Fla. Places Vanguard Fire & Casualty Under State Control

January 22, 2007

  • January 22, 2007 at 10:25 am
    memaw says:
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    I\’ve been an agent in Fl 20 years now… Not even phased by it anymore….expecting more….they always fit a criteria. Small, only a Demotech rating(joke), Florida domiciled., less than 5 years in business….maybe a few agents will wise up…can\’t write with those….Find a line of business that you can or write citizens…..Can you say state income tax in a few more hurricane seasons?????

  • January 22, 2007 at 2:20 am
    curious says:
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    Why was Vanguard placed under state control?

    Correct me if I\’m wrong, but it seems logical that it has everything to do w/the state of insurance affairs in the state of FL. This is just one less company in an incredibly shrinking property insurance market in that state. Now 75,000 more proprty owners must try to find replacement insurance where there is none to be found.

  • January 23, 2007 at 8:46 am
    curious says:
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    Memaw, why do you say a Demotech rating is a joke?

    What differentiates Demotech & the other rating companies?

  • January 23, 2007 at 2:09 am
    Johnny Twotimes says:
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    This is Tom Stinson\’s (CFO) fault. Remember Ranger? Remember Fortune? He killed both of those too. This company hasn\’t been worth a damn since the first President left.

  • February 1, 2007 at 9:27 am
    BAM says:
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    Bad *** luck if you ask me:

    \”2004 Atlantic hurricane season\”
    The season was notable as one of the deadliest and most costly Atlantic hurricane seasons on record, with at least 3,132 deaths and roughly $42 billion (2004 US dollars) in damage. The most notable storms for the season were the four hurricanes that made landfall in the U.S. state of Florida, three of them with at least 115 mph (185 km/h) sustained winds: Charley, Frances, Ivan, and Jeanne. Jeanne wreaked havoc in Haiti, killing approximately 3,000 people, while Ivan raged through Grenada, Jamaica, and the Cayman Islands; Frances and Jeanne both hit the Bahamas at full force, while Charley caused significant damage in Cuba. Furthermore, all four of these hurricanes, as well as one tropical storm, hit the U.S. state of Florida, with Frances and Jeanne hitting nearly the exact same location within three weeks of each other; floodwaters in the southeastern United States were brought to near-record levels.
    http://en.wikipedia.org/wiki/2004_Atlantic_hurricane_season

  • February 3, 2007 at 12:02 pm
    Insider says:
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    You are an idiot, clearly with no understanding of what has taken place at either Vanguard or Fortune. Fortune had an owner who disregarded every basic tenet of running an insurance company. That and the decision to go live with a new system that was unproven and practicallly untested, AND NOT RUN PARALLEL… that killed Fortune.

    As for Vanguard, Tom was the one who kept them out of trouble while \”the first president\” was in place. If anyone killed the company, that\’s where the blame should be placed. Who decided to write policies \”with wind\” in coastal areas? Tofoli. Who wanted to take on the dregs of the Banker\’s book? Tofoli. Who ended up getting walked out of the company by security(actually, I believe it was the THIRD company he was walked out of!) to avoid legal ramifications that could have killed the company right then? Tofoli.

    Johnny, you clearly know nothing of what you speak. If you have an axe to grind with Tom, that\’s fine. But if you really think that he did anything other than what was best for Vanguard (and Fortune and Ranger), you need to get some medical treatment for that permanent case of cranial-rectal inversion you seem to be suffering from.

  • February 3, 2007 at 12:05 pm
    He\'s Right says:
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    Insider is right. The stuff that was done before Billy Sanders got there was what killed the company, and it had nothing to do with Stinson. Johnny seems like his real initials might be MT.



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