Category Archives: Newsletter

Progressive competes for more business

Progressive is excited to start marketing a new personal auto product called 8.0.  Some of the highlights include:

More competitive rates at new business

  • Continuous Insurance Discount – The longer a customer’s tenure with us or another carrier, the better the discount. This is in addition to the current Prior Insurance Discount.
  • Education Discount – We won’t charge customers who are without higher levels of education, but those with college degrees, or those currently in college will save.
  •  (We’ll monitor education selections for accuracy.)
  • Good Student Discount – customers with a youthful driver under 23 years of age who maintains a 3.0 grade point or B average in school.
  • Minor Child Discount – Customers who have prior insurance and a driver under the age of 19 will see a discount as soon as their first term with us.
  • Residency Rewards – Customers without proof of prior insurance are now eligible for a lower rate if they have lived at their current residence for a year or more.

Retain more customers over time

  • Preferred Renewal Treatments – Preferred customers with clean driving records don’t have to worry about a rate increase when they get their first minor violation.
  • Free Accident Forgiveness – No surcharge for the first accident for customers who have been with us for at least four years and have been accident free for the past three years.

Pioneer State Mutual changes rates on February 1st

Pioneer State Mutual will be making the following changes to the rating structure for homeowner policies:

  • Insurance Scores will be recalculated every renewal.  If a higher score is discovered, then the resulting tier will be used even in the improvement is from multiple tiers.  If a lower insurance score is discovered, policyholders will only drop one tier at a time to minimize disruption of rates.  Insurance Scores have not changed in four years but in order to accurate using using insurance scoring as a risk indicator the company is following the success of a similar structure in personal auto. 
  • Rating territories are being increased from 6 to 40.  This change will allow for more precise pricing based on loss experience in one area but not another.  This will benefit customers. 
  • A new multiple policy discount is being added.  A homeowner policy will receive a 2% discount when an Umbrella policy is written.
  • Overall rate impact to the entire homeowner line of business is 1.1%.

Hastings Mutual Insurance Company Recognized Again For Financial Strength

Hastings, Michigan, October 13, 2010: For more than 125 years Hastings Mutual Insurance Company has focused on financial strength and responsible management of its assets. The company’s dedication to excellence has paid off as reflected in their recent results. This year Hastings Mutual Insurance Company is again awarded the highest honors by Weiss Ratings (formerly TheStreet.com) and by Demotech, Inc.

Weiss is an independent research and ratings company that has been in operation since 1971. Melissa Gannon, vice president at Weiss Ratings, states, “Unlike most other rating agencies, Weiss Ratings accepts no compensation of any kind from the companies it rates.” Weiss announced on October 4, 2010, that Hastings Mutual is again rated “A+” based on the company’s strong financial solvency.

The Weiss score is based on the current and future financial stability offered to customers, vendors and employees. Less than 1 percent of financial companies reviewed meet the criteria for this exceptional rating.

This latest honor follows a recent Demotech, Inc. announcement that Hastings Mutual is again a “Super Regional™” carrier. Published in the May 17, 2010 issue of Insurance Journal, Demotech Inc. revealed their list of Super Regional™ P/C insurers. Of the 2,700 companies analyzed, only 165 qualified as a Super Regional™.

Joseph Petrelli, president at Demotech states, “These companies are strong, stable markets that have been working hard for their agents and insureds.”

“This recognition is an honor, and we know that the partnership we share with our agents is integral to our success,” remarked Bill Wallace, president and CEO at Hastings Mutual Insurance Company. “We look forward to our Company’s future and Hastings Mutual’s continued success with our agents.”

About Hastings Mutual Insurance Company

Hastings Mutual is an award winning, A. M. Best: A+ rated, regional Property Casualty insurance company. Hastings Mutual operates in six Midwestern states. The company, based in Hastings, Michigan, has been writing commercial, farm, and personal lines business through independent agents since 1885. For more information about Hastings Mutual and their 125th anniversary, access the company web site: www.hastingsmutual.com.