Meadowbrook Insurance Group, Inc. (NYSE:MIG) has entered into an agreement which will provide the Company the use of an “A” rated policy issuance company for a portion of its business. The agreement, which is effective immediately, is with State National Insurance Company and follows A.M. Best’s Friday decision to downgrade Meadowbrook’s financial strength rating to “B++” (good, with a stable outlook.)
The Livestock Marketing Association (LMA) created the Professional Livestock Insurance Company (PLIC) in an effort to stabilize rates and ensure accessibility of insurance coverage to the livestock marketing industry. PLIC is a reinsurance company that is wholly owned by the LMA and partners with Meadowbrook Insurance/Star Insurance Company and Swiss Re Insurance to provide a risk management program. The LMA PLIC products are exclusively marketed through the Livestock Marketing Insurance Agency (LMIA).
Kurt Hamilton, LMIA President, noted that LMIA remains committed to client service through hands-on efforts from the regional executive officers.
Following a recent fire at Floydada Livestock Sales, Inc., LMA Regional Executive Officer, Jesse Carver, was at the market to provide assistance. Don McCandless, Floydada Livestock Sales Inc., said that re-building efforts have been smooth and quick much in part to Carver’s role post-damage. Fortunately, the market will only miss one sale to have concrete poured for the new facility.
In May 2013, OKC West Livestock Market, Inc. sustained a direct hit from an EF-5 tornado. LMA Regional Executive Officer, Terry Chapman, described the destruction as “massive.”
Bill Barnhart, OKC West Livestock Market general manager, credits efficient reconstruction to the excellent service and support from the LMA and Chapman. Barnhart said that Chapman went “way above and beyond” to help the market, and that the entire insurance group was genuinely concerned about getting the market back in business as soon as possible.
“We were treated like family; they took care of us,” Barnhart said.
If you have any questions regarding the LMA, LMIA or the policy issuance solution, please contact your regional executive officer; Mark Mackey, LMA Chief Executive Officer; or Kurt Hamilton, LMIA President at 800-821-2048.