13 consecutive years on Ward's 50 list.

Ward Group®, leading provider of benchmarking and best practices research studies for insurance companies, has for the 13th consecutive year named American Modern Insurance Group as one of its Ward’s 50® top performing property and casualty companies.  Learn more about how Ward reviews the financial stability of insurance companies.

Posted 3 Aug 2011

Emergency order issued in Missouri.

In response to the severe storms in Jasper and Newton counties in Missouri, the Governor’s office has issued an executive order to insurance companies, requiring:

•   A prohibition on implementing any rate increase on a policy taking effect on or after May 22.

•   A prohibition on terminating a policy for any reason.

•   Free copies of insurance agreements to any policyholder making the request.

Read the full text of the order.

The order was issued on May 26, with an effective date of May 22, and is in force through June 20.  It is possible the order will be extended.

American Modern has begun taking the steps necessary to modify our normal work processes so that renewal offers, billing notices, and notices of cancellation comply with the executive order. 

Any communication to a policyholder that was already mailed by the time we were able to respond to the order will be adjusted to comply.  We are already reviewing our records to identify any such communications. 

This communication is being sent to all of American Modern’s personal and commercial lines agents doing business in Missouri.  You may receive an additional communication from one of our departments if additional instructions are warranted. 

We will keep you updated with additional information as it becomes available.  In the meantime, if you have any questions, please contact your underwriter.

Posted 3 Jun 2011

Heavy spring flooding expected in north central US.

Heavy spring flooding is likely in the Red River valley between Minnesota and North Dakota, The James River and Big Sioux River basins in South Dakota, and along the Mississippi River north of St. Louis.  The National Weather service has excellent maps of at risk areas. Read more

Source: National Weather Service
Posted 18 Feb 2011

Foreclosure improvements depend on employment improvements.

Although foreclosure rates in the 10 hardest hit metro areas actually improved in 2010, most markets are vulnerable to economic shocks, such as a climb in unemployment, which could trigger a rise in foreclosures in 2011. Read more

Source: Mortgage Servicing News
Posted 4 Feb 2011

Auto industry begins well in 2011.

January car sales rose 17 percent over last year. The early sales data, and looser consumer credit for auto loans, lead analysts to anticipate annual sales of about 13 million units. Read more

Source: Yahoo! Finance
Posted 4 Feb 2011

Foreclosures at record high in 2010.  2011 is expected to be worse.

Expect foreclosures to spike in the first quarter when as many as 250,000 filings are resubmitted following the document review scandal this past fall. RealtyTrac anticipates that 2011 will have slightly more foreclosures than 2010, but that 2012 will begin a downward trend. Read more

Source: HousingWire
Posted 13 Jan 2011

Foreclosures rise, but fewer homes “under water” in third quarter.

CoreLogic Inc. reports that although slightly fewer homeowners owed more on their home that it was worth. Unfortunately, that seemingly positive news was actually created by an increase in foreclosures.  Foreclosure auctions are averaging 110,000 a month.  Banks seized over 288,000 homes in the third quarter. Read more

Source: Bloomberg
Posted 27 Dec 2010