I said from the beginning that there was likely much more to the story here. I don’t think OIR was happy that Olympus chose to pay back the surplus note. Was there more to it? Maybe…but I think the MGA scrutiny also contributed.
Get politics out of the Florida insurance market PLEASE!
Assessments are an issue and a neg with Citizens. So too are the assessments the private market clients pay every day for the cat fund, which provides cheap reinsurance to the domestic carriers and the guarantee fund that is broke due to private carrier failures. These two tax payer programs and low capital requirements allow Olympus to be in business.
Sunshine State just sold their SC book of business to United to raise 5 million to keep them afloat in Florida. Are they the answer?
Citizens operates with the financial backing of the Florida taxpayer thanks to gov Crist. They will have no choice but to honor each filed claim without the assistance of the guarantee fund. Not right but its a reality. Citizens clients will be assessed first to pay their losses in the future. Post event funding is thanks to gov Crist too. At the end of the day should they be in business, no.
In my opinion, their claim serive is superior to many of the domestic carriers. As an agent and Citizens policyholder, I would rather take my chances with them honoring a claim vs relying on the guarantee fund w/ a 500k cap on a home insured for 750k.
I speak with restoration contractors almost daily who tell me many of the carriers newly established in Florida are slow to pay and find every excuse not to pay losses. Many don’t even know how to read the language in their own policy. My sister in law is in the 5th week of a routine water loss claim with Sunshine State and hasn’t received a dime. She was just told Monday that her adj was fired and they are staring over on the claim investigation. I guess now that they picked up 5 mil from United they will be able to pay her claim soon. Could this happen with any carrier, sure. As I look at thousands of my clients claims experiences over the years, there is a alarming trend with many of the domestics.
Citizens is not a long term solution to our insurance crisis nor are thinly capitalized carriers with sub-contracted underwriting and claim service. We need carriers with deep pockets, claims employees with experience an authority to pay losses promptly and a political env that supports a private marketplace. Until this happens, Citizens will continue to manintain a leading role in the ins marketplace. Watch how many people pile in over the next 12 months.
Huge relief. Last thing we need is a few thousand more policies going back to Citizens.
Universal Property & Casualty pulled out of Hillsborough & Pinellas counties – not surprisingly a day or two after Crist vetoed the bill that would have put some restraints on public adjusters.
Surely you don’t consider a 2 yr old company financially on life support a savior for the ins consumers in Hillsborough County. Most are still better off camping out in Citizens until we have real reform in the market and more options.
What happens if a Cat 4 hurricane blows through Miami and you have Citizens insurance? Wen you have a routine water claim up here in Hillsborough, how do you think your claim service is gonna work out for you?? How bout the extra round of assessments you’ll get as a Citizens policy holder??
I can’t believe anyone would recommend Citizens as a safe haven. If Citizens was held to the same standards as Olympus, they would have been liquidated two months after they started writing business.
I said from the beginning that there was likely much more to the story here. I don’t think OIR was happy that Olympus chose to pay back the surplus note. Was there more to it? Maybe…but I think the MGA scrutiny also contributed.
Get politics out of the Florida insurance market PLEASE!
It all sounded pretty good for Olympus until the part where OIR declined to comment.
I don’t believe the state of things here in FL. Olympus is probably still in poor shape as are lots of other FL only HO carriers. What’s the point?
Assessments are an issue and a neg with Citizens. So too are the assessments the private market clients pay every day for the cat fund, which provides cheap reinsurance to the domestic carriers and the guarantee fund that is broke due to private carrier failures. These two tax payer programs and low capital requirements allow Olympus to be in business.
Sunshine State just sold their SC book of business to United to raise 5 million to keep them afloat in Florida. Are they the answer?
Citizens operates with the financial backing of the Florida taxpayer thanks to gov Crist. They will have no choice but to honor each filed claim without the assistance of the guarantee fund. Not right but its a reality. Citizens clients will be assessed first to pay their losses in the future. Post event funding is thanks to gov Crist too. At the end of the day should they be in business, no.
In my opinion, their claim serive is superior to many of the domestic carriers. As an agent and Citizens policyholder, I would rather take my chances with them honoring a claim vs relying on the guarantee fund w/ a 500k cap on a home insured for 750k.
I speak with restoration contractors almost daily who tell me many of the carriers newly established in Florida are slow to pay and find every excuse not to pay losses. Many don’t even know how to read the language in their own policy. My sister in law is in the 5th week of a routine water loss claim with Sunshine State and hasn’t received a dime. She was just told Monday that her adj was fired and they are staring over on the claim investigation. I guess now that they picked up 5 mil from United they will be able to pay her claim soon. Could this happen with any carrier, sure. As I look at thousands of my clients claims experiences over the years, there is a alarming trend with many of the domestics.
Citizens is not a long term solution to our insurance crisis nor are thinly capitalized carriers with sub-contracted underwriting and claim service. We need carriers with deep pockets, claims employees with experience an authority to pay losses promptly and a political env that supports a private marketplace. Until this happens, Citizens will continue to manintain a leading role in the ins marketplace. Watch how many people pile in over the next 12 months.
Maybe now they’ll start returning phone calls again
Huge relief. Last thing we need is a few thousand more policies going back to Citizens.
Universal Property & Casualty pulled out of Hillsborough & Pinellas counties – not surprisingly a day or two after Crist vetoed the bill that would have put some restraints on public adjusters.
I’m sorry. Huge relief??? From what?
Surely you don’t consider a 2 yr old company financially on life support a savior for the ins consumers in Hillsborough County. Most are still better off camping out in Citizens until we have real reform in the market and more options.
Better off with Citizens? really?
What happens if a Cat 4 hurricane blows through Miami and you have Citizens insurance? Wen you have a routine water claim up here in Hillsborough, how do you think your claim service is gonna work out for you?? How bout the extra round of assessments you’ll get as a Citizens policy holder??
I can’t believe anyone would recommend Citizens as a safe haven. If Citizens was held to the same standards as Olympus, they would have been liquidated two months after they started writing business.
Can I pay my premium on line?