While some property and casualty insurers have pulled out of the troubled Florida market, Associated Insurance Administrators sees strong potential in the workers’ compensation and commercial specialty sectors.
AIA, a program administrator and wholesale supplier of comp and specialty products, announced it is expanding its territory from six Southern states to include Florida.
“As we analyzed the states contiguous to our current service territory, Florida — as one of the largest insurance markets in the US — stood out because of its size, and therefore its potential for customer growth,” said company President Patrick Albrecht. “We believe that Florida, with skillful underwriting, can be a profitable addition to our coverage area.”
Florida is the third-largest state in direct written workers’ comp premiums, according to the Insurance Information Institute, AIA said in a news release.
“Insurance prices are growing faster in Florida than almost any place else,” Albrecht said. “With our new Loss Control Hub, I believe that we will be able to help agencies guide Florida business insurance clients through the steps they need to improve their loss control and therefore lower their claims exposure.”
AIA began in 1993. It is headquartered in Montgomery, Alabama, and operates in Alabama, Georgia, Mississippi, North Carolina, South Carolina, and Tennessee.
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