For
Immediate Release:
Contact:
TALLAHASSEE
(06/04/2007)
– The Florida Office of Insurance
Regulation finished a busy week before hurricane season finalizing two
applications bringing the total to eight new insurers entering the
property and casualty insurance marketplace in Florida since January 1,
2007. The insurers represent a myriad of different types of
insurance entities including surplus lines, alien, foreign, and domestic
property and casualty insurers. Together these entities represent
$1.2 billion in capital investment. While
all insurers are important additions, the most dramatic new entrant is
Ironshore Insurance Ltd., a Bermuda-based surplus lines company.
Beginning with nearly $1 billion in equity capital, this new company will
serve a critical demand: covering commercial risk with wind
exposures in the catastrophe-prone coastal states. On May 15th,
Ironshore also received approval to operate in “It
gives me great pleasure to introduce new insurers to the State of
Florida,” remarked Insurance Commissioner Kevin McCarty, “These new
companies not only provide much needed investment to our marketplace, but
demonstrate the commitment of the industry to continue to conduct business
in our state.” Two
other surplus lines companies have received approval to write in In
addition, American Keystone Insurance Company will write homeowners
insurance for values structured from $250,000 to $3 million; Homeowners
Choice Property & Casualty Insurance Company plans to take-out 15,000
to 20,000 policies from Citizens Property Insurance Corporation in July.
The only reciprocal company in this group of companies, Privilege
Underwriters Reciprocal Exchange, Inc., will target high net worth clients
in |