What a crock. These aren’t real insurance companies. The real insurers haved stopped writing property there and didn’t operate this way when they did. These are the wonderful startups that the state encouraged. Beautiful reporting. Typical garbage from the media.
I’m sure you know more than lawyers and actuaries who spent a year reviewing insurance company filings.
All it takes is one company to try hiding profits and get away with it to the tune of millions and the others then follow like sheep.
The Florida market may be a mess and regulators, politicians and Mother Nature may be partly to blame but CEOs need to be held accountable, too. They’re holding out one hand for rate hikes while pocketing millions with the other.
Nobody Important– As Mr. Solvent points out, you are ignoring the entire point of the research. These carriers say they are losing money but they aren’t. I’ll believe Bob Hunter before I’ll believe these CEOs, or you.
You are ignoring the source of the problem. The real insurance carriers have been chased out of the state by the government. These phoney carriers with the built in problems that are the source of the complaint are the issue. This has been caused by the state. The state doesn’t want to supervise them and jump down their throats constantly as they have with actual insurance companies. The article makes it seem like the insurance industry caused the problem and it is not the cause. The state set up this mess and needs to deal with it. I wouldn’t believe Hunter if he told me the sun was up noon. You want to buy the phony garbage published trying to smear an entire industry because of the smarmy Florida polician’s handiwork you are badly informed.
Correct, the state doesn’t want to solve the problem because the state (and OIR) has solved (at least they think so)their short term problem by allowing more carriers, more choices, etc. These carriers know that the FIGA fund steps in when necessary so that’s how these company execs can pilfer their own companies and put their head on their pillows at night. The OIR needs to be as diligent with their efforts with some of these carriers as they were with State Farm.
Additionally, until this article we’ve heard nothing regarding the ongoing investigation with POE. Its sad but criminals can make “stealing” a full time job and no political organization can/will dedicate the time & brain power to outwit these people. I am sure that POE Sr. and his family are living a nice, extravagant life.
Anyone have the profit numbers for property in Florida? Am I mistaken or are the insurers losing money there? It’s not the insurance industry in general causing the issues. It’s the phoney start ups that the Florida politicians have set up. The whole system there is a house of cards. Give some thought to your response rather than passing along Bob Hunter talking points.
So what politician forced these CEOs to be greedy and dishonest and divert premiums intended for claims into their own companies and pockets? You can’t blame the regulators and politicians for sleazy operators. Mother Nature had more to do with scaring away national insurers than any politician or regulator, and national carriers also play games with policyholders’ money.
1. Start a company with borrowed 5 million.
2. Create a MGA to administer (Ha) the company.
3 Charge 65% of the premiums for doing so.
4. Put together some bulls*it reinsurance
5. Give the keys to FIGA when the wind blows.
6. Let all the citizens and good carriers,if any are left to pay for your loses through FIGA assessments.
7. Pay off the 5 million loan and pocket the rest through your MGA.
Larry, the national carriers would have been happy to stay if they would have been allowed to charge rates that match the exposure. You can’t get anything approved by the insurance department in FL. Now you have these start ups that are designed to disappear when the wind blows and Citizens. The really big disaster is coming with the next big wind. I won’t defend the people setting up these startups, but the real problem has been caused by the state. There are always going to be people willing to step in and take the money if nobody cares to watch. Punish them, but remember who really caused the problems.
What a crock. These aren’t real insurance companies. The real insurers haved stopped writing property there and didn’t operate this way when they did. These are the wonderful startups that the state encouraged. Beautiful reporting. Typical garbage from the media.
I’m sure you know more than lawyers and actuaries who spent a year reviewing insurance company filings.
All it takes is one company to try hiding profits and get away with it to the tune of millions and the others then follow like sheep.
The Florida market may be a mess and regulators, politicians and Mother Nature may be partly to blame but CEOs need to be held accountable, too. They’re holding out one hand for rate hikes while pocketing millions with the other.
We’re limited to a few solid regional carriers and even fewer Florida only carriers that want to be around after the wind blows.
What this article shows is how these Florida only carriers show a loss and still manage to make millions.
Nobody Important– As Mr. Solvent points out, you are ignoring the entire point of the research. These carriers say they are losing money but they aren’t. I’ll believe Bob Hunter before I’ll believe these CEOs, or you.
You are ignoring the source of the problem. The real insurance carriers have been chased out of the state by the government. These phoney carriers with the built in problems that are the source of the complaint are the issue. This has been caused by the state. The state doesn’t want to supervise them and jump down their throats constantly as they have with actual insurance companies. The article makes it seem like the insurance industry caused the problem and it is not the cause. The state set up this mess and needs to deal with it. I wouldn’t believe Hunter if he told me the sun was up noon. You want to buy the phony garbage published trying to smear an entire industry because of the smarmy Florida polician’s handiwork you are badly informed.
Correct, the state doesn’t want to solve the problem because the state (and OIR) has solved (at least they think so)their short term problem by allowing more carriers, more choices, etc. These carriers know that the FIGA fund steps in when necessary so that’s how these company execs can pilfer their own companies and put their head on their pillows at night. The OIR needs to be as diligent with their efforts with some of these carriers as they were with State Farm.
Additionally, until this article we’ve heard nothing regarding the ongoing investigation with POE. Its sad but criminals can make “stealing” a full time job and no political organization can/will dedicate the time & brain power to outwit these people. I am sure that POE Sr. and his family are living a nice, extravagant life.
Anyone have the profit numbers for property in Florida? Am I mistaken or are the insurers losing money there? It’s not the insurance industry in general causing the issues. It’s the phoney start ups that the Florida politicians have set up. The whole system there is a house of cards. Give some thought to your response rather than passing along Bob Hunter talking points.
So what politician forced these CEOs to be greedy and dishonest and divert premiums intended for claims into their own companies and pockets? You can’t blame the regulators and politicians for sleazy operators. Mother Nature had more to do with scaring away national insurers than any politician or regulator, and national carriers also play games with policyholders’ money.
These start up carriers are a PONZI!
1. Start a company with borrowed 5 million.
2. Create a MGA to administer (Ha) the company.
3 Charge 65% of the premiums for doing so.
4. Put together some bulls*it reinsurance
5. Give the keys to FIGA when the wind blows.
6. Let all the citizens and good carriers,if any are left to pay for your loses through FIGA assessments.
7. Pay off the 5 million loan and pocket the rest through your MGA.
WAKE UP! THIS IS THE PLAN IN PLACE
Larry, the national carriers would have been happy to stay if they would have been allowed to charge rates that match the exposure. You can’t get anything approved by the insurance department in FL. Now you have these start ups that are designed to disappear when the wind blows and Citizens. The really big disaster is coming with the next big wind. I won’t defend the people setting up these startups, but the real problem has been caused by the state. There are always going to be people willing to step in and take the money if nobody cares to watch. Punish them, but remember who really caused the problems.