Residual Market Servicing
Established in 1987, Pilgrim Insurance Company has a great depth of experience handling Massachusetts residual market business. Pilgrim has established itself as the market leader when it comes to the recent changes to the Massachusetts private passenger auto insurance market. This includes the transition from state-set rates to company-set rates under managed competition, and the transition of the residual market to an assigned risk facility known as the Massachusetts Automobile Insurance Plan (MAIP). Pilgrim presently provides ten MAIP service clients the peace of mind that their residual market exposure is expertly managed, enabling them to focus on growing their voluntary business.
Our product offerings allow our clients to choose the most cost-effective solutions for fulfilling their MAIP obligations.
With MAIP exposures accounting for less than 5% of the total private passenger auto volume in Massachusetts, handling the unique requirements of the MAIP can be challenging for companies that are primarily focused on voluntary business. On the other hand, handling the complexities of MAIP is Pilgrim’s primary focus. This gives our clients the comfort of knowing that their MAIP exposure is being managed effectively and in compliance with the unique Massachusetts requirements.
The Pilgrim team has developed strong working relationships with the staff at Commonwealth Automobile Reinsurers (CAR), which administers the MAIP, and regularly attends the various CAR administrative committee meetings that set rules and policies for the MAIP. We also serve as members of some CAR advisory and ad hoc committees, and actively participate in the meetings of other committees. We are aware of emerging regulatory and operational changes and can quickly and effectively integrate them into our processes and educate our clients on changes that may impact them.