Florida Peninsula Ready to Take 100,000 State Farm Policies
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Copyright 2009 A.M. Best Company, Inc.All Rights Reserved BestWire
February 18, 2009 Wednesday 04:31 PM EST
318 words
Florida Peninsula Ready to Take 100,000 State Farm Policies
Chad Hemenway
BOCA RATON, Fla.
Florida Peninsula Insurance Co. said it has informed state regulators it is prepared to take up to 100,000 State Farm Florida customers as that insurer plans to withdraw from the market.
"We thought it was important to advise the Office of Insurance Regulation that we are prepared to do everything we can with our capacity and infrastructure to service those who may lose coverage," said Roger L. Desjadon, chief executive officer, in a statement.
The domestic company sells homeowners multiperil, condominium and renters policies.
State Farm Florida said in late January it planned to withdraw from the property insurance market in Florida by 2011, eventually leaving more than 1 million policies behind. The plan was approved by Insurance Commissioner Kevin McCarty, but with certain conditions. State Farm Florida has 21 days to reply to the conditions.
Florida Peninsula is an OIR-approved "take-out" company, meaning it can remove policies from the state-run Citizens Insurance Property Corp. In November last year, the company was approved to remove up to 25,000 policies from Citizens (BestWire, Nov. 18, 2008).
The company received its Certificate of Authority to do business in Florida in 2005. According to records from the OIR, Florida Peninsula used the Florida Capital Build-up Incentive Program to inject $25 million in surplus. The same amount was contributed by the insurer for a total of $50 million in surplus.
Florida Peninsula Insurance Co. is not rated by A.M. Best Co.
In 2007, the top five writers of homeowners multiperil in Florida, according to A.M. Best Co. state/line product information based on direct premiums written, were: State Farm Group, with a 21.3% market share; Citizens Property Insurance Corp., with 20.5%; Universal P&C Insurance Co., with 6.1%; USAA Group, with 5.2%; and Tower Hill Group, with 4.4%.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
February 19, 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.
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February 18, 2009 Wednesday 04:31 PM EST
318 words
Florida Peninsula Ready to Take 100,000 State Farm Policies
Chad Hemenway
BOCA RATON, Fla.
Florida Peninsula Insurance Co. said it has informed state regulators it is prepared to take up to 100,000 State Farm Florida customers as that insurer plans to withdraw from the market.
"We thought it was important to advise the Office of Insurance Regulation that we are prepared to do everything we can with our capacity and infrastructure to service those who may lose coverage," said Roger L. Desjadon, chief executive officer, in a statement.
The domestic company sells homeowners multiperil, condominium and renters policies.
State Farm Florida said in late January it planned to withdraw from the property insurance market in Florida by 2011, eventually leaving more than 1 million policies behind. The plan was approved by Insurance Commissioner Kevin McCarty, but with certain conditions. State Farm Florida has 21 days to reply to the conditions.
Florida Peninsula is an OIR-approved "take-out" company, meaning it can remove policies from the state-run Citizens Insurance Property Corp. In November last year, the company was approved to remove up to 25,000 policies from Citizens (BestWire, Nov. 18, 2008).
The company received its Certificate of Authority to do business in Florida in 2005. According to records from the OIR, Florida Peninsula used the Florida Capital Build-up Incentive Program to inject $25 million in surplus. The same amount was contributed by the insurer for a total of $50 million in surplus.
Florida Peninsula Insurance Co. is not rated by A.M. Best Co.
In 2007, the top five writers of homeowners multiperil in Florida, according to A.M. Best Co. state/line product information based on direct premiums written, were: State Farm Group, with a 21.3% market share; Citizens Property Insurance Corp., with 20.5%; Universal P&C Insurance Co., with 6.1%; USAA Group, with 5.2%; and Tower Hill Group, with 4.4%.
(By Chad Hemenway, associate editor, BestWeek: Chad.Hemenway@ambest.com)
February 19, 2009
Copyright © 2009 LexisNexis, a division of Reed Elsevier Inc. All Rights Reserved.
Terms and Conditions Privacy Policy
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