The Tennessee Department of Commerce and Insurance announced that former policyholders of Exchange Insurance Company, which is now under state supervision, now have options in their search to obtain new homeowners coverage.
The department said Exchange was a major writer of homeowners policies for low-valued homes in Tennessee, with 23,000 insureds. It cancelled 5,000 policies in the state in late March and stopped writing new business or renewing policies.
Exchange has entered into agreements with National Lloyds Insurance Co. whereby National Lloyds has taken all of the retained insurance liability incurred after Apr. 1 for existing Exchange policies. Lloyds has the option of renewing the policies as they come to term.
According to the department companies offering coverage to that segment of the homeowners market in Tennessee include: Balboa Ins. Co., www.balboainsurance.com; Depositors Ins. Co., www.alliedinsurance.com; Foremost Ins. Co., www.foremost.com; National Lloyds Ins. Co., www.natlloyds.com; National Security & Fire Casualty Co., (800) 239-2358; and Southern Fire & Casualty Co., www.southernga.com.
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