New York Insurance Co-Ops Announce Corporate Affiliations
Mid-Hudson Co-Operative Insurance Company, Midrox Insurance Company, and Claverack Cooperative Insurance Company have recently joined forces under a new management company, Statewide Underwriting Services (SWUS).
The new affiliation with Statewide allows each of the three companies to offer its agents more choices, greater ease of doing business through operational consolidation, and most importantly, greater flexibility when shopping insurance on behalf of their clients.
“Through Statewide Underwriting Services, our agents have a single-entry point to access all three underwriting companies, pooling the sum of our individual resources,” said Statewide President & CEO Eddie Harper. “This provides our agents more tools, opportunities, and capacity for writing business, which in turn means better advantages and benefits for their policyholders.”
As a result of the new affiliation with Statewide, all three of Statewide’s member companies have earned an A.M. Best rating of “A- Excellent,” meaning that each has been deemed to have “an excellent ability to meet their ongoing insurance financial obligations.”
The combined underwriting companies can now collectively boast more than 300 agents, 360 years of experience, and coverage of the entire geographic footprint of New York State.
Statewide Underwriting Services provides cost-effective personal and commercial coverage solutions that meet the needs of many families and small business owners across the state. Historically, cooperative insurance companies served the needs of local family farmers. This tradition continues at Statewide, which still underwrites many small family farms in upstate New York, with claims staff standing ready to help when a policyholder suffers a covered loss.
Statewide maintains a sharp focus on serving the unique needs of small- to medium-sized businesses, many of which would otherwise struggle to find appropriate coverage with other insurance companies. Several of the business types Statewide proudly represents include Main Street-type storefronts, mixed-use commercial buildings, apartment complexes, and multi-family homes with one to four rental units.
“Even with over 300 agents collectively, we still consider ourselves a champion of small business, and this new arrangement isn’t going to change that,” Harper said. “It’s only going to make it even easier for agents to secure just the right policy for their customers.”
While many insurance companies operate as stock companies, Mid-Hudson Co-Operative Insurance Company, Midrox Insurance Company, and Claverack Cooperative Insurance Company all function as “mutual” companies, which are entirely owned by their policyholders. This model allows Statewide to maintain its commitment to the long-term interests of its agents and policyholders, as opposed contending with the short-term pressures and demands of stockholders.
The pooling of resources has enabled SWUS to make substantial investments into information technology and product development, both of which the company plans to roll out during the second half of 2020.
“We are thrilled that this milestone in our long-term plan is coming together,” Harper said. “It is going to propel us into the future and allow us to better serve our agency force and our mutual policyholders.”
About Statewide Underwriting Services:
Statewide Underwriting Services is an affiliation that is exclusive to Mid-Hudson Co-Operative Insurance Company, Midrox Insurance Company, and Claverack Cooperative Insurance Company agents, provides access to a broad base of services, coverage types, and expanded offerings to agents and clients in New York State. In addition to personal and commercial coverage, the underwriting companies also offer inland marine coverage options for personal and commercial lines for farm owners and small contractors. Statewide can provide access to commercial umbrella coverage for its policyholders. Statewide is developing relationships with other carriers to provide the additional lines to round accounts out like commercial umbrella, business auto and workers compensation.