsurance catastrophe treaties are settled.
What is happening, he said, is that insurers are excluding wind exposures in surplus lines property policies, forcing brokers to find alternative markets to provide the wind coverage for policyholders.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
