Balboa has notified the Independendent Insuarnce Agents and Brokers Association that as of Dec. 30 it will no longer be writing non-standard business. IIABA is waiting on communication from Balboa regarding how they plan on handling renewals.
According to the IIABA of Alabama, despite the popularity and success of Big “I” Markets Renters and Non-Standard Homeowners through Balboa, the company issued an indefinite moratorium after Hurricane Katrina and left agents in Alabama and many other states wondering what was going on.
Additionally, Balboa notified the Big “I” team in August that they would not expand to other states, and the Big “I” team set out in search of another carrier for this market.
IIABA of Alabama said the good news is that IIABA is working on another plan that promises to be even better. s of last week, the board of directors approved a request to move forward with putting a Lexington non-standard homeowners product on Big “I” Markets that will make NSHO available in 48 states effective the first of the year.
IIABA’s Big “I” team is working to get the product on the system and putting marketing materials together. This product is in partnership with a New York City-based MGA and eligibility guidelines will be much more expansive than Balboa’s.
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