In its application for certificate of authority filed with the Florida Office of Insurance Regulation, Orlando-based Olympus Insurance Co. disclosed $50 million in start-up capital.
The OIR issued a certificate of authority on May 31 according to Spokesman Jonathan Kees, and an Olympus statement issued last week revealed that the company wrote its first homeowners policy on Aug. 9.
Two-thirds of Olympus’s initial capital is funded by Gemini Financial Holdings with the remainder provided in matching funds by the State Board of the Administration of Florida under the Insurance Capital Build-Up Incentive Program.
According to the application, Olympus will immediately write homeowners multi-peril policies, with plans to incorporate condo coverage by the end of this calendar year’s fourth quarter.
Residential properties of frame or masonry construction valued between $250,000 and $1 million, younger than 25 years will be the company’s primary target risk. In the time frame stated above, condos valued at $25,000 or more with less than two losses in the last three years will also be eligible for coverage.
In year two, Olympus plans to offer business owner policies. At this time, it does not plan to assume any policies from Citizens Property Insurance Corp.
Barry M. Fox is the company’s chairman and CEO, with William Lowry named as president and CFO. The two have 65 years of combined experience in finance, insurance, reinsurance and management.
Source: Florida Office of Insurance Regulation
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