In a move he sees as another sign of a stabilizing insurance market,
Mississippi Commissioner of Insurance Mike Chaney announced Wednesday that Aegis Security Insurance Co., will resume writing new manufactured housing and dwelling policies in the state beginning March 1.
The company will also be offering a 20 percent overall rate reduction.
“Aegis is setting an example that we hope other companies will soon follow,” Chaney said. “Not only are they once again making insurance available to our citizens, but are doing so at affordable rates. They are showing that they intend to be accountable for the policies they write in the state. Slowly and surely we are seeing the insurance markets in Mississippi stabilizing to levels that are in the best interests of all our consumers.”
The decision to resume writing business came about in part due to recent changes in the Mississippi Wind Storm Underwriting Association or Wind Pool assessment process, according to Chaney.
Aegis had ceased writing new business in Mississippi after Hurricane Katrina in an effort to reduce its exposure to assessments from the Wind Pool.
“We look forward to increasing our writings in Mississippi in light of recent changes relating to the MWUA,” said Aegis President Arleen Fritz.
Source: Mississippi Insurance Department
Topics Mississippi
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