As your trusted insurance professionals, we want to inform you that our carrier, Oregon Mutual will no longer be renewing personal lines of insurance.
Issued Statement from Oregon Mutual CEO
In a statement released in September, Oregon Mutual President and CEO Steve Patterson announced that the company will no longer be renewing personal lines of insurance. As of right now, Oregon Mutual has stopped writing new personal lines business, and come January 2023, they will begin the non-renewal process for existing personal lines clients.
In the statement linked below, this is the reason Oregon Mutual’s President and CEO gave for the decision to exit personal lines:
“Unfortunately, the last decade of persistent losses, combined with the commoditization of the personal lines marketplace, and growing regulatory uncertainty surrounding risk-based underwriting and pricing have eroded our ability to profitably provide the personal lines products and services consistent with our value proposition.”
He emphasized that this decision was made based on the belief that the company will be more profitable as a Commercial Lines-only insurer, not because they are in financial trouble.
What this means for your policy
If you are an existing personal lines policyholder with Oregon Mutual, you will no longer be able to add additional lines of business. However, you may still make changes to current policies.
Not to worry, we have you covered
You can rest assured that you are in the best possible hands. We are fortunate to be contracted with at least 18 personal lines carriers, which will help us find the best solution for you. We are reviewing your policies, and we will be reaching out with alternatives.
We would be happy to schedule a time to discuss any concerns or how this may impact your rates. Contact us today at [email protected] and your agent will be in touch shortly.
As your insurance partner, we are committed to act as an advocate to protect what’s in your best interest. Thank you for choosing Basin Pacific Insurance.
To read the full statement, click here.
Should you have any questions regarding your current coverage or want further information on these points, Basin Pacific Insurance is here for you. For more information on personal lines coverage offered by Basin Pacific Insurance, click here.
Leave a Reply
You must be logged in to post a comment.