Next Insurance exits commercial auto, sets workers’ comp restrictions

In an email reviewed by Coverager, Next Insurance is not accepting new business for its commercial auto product effective July 20, 2022. In addition, non-renewals will begin for policies with effective dates of November 1, 2022 and later. This closure affects all states and classes of business.

“Our goal is to effectively evaluate risk and provide competitively priced insurance products. However, in doing so, we occasionally need to adjust our appetite,” Next stated in the email. “After careful consideration, we’ve decided to make changes to commercial auto coverage to better serve our book.”

Regarding workers’ compensation, a moratorium on binding new business will take effect on July 20, 2022, and non-renewals will begin for policies with effective dates of November 1, 2022 and later for the following policies:

• Workers’ comp policies with business locations in CO, KS, and TX
• NCCI Hazard groups F-G

According to a source, this isn’t the final goodbye for Next’s commercial auto coverage as the company is examining which paper it should write it on.

We reached out to Next and received the following comment:

“Our focus is on running a smart and responsible business, and with that means keeping a close eye on our loss ratios. We have paused new business and initiated non-renewals only for certain distribution channels, specifically with the goal of minimizing as much as possible the impact on our customers and partners.”