Poe Financial Group member company, Atlantic Preferred Insurance Company, announced that it has received regulatory approval to assume 4,500 property and casualty policies from Citizens Property Insurance Corporation under its depopulation program.
Essentially, the depopulation program reduces the number of policies in Citizens (Florida’s insurer of last resort) by moving them into the private marketplace. With this assumption, Atlantic Preferred will immediately be responsible for all claims as of Jan. 18.
“Stimulating the marketplace and reducing the number of policies in Citizens is an effective strategy for addressing Florida property insurance needs,” David Gough, Atlantic Preferred senior vice president explained. “With the Florida Office of Insurance Regulation’s approval and validation of our financial position, particularly after the hurricanes, Atlantic Preferred is pleased to be participating in this program. It is an integral part of our overall growth initiatives.”
Even in light of Florida’s unprecedented four-storm season, Poe Financial Group has remained resilient. In fact, of over 40,000 reported claims, better than 92 percent are paid and the company ended its fiscal year with a record $500 million in written premiums. Additional capital has already been placed in the organization so that 2005 will result in yet another year of substantive growth and affirm the company’s commitment to the Florida property marketplace.
Poe Financial Group was formed anew in 1996 and is the latest business venture of its founder W.F. Poe. Poe’s previous company was Poe & Associates, the publicly traded company which was the largest property and casualty agency in Florida and the 12th largest in the nation when it merged as Poe & Brown in 1993. Under the direction of founding businessman, William F. Poe, Sr., Poe Financial Group was established in 1996 as Southern Family Insurance Company. By January 2003, Poe Financial had acquired Atlantic Preferred Insurance and formed Florida Preferred Property Insurance Company.
Poe Financial Group’s member companies, Atlantic Preferred Insurance Company, Florida Preferred Property Insurance Company and Southern Family Insurance Company, offer a broad range of insurance services while specializing in homeowner (including condo-unit owner) and commercial habitational insurance. Poe Financial is one of the largest property insurers in the State of Florida.
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