Office Of Insurance Regulation Authorizes New Homeowner Company
Valerie Beynon, APR
Tallahassee – The Florida Office of Insurance Regulation today issued a permit to Security First Insurance Company who has applied for a Certificate of Authority to write homeowners policies in the state of Florida.
The permit approval allows Security First to form a company in Ormond Beach, Florida and raise the necessary capital in addition to their $6.3 million capitalization to write future homeowner business.
Florida Insurance Commissioner Kevin McCarty welcomed the new company to the Florida residential insurance market. "Despite the unprecedented string of catastrophic hurricanes it is reassuring to see not only the commitment to Florida from our present insurance companies, but also the continued interest from new investors, " McCarty said. "Florida continues to be a good market for future investors."
As part of their business plan, the company intends to take out policies from Citizens Property Insurance Corporation. Florida policymakers encourage private companies to assume policies from Citizens, Florida's insurer of last resort.
Security First intends to take out a minimum of 15,000 policies from Citizens in their first year. Their interest follows the addition of two takeout companies, Gulfstream Property and Casualty Insurance Company and Southern Oak Insurance Company, who in December took out a total of 110,000 policies or 12.5% of Citizens total policies.