I hate to speculate. These are two companies that have had well publicized issues. HomeWise Preferred lost their financial stability rating and had to combine with HomeWise to remain solvent. Federated National had to get a surplus loan from their parent company to keep their Demotech rating.
The last time an insurer combination deal fell apart that I remember was United’s takeover of Coral. We all saw where that ended up.
Got notice from Homewise yesterday that they’ve been approved for a rate increase. Statewide average increase is 28.8%, some are as high as 50%. Never heard anything about a rate hearing, though. Are Public rate hearings no longer required? Not complaining, just wondering how I might have missed that….
Does anyone have any idea who owns 21st Century? If it is who comes mind, that would explain the rate increase now and those that will come in the near future. Better move the customer, you’ll save yourself years of anguish.
The rates in South Florida were way, way too low (thanks to govt regulators). We want companies to get good healthy rate increases for the next several years-otherwise the few remaining HO carriers will go down in flames as well. Right now, pricing = stability in the Florida HO P&C business.
Somehow I think there’s more to this story…does anyone have more info?
I hate to speculate. These are two companies that have had well publicized issues. HomeWise Preferred lost their financial stability rating and had to combine with HomeWise to remain solvent. Federated National had to get a surplus loan from their parent company to keep their Demotech rating.
The last time an insurer combination deal fell apart that I remember was United’s takeover of Coral. We all saw where that ended up.
Got notice from Homewise yesterday that they’ve been approved for a rate increase. Statewide average increase is 28.8%, some are as high as 50%. Never heard anything about a rate hearing, though. Are Public rate hearings no longer required? Not complaining, just wondering how I might have missed that….
Homewise asked for 14.9,the OIR suggested 28.8. Since the increase came at the request of the OIR the rate hearing is not a requirement.
Does anyone have any idea who owns 21st Century? If it is who comes mind, that would explain the rate increase now and those that will come in the near future. Better move the customer, you’ll save yourself years of anguish.
21st Century Holding Company is a publicly traded company, ticker symbol TCHC.
The rates in South Florida were way, way too low (thanks to govt regulators). We want companies to get good healthy rate increases for the next several years-otherwise the few remaining HO carriers will go down in flames as well. Right now, pricing = stability in the Florida HO P&C business.
You can afford it.
Also with the car accident, hitting a tree and a boulder, probably not the best time to switch your insurance.