The second application period for the Insure Louisiana Incentive Program was canceled this week as the Louisiana Department of Insurance (LDI) waits on lawmakers to appropriate more funding for the program.
The 30-year day application period, which began May 1, offered insurers the opportunity to apply for $3.15 million in available grants. The program grants capital funds to qualified insurers who commit to writing new property premium in the state.
LDI said it anticipates approximately $10 million in additional funding will be appropriated to the program during the legislative session and will restart the second application period once that funding is appropriated. Louisiana lawmakers are in session through June 8. Lawmakers previously passed $45 million in funding for the program in a special legislative session this spring.
The first round of applications saw eight insurers receive $42 million in grant funds:
SureChoice Underwriters Reciprocal Exchange (SURE) ($10M)
SafePoint Insurance Company ($8.5M)
Allied Trust Insurance Company ($6.5M)
Constitution Insurance Company ($4.5M)
Elevate Reciprocal Exchange ($3.75M)
Gulf States Insurance Company ($3.6M)
Cajun Underwriters Reciprocal Exchange (CURE) ($3M)
SafePort Insurance Company ($2M)
Grantees awarded funds must write property insurance with net written premiums of at least a ratio of $2 of premium for each $1 of the total of newly allocated property insurer capital combined with $1 of the grant, according to the LDI.
Topics Mergers & Acquisitions Louisiana
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