Americas Insurance to Underwrite New Policies in Louisiana

May 20, 2009

Americas Insurance Co., which took on nearly 1,000 homeowner policies that had been covered by Louisiana’s insurer of last resort, said it is entering the voluntary homeowners’ market.

The company said it expects to underwrite new policies in most Louisiana parishes.

Louisiana Citizens Property Insurance Corp. has been working to reduce the number of policies it holds as the state’s so-called insurer of last resort. Americas is among the private companies that have helped Citizens reduce its load.

Insurance Commissioner Jim Donelon said having more companies compete for business in Louisiana is a good thing. He said for many residents, homeowners’ rates remain expensive, but he said there’s been a “noticeable flattening of rates” since the devastating 2005 hurricanes.

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