Northern Capital Insurance Co. will enter the homeowners insurance marketplace in Florida and begin writing policies on or about Aug. 15, according to Wayne Fletcher, president of the Miami, Fla. firm.
“Northern Capital Insurance Company is a Florida based corporation and was formed in response to the growing homeowners’ insurance crisis in Florida, particularly in the southern third of the state,” Fletcher explained. “Many insurance companies are withdrawing from the state and those remaining are limiting their aggregate liability by non-renewing policies.
Fletcher said several factors will be the keys to Northern Capital’s success:
* Initially, Northern Capital’s strength and financial stability will enable it to protect a few thousand Florida homeowners and their property. As it builds surplus the company will be able to provide several thousand homeowners with insurance for years to come.
* Fletcher believes homeowners insurance is still a relationship business and will focus on building relationships with agency partners who represent the policyholder.
* Northern Capital’s management team has years of experience working in the insurance industry and possesses the skills required to deliver a quality product and the expertise to maintain a lasting organization.
* It will use state-of-the-art technology; follow the highest standards of conduct and provide fair and timely claims handling to deliver the best customer service in the state of Florida.
“Northern Capital will initially focus its efforts on insuring homes in about 10 counties in the southern part of Florida and as the company grows, it will expand into other regions of the state,” Fletcher concluded.
According to Fletcher, Northern Capital has put together a reinsurance program comprised of U.S. and Lloyd’s of London reinsurers, in addition to the protection provided by the Florida Hurricane Catastrophe Fund. He said all of the reinsurers backing Northern Capital Insurance Company have a financial stability rating from A.M. BEST of “A” or better.
Source: Northern Capital Insurance Co.
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