Alarmed is an understatement. The question quickly becomes exactly who will be left after a storm? Charlie needs to stop pandering for votes and allow for sound rates or we’re all screwed with no lube.
I did represent Northern Capital at one time for folks that monitor my statements. When they formed a new takeout company and expanded into commercial lines and auto I flipped my book. These are the warning signs I tell you about. When suddenly new lines get added out of the blue, a new takeout company is formed using surplus from the existing company, or when a conservative company all of a sudden wants all of the business you can give them, it’s time to take a closer look. If you get a bad feeling, it’s not by accident.
Their rates were way too low!!! I have seen too many carriers fall lately. This was the first carrier that I have ever dealt with that did not pay the agency commissions. We did not get paid for March nor are we getting paid going forward. Agencies were counting on this to cover expenses etc.. Still no word from the state whether all these policies need to be rewritten prior to June 1st – and where will they go? What a mess!! Let the carriers charge what they feel is needed to survive!!
so, now how many companies have been insolvent? how many have left? how many folks don’t have insurance? how many folks have the FL backed insurance, which of course does not have enough funds, which should also become insolvent – still paying claims out, but does not have enough funds for past claims… i think the gov’r needs to be replaced! voters need to revote!!
Wait for the next mid-size hurricane in Fl. The State’s insurer is totally under capitalized based upon “buying” every coastal risk possible at inadequate pricing. FL. thinks insurance is EASY and the companies have been making a killing because there have been no storms. Wait, FL will NEED the Berkshire backing agreed to very soon.
Sorry Warren…
Yes I have monitored your statements and it seems now you have realized as I have been saying for over a year now.
These florida startups are a ponzi!
We need the large National players to come back to the market in Florida, yes they will charge more and yes, they will want the State to assist in catastrophe reinsurance and yes, some will say they are the big bad wolf. But after a storm all of our insureds will be paid their claims and we will get our 15% commission paid every month on time. Thats the price of quality.
Got an email from Sunshine State saying they are dropping all my Citizens takeouts…
Northern Capital insolvency will also dump a bunch into Citizens….
Also heard that Homewise is dumping 100,000 policies…
It’s getting uglier and uglier, and still Charlie Crist keeps his head in the sand, offering no alternatives, only the promise of a veto. How irresponsible!!! Can’t believe we voted this guy in as Governor…
I’ve not once defended the bad start-ups. I’ve said on numerous occasions that not all of them are ponzi schemes
Northern Capital started out quite conservative with voluntary business. I started to worry when they decided to start a spin-off company to do takeouts in addition to writing auto and commercial risks. Stick to what you know guys! Remember too that NC was formed by insurance agents. These guys weren’t running a get rich quick scheme.
As far as companies go I’m down to a very select few that I’m confident in placing my clients with.
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They are all garbage!
Time to shape up the OIR and rid this state of incompetent people and close up Citizens for good.
Alarmed is an understatement. The question quickly becomes exactly who will be left after a storm? Charlie needs to stop pandering for votes and allow for sound rates or we’re all screwed with no lube.
I did represent Northern Capital at one time for folks that monitor my statements. When they formed a new takeout company and expanded into commercial lines and auto I flipped my book. These are the warning signs I tell you about. When suddenly new lines get added out of the blue, a new takeout company is formed using surplus from the existing company, or when a conservative company all of a sudden wants all of the business you can give them, it’s time to take a closer look. If you get a bad feeling, it’s not by accident.
Their rates were way too low!!! I have seen too many carriers fall lately. This was the first carrier that I have ever dealt with that did not pay the agency commissions. We did not get paid for March nor are we getting paid going forward. Agencies were counting on this to cover expenses etc.. Still no word from the state whether all these policies need to be rewritten prior to June 1st – and where will they go? What a mess!! Let the carriers charge what they feel is needed to survive!!
so, now how many companies have been insolvent? how many have left? how many folks don’t have insurance? how many folks have the FL backed insurance, which of course does not have enough funds, which should also become insolvent – still paying claims out, but does not have enough funds for past claims… i think the gov’r needs to be replaced! voters need to revote!!
Wait for the next mid-size hurricane in Fl. The State’s insurer is totally under capitalized based upon “buying” every coastal risk possible at inadequate pricing. FL. thinks insurance is EASY and the companies have been making a killing because there have been no storms. Wait, FL will NEED the Berkshire backing agreed to very soon.
Sorry Warren…
going to be rough ride in the surf when you don’t have the money to replace the beach!
Yes I have monitored your statements and it seems now you have realized as I have been saying for over a year now.
These florida startups are a ponzi!
We need the large National players to come back to the market in Florida, yes they will charge more and yes, they will want the State to assist in catastrophe reinsurance and yes, some will say they are the big bad wolf. But after a storm all of our insureds will be paid their claims and we will get our 15% commission paid every month on time. Thats the price of quality.
Got an email from Sunshine State saying they are dropping all my Citizens takeouts…
Northern Capital insolvency will also dump a bunch into Citizens….
Also heard that Homewise is dumping 100,000 policies…
It’s getting uglier and uglier, and still Charlie Crist keeps his head in the sand, offering no alternatives, only the promise of a veto. How irresponsible!!! Can’t believe we voted this guy in as Governor…
I’ve not once defended the bad start-ups. I’ve said on numerous occasions that not all of them are ponzi schemes
Northern Capital started out quite conservative with voluntary business. I started to worry when they decided to start a spin-off company to do takeouts in addition to writing auto and commercial risks. Stick to what you know guys! Remember too that NC was formed by insurance agents. These guys weren’t running a get rich quick scheme.
As far as companies go I’m down to a very select few that I’m confident in placing my clients with.