Let me see if i understand the company is financially impaired and policyholders are being asked to continue payments for coverage which may be in jeopardy if we have another hurricane.DFS is managing this and Citizens. Isn\’t that a comforting thought.
Florida Select has over 20 mil in surplus. They do not have enough reinsurance. So long as reinsurance is secured in the next couple of weeks (barring multiple massive hurricanes), there will be no issue
They may have 20 mil in surplus, but what is their exposure? That 20 mil will go quickly. What are the chances of the company securing additional re-insurance in July, and if they found any – could they afford it? Doubtful.
What took so long? Texas Select came to Texas in the middle of the HO crisis and got big market share(#6) in only 3-4 years by writing the Broadform B policy for less than the major carriers were writing the more limited form A+. DUH!!. Don\’t you think tthe major carriers had a little more business sense? I lost a lot of clients to this fly by night. I hope I can get some back.
This is our market for fla. Make all the state a wind state…Wind thru the wind pool and let the price wars begin as new companies come in with lower rates X-wind!!! Its not that hard to figure out..
Search the internet on Vesta, and it looks like the problems for Texas & Florida Select Companies all stem from gross mismanagement of funds by their owner, Vesta Group. Vesta\’s stock is off the market / at 4 cents per share now–it used to be $56. Vesta dropped to an AM Best rating of C++–then the domino effect: Texas lost business and the reinsurer wouldn\’t renew the contract, which Florida Select also relied on.
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Is this one of the tower hill companies that is in trouble also.
No, Florida Select is part of Vesta Corp. along with Texas Select and Hawaiin Guarantee.
Let me see if i understand the company is financially impaired and policyholders are being asked to continue payments for coverage which may be in jeopardy if we have another hurricane.DFS is managing this and Citizens. Isn\’t that a comforting thought.
Florida Select has over 20 mil in surplus. They do not have enough reinsurance. So long as reinsurance is secured in the next couple of weeks (barring multiple massive hurricanes), there will be no issue
They may have 20 mil in surplus, but what is their exposure? That 20 mil will go quickly. What are the chances of the company securing additional re-insurance in July, and if they found any – could they afford it? Doubtful.
What took so long? Texas Select came to Texas in the middle of the HO crisis and got big market share(#6) in only 3-4 years by writing the Broadform B policy for less than the major carriers were writing the more limited form A+. DUH!!. Don\’t you think tthe major carriers had a little more business sense? I lost a lot of clients to this fly by night. I hope I can get some back.
This is our market for fla. Make all the state a wind state…Wind thru the wind pool and let the price wars begin as new companies come in with lower rates X-wind!!! Its not that hard to figure out..
Search the internet on Vesta, and it looks like the problems for Texas & Florida Select Companies all stem from gross mismanagement of funds by their owner, Vesta Group. Vesta\’s stock is off the market / at 4 cents per share now–it used to be $56. Vesta dropped to an AM Best rating of C++–then the domino effect: Texas lost business and the reinsurer wouldn\’t renew the contract, which Florida Select also relied on.
Citimortgage is demanding we get another carrier for our homeowner insurance within 30 days. Is this legal?
Call Florida Select Insurance Company and ask for advice on this.