Wow, DOUBLE the size of your company in a day or so…hope it all works out, and probably will unless the BIG ONE shows up. Then we are all in for “A”ssessment with BIG A.
Good luck to Homeowners Choice. Seems like that book of business is toxic. It’s taken out three carriers already (Homewise Insurance, Homewise Preferred, and First Home).
I can say with certainty that this book is toxic. Homeowner’s Choice tried to obtain Federated as well. I’m afraid they are in growth mode consequences be damned. I hope I’m wrong.
This type of allowed growth shows the state is desperate for carriers. Maybe the companies that pulled out of the state because their rates were “too high” were actually right? The government again making poor choices. Either way we will all pay when the “big one” comes and all the money made by the submarket insurance companies will dissapear. Sound familiar?
Is there some legal document authorizing this transfer of business? I don’t see anything at the OIR site. You can’t just “transfer” a homeowner’s insurance policy to another carrier, just because the two companies agreed to it. The policyholders have to agree. Maybe there was a portfolio transfer conducted by way of a reinsurance agreement? I hear that letters are going out to policyholders requesting their agreement. That’s hardly “assuming a book”. And the agent can replace the insurance with any carrier he has an appointment with. The original announcement said “Homeowners Choice Acquires HomeWise Insurance Company Florida Book of Business” as if it were a done deal. Doesn’t make any sense.
Wow, DOUBLE the size of your company in a day or so…hope it all works out, and probably will unless the BIG ONE shows up. Then we are all in for “A”ssessment with BIG A.
Good luck to Homeowners Choice. Seems like that book of business is toxic. It’s taken out three carriers already (Homewise Insurance, Homewise Preferred, and First Home).
I can say with certainty that this book is toxic. Homeowner’s Choice tried to obtain Federated as well. I’m afraid they are in growth mode consequences be damned. I hope I’m wrong.
This type of allowed growth shows the state is desperate for carriers. Maybe the companies that pulled out of the state because their rates were “too high” were actually right? The government again making poor choices. Either way we will all pay when the “big one” comes and all the money made by the submarket insurance companies will dissapear. Sound familiar?
Is there some legal document authorizing this transfer of business? I don’t see anything at the OIR site. You can’t just “transfer” a homeowner’s insurance policy to another carrier, just because the two companies agreed to it. The policyholders have to agree. Maybe there was a portfolio transfer conducted by way of a reinsurance agreement? I hear that letters are going out to policyholders requesting their agreement. That’s hardly “assuming a book”. And the agent can replace the insurance with any carrier he has an appointment with. The original announcement said “Homeowners Choice Acquires HomeWise Insurance Company Florida Book of Business” as if it were a done deal. Doesn’t make any sense.