Financial Stability of an insurance product and whether a product is “admitted” are two of the most most important factors a consumer should look at when considering purchasing insurance. If the carrier and agency is not stable, a consumer runs the risk of not being protected appropriately.
An “admitted insurer” is defined as “An insurer licensed to do business in the state or country in which the insured exposure is located.”
The homeowners insurance product available through Monomoy Insurance Group is an admitted residential homeowners’ product in Massachusetts through a partnerships with Spinnaker Insurance Company (Spinnaker), a national property & casualty insurer rated A- by A.M. Best Company. Best’s Ratings, which are issued through A.M. Best Rating Services, Inc., are a recognized indicator of insurer financial strength and creditworthiness.
The policies are 100% re-insured through the Lloyd’s re-insurance markets in London and covered by the State of Massachusetts State Guaranty Fund .
Monomoy Insurance Group was established with a goal of meeting the needs of an underserved insurance market and offers rates comparable to the Mass Fair Plan, but with enhanced coverage options.
“Spinnaker is committed to being the conduit between top-class producers and reinsurance/capital markets. Our partnership with Monomoy Insurance Group and Rogers & Gray showcases Spinnaker’s program structuring and oversight abilities, thereby underscoring the value Spinnaker adds to program development and management. The reputation and longevity of MGAs will come down to product innovation, ease of use, and customer service – Spinnaker is thrilled to be partnering with Rogers & Gray as we believe the organization reflects these essential characteristics.” says David Ingrey, CEO of Spinnaker Insurance Company.
Monomoy’s products are available exclusively through Rogers & Gray Insurance. Rogers & Gray was the leading agency behind the partnership with Spinnaker and the creation of Monomoy Insurance Group.
Headquartered in Massachusetts, Rogers & Gray Insurance was selected as the “Best Independent Insurance Agency to Work For” in the nation and is ranked as one of the Top 100 Independent Insurance Agencies in the United States. It has also been recognized as one of the Top 50 Personal Insurance Agencies in the U.S., one of the Top 10 Largest Insurance Brokers in Massachusetts, as a “Top Places to Work” by the Boston Globe and as a “Best Places to Work” by the Boston Business Journal.