Poe Financial Group Gets Regulatory Approval to ‘Depopulate’ More than 5,000 Citizens Policies

March 2, 2005

  • March 3, 2005 at 9:31 am
    tomkat says:
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    ????? Didn’t they just get downgraded for not opening ther books up to regulators? They are playing Russian roulette with Hurricanes. This is not doing a service to the industry in Florida.

  • March 3, 2005 at 9:39 am
    Tom says:
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    The buck stops with the agents that keep writing with them. Oswald has more than $15,000,000 in premium with them…maybe they can lend them some money. Lord knows they can’t replace that business in the standard market. Way to go smart guys. We warned you!!!

  • March 3, 2005 at 11:12 am
    concerned says:
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    Not only did Poe Financial give up their AM Best rating, they will not talk to their agents as to there financial status, and the talk is that Southern Family is bankrupt and not paying claims. Andy Pappas was high up in the Poe organization and bolted, does that not tell you something. Is Gallagher so interested in getting into the governer’s mansion…that he will keep this buried, and continue this cover-up and hopes it goes away, or does he think that by giving Poe more policies from Citizens Insurance with the bonus money this will keep this ship from sinking. God help anyone insured with Poe…

  • March 3, 2005 at 3:59 am
    disgusted says:
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    This is absurd. Southern Family financial statement to the DOI as of 12/31/04 showed their surplus had declined to $18,870,000 from $62,600,000 prior year. Also on their statement was an income tax credit (which is not cash in their pocket)to be taken against future profits for 27,000,000. If not for this entry their surplus would be a NEGATIVE 8,129,287!!. This dosen’t even take into account their understated reserves for unpaid losses. What’s going on here????? How can agents continue to sell their policies?

  • March 3, 2005 at 4:13 am
    Amazed says:
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    If it walks like a duck, and quacks like a duck, is it a duck any more?

  • March 4, 2005 at 5:04 am
    Anthony says:
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    POE is an example of of company committed to Florida marketm bravo!

  • March 3, 2005 at 6:19 am
    Paul King says:
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    It couldn’t to a nicer bunch. I hope they have to use every penny they scammed Florida agents out to keep sinking ship afloat for a few more days.

  • March 4, 2005 at 8:18 am
    b altman says:
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    Anthony, what have you been “smoking”? Sounds like you work for Poe or an Agency that does not have any REAL insurance companies to represent. Southern Family was probably dead when Charly hit Punta Gorda, not sure about Atlantic Preferred. Prior to the hurricanes their claim service left a lot to be desired. “DIGUSTED” hit the nail on the head, how could a supposed responsible insurance company not keep their agents informed about their financial condition.

  • March 4, 2005 at 2:45 am
    J. Greeneberg says:
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    Disgusted, where did you find that information?????

  • March 4, 2005 at 4:44 am
    b altman says:
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    It is on a Dept of Ins website, it shows the figures as of 12/31/03 & 12/31/04.



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