Lancashire Insurance Co. Ltd. gained approval to provide insurance coverage on an excess and surplus basis for properties located in South Carolina.
Lancashire intends to focus primarily on coastal windstorm and earthquake coverage for all classes of insureds, including schools, municipalities, condominiums and apartment complex owners, as well as all classes of commercial and industrial insureds.
“We are pleased with Lancashire’s decision to offer coastal coverage,” South Carolina Insurance Director Scott H. Richardson said. “This is another step toward improving the overall insurance climate in South Carolina through the implementation of market-based solutions,”
Lancashire is a Bermuda-based specialty insurance company with more than $1 billion in capital and has been assigned a rating of “A-” by the A.M. Best Company.
This announcement follows Gov.Sanford’s recent enactment of the Coastal Omnibus Act of 2007 which focuses on the availability and affordability of insurance coverage for coastal South Carolina.
Source: South Carolina Department of Insurance
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