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 a panel of highly rated reinsurance partners 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 Millennial Specialty Insurance 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.” says David Ingrey, CEO of Spinnaker Insurance Company