PLM Monthly Highlights series for insurance producers and brokers – our newsletter to keep informed on news and updates from Pennsylvania Lumbermens Mutual.
Working with a wood industry-related client? Send your applications to: NewBiz@plmins.com
Higher Reinsurance Costs Could Spell Regional Mutual Reckoning at 1/1
Our CEO, John Smith’s pre-January 1, 2023 visits with reinsurers gave him an insight into what might occur at January 1 in terms of higher rates and tightening T&Cs.
The market isn’t attracting as much capital as it might have in the past, however, as generally higher interest rates mean more options for investors.
The tight capacity situation and rising rates is a result of worsening, and changing weather loss patterns, Smith said, echoing thoughts from other market participants and reports.
Inside P&C – Risk Carrier Team of the Year
PLM was recognized as the Risk Carrier Team of the Year for the company’s innovative approach to risk management in the wake of several major threats to insureds, including severe CAT events, rising interest rates, supply chain shortages and more.
Natural Disasters on The Rise
With several months left in the year, lumber and building material dealers
should heed the warning of natural disasters in 2023 and double down on their risk mitigation and disaster planning strategies. From hurricanes and lightning to tornadoes and wildfires, it is impossible to predict how much damage such disasters will cause. Fortunately, there are ways to better protect lumber businesses from natural disasters through careful preparation. It’s never too late to get started.
Learn More about how to keep your client’s safe by visiting our Loss Control Center.
Wondering about new business opportunities in your own neighborhood? Here are some examples of accounts successfully written by PLM or with WC placed through Green Tree Risk Partners.PLM
Lumber & Plumbing Supply Store – NY : $197,300
Countertop Mfg. – NJ : $32,000
Sawmill – PA : $3,000
Lumberyard – MA : $137,000
Door Stile Mfg. – GA : $30,000
Cabinet Mfg – KY : $19,000
Musical Instrument Mfg – MS : $43,400
Custom Door Mfg – AL : $51,300
Custom Cabinetry Mfg. – CA : $46,000
Flooring Mfg. – WI : $156,400
Building Materials Center – MI : $7,200
Lumberyard – TX : $84,000
Green Tree Risk Partners
Wood Component Mfg. – NY : $101,400
Hardware Store – WV : $2,000
Wooden Hobby and Model Component Mfg. – MA : $4,000
Forestry Services – VT : $17,800
Custom Door Mfg – AL : $16,500
Cabinet Mfg. – MO : $17,500
Shutter Mfg. – OK : $13,600
Furniture Mfg. – NC : $6,900
Construction Equipment Supplier – SD : $8,500
Cabinet Mfg. – CA : $27,300
Covered Wagon Mfg. KS :$12,000
Millwork – TX : $11,000
Find PLM and GTRP at these upcoming insurance conventions and trade show events:- 10/18 – IIANM -Convention & Trade Show – Albuquerque, NM
- 10/18 – IIAV – Annual Young Agents Conference – Wintergreen, VA
- 10/23 – Applied Net – Las Vegas, NV
- 10/26 – IIANC – Young Agents Development Conference – Raleigh, NC
- 11/01 – IBA Kern County Tradeshow – Bakersfield, CA
- 11/05 – IIABSC – Annual Convention – Asheville, NC
- 11/06 – IIA IN – Annual Convention – Indianapolis, IN
- 11/09 – IIA CT – CONNECT Mid-Year Convention – Plantsville, CT
- 11/15 – IIA KY – Annual Convention & Trade Show – Louisville, KY
