As of today, Embrace is selling American Modern Home Insurance Company pet insurance policies in 38 states (see the list on the Embrace's Underwriter page). We are in the process of rolling out all 51 jurisdicitions we work in, so if your state isn't on the list, it will be very soon.
Why are we changing insurance underwriters?
The usual thing that comes to mind when you hear a company changing underwriters is that something has gone amiss with the partnership between the pet insurance program and the underwriter; however, in the case of Embrace Pet Insurance leaving RLI, quite the opposite is true.
In our case, RLI loved the Embrace program so much, they wanted to buy us. Unfortunately, we couldn't come to agreement on the terms and when we agreed to disagree, we then felt it better that Embrace move on to find another underwriting partner. So sad! It's kind of like after you propose to your sweetheart and she turns you down, you don't keep dating, as much as you might want to.
We are very grateful and appreciative of the partnership and support RLI has given us over the last three years. We did make great partners, if I do say so myself.
And now we are transitioning over to American Modern and it's going very smoothly.
Who is American Modern?
I am absolutely delighted to partner with the folks over at the American Modern Insurance Group (AMIG). Here are my top 5 reasons for partnering with AMIG, from the most obvious down to the most important:
- AMIG's subsidiaries that we are working with are A+rated by AM Best, meaning that they have a superior ability to meet their ongoing insurance obligations, a most important characteristic if you want a company that is going to be there in the future when you need it the most.
- AMIG is owned by Munich Re, which is one of the world's largest reinsurance companies, with annual premium income of about $62 billion. Munich Re operates in all lines of insurance, with around 47,000 employees throughout the world. What does that all mean? Financial stability and a highly trusted brand, which runs down through all of their companies.
- AMIG is a specialty insurance company serving niche or underserved markets. So they know how to handle focused marketplaces and knows what it takes to succeed.
- AMIG has a history of family-driven entrepreneurship and I still feel that from the everyone I have met there. This get-it-done attitude continues to be very important to me because I want and need an insurance partner that is going to understand the entpreneurial culture at Embrace.
- AMIG has very strong work ethic and a lot of smart people who are wonderful to work with. Again, I need a good partner with people who work as a team, get things done, and who have fun doing it. In my opinion, that leads to building the most value for all involved (from the pet parent to the underwriter) and that's a good thing for everyone.
I expect the transition to be seamless for our Embraced pet parents but it's always good to share the background of why this change has happened so you feel comfortable with our new underwriter.
I will go over the changes to the policies in my next post. *spoiler alert* They are minimal.
Chief Embracer & Co-Founder
Embrace Pet Insurance