Insurance Xdate > Reports > IN > Silveus Insurance Group Inc


Commercial Insurance Overview

Silveus Insurance Group Inc is based in Kosciusko county in Indiana. They operate in the Finance/Ins/RE industry, specifically in Insurance Agents Brokers and Service, which is a low risk industry. It is worth putting effort into risk management to be able to leave the Assigned Risk pool.

It looks like they just changed commercial insurance carriers. We see commercial coverage for them in 7 states including Colorado, Florida, Illinois, Indiana, Minnesota, Missouri, Texas.

The LCM is the rate that is applied to a carrier, representing the risk covered by that carrier. The current carrier's LCM is 1.169. An LCM of 1.169 is pretty good. More details on how it compares can be seen below. The (LCM) that they are with increased by 35% which is a significant shift. It is worth investigating why.

Premium Comparison

This chart represents the range and distribution that carriers are charging per $100 of payroll for businesses similar to Silveus Insurance Group Inc. This can give you an idea of what carriers might best fit your business.

$3.85$0.75
Erie Ins Grp
$1.50
$1.04$2.30
Berkshire Hathaway Grp
$2.20
$1.20$2.08
Hartford Fire & Cas Grp
$1.91
$0.83$3.56
Travelers Grp
$1.32
$0.85$3.85
Amtrust Ngh Grp
$1.85
$1.00$2.30
State Farm Grp
$2.09
$1.14$2.10
Selective Ins Grp
$3.03
$1.10$3.43
Markel Corp Grp
$2.06
$1.40$2.39
Proassurance Corp Grp
$1.65
$1.00$1.73
Liberty Mut Grp
$1.56
$0.75$3.20

Market Comparison for Silveus Insurance Group Inc

For the Agent

These are points that might help guide an agent as they look to approach a prospect.

  • Increasing LCM and decreasing market share may indicate carrier is tightening underwriting guidelines and/or has written higher risk accounts that they are less willing to fight for.
Needs Attention

LCM Rate

LCMs have the largest effect on your WC costs. Carriers file LCM's which are multiplied with the state approved Loss Costs for your employment classifications to create your policy rates. Carrier Groups have several Carrier Tier's each with their own filing, allowing their underwriters to price aggressively to overly prudent depending on the risk.

  • The LCM of the Current Carrier is Very Good, in the 27th percentile compared to peers.
  • In the last year, LCM Increased by 35%. While peers Increased an average of 7%.
Average

Market Competitiveness

We measure relative change (when a business chooses a different WC provider), and market share distribution over a rolling 24 months as compared to it's industry and state level activity to determine how competitive carriers are for your class of business.

  • 10% of peers have changed carriers since last year.
  • Current Carrier's market share is in the 75th percentile at 2.9% of the market.
Good

Business Owners

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Policy Renewal Date
Current Carrier
Policy Number
SIC Code
NAICS Code
LCM
Multiple Locations
Multi State
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Employees
Contact Phone
Website
Benefits
DOT
FEIN
Coverage History


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Carriers & Underwriters

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  • Appetite Analysis
  • Market Share Analysis