Olympus Is Latest Insurer Under Scrutiny by Florida Regulators

April 12, 2010

  • April 12, 2010 at 8:27 am
    agent says:
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    I’m pretty sure most agents get between 10-12 not 13-17. Depending on region of course.

  • April 12, 2010 at 10:00 am
    Mr. Solvent says:
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    This is one of those capital build-up incentive companies. From what I understand they’ve been paying back the loan. I can’t speak to the $7 million dollar loss that got misplaced in accounting. I also don’t trust FLOIR as far as I can throw the whole department.

    I’d like to see Olympus’ take on things and compare it with FLOIR’s take on things. The truth probably lies somewhere in between.

  • April 12, 2010 at 10:18 am
    George says:
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    It’s funny to me that this blurb is preceded immediately by McCarthy’s “nothing to see here, move along!” statement.

  • April 12, 2010 at 10:26 am
    Mr. Solvent says:
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    It does have some irony to it doesn’t it? It’s also pretty ironic that McCarty wants a closer look into MGA/carrier relationships and he picks on a company that cedes 34% to their MGA. I’m not taking a stand one way or the other with this one, but doesn’t one wonder?

  • April 12, 2010 at 10:58 am
    Hillsborough agent says:
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    Not too many carriers writing anymore. Sunshine State closed down the county, Olympus has closed a ton of zips, Sawgrass is new and they’re already pulling back… Situation is getting a lot worse instead of better. Thank God for auto.

  • April 12, 2010 at 11:17 am
    Mr. Solvent says:
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    It’s the fact that Olympus has been so conservative that I’m not taking sides and blasting the company. They’re not out trying to write as much business as they can but instead trying to get quality business and not be over exposed.

    Sawgrass is a little new for my taste, but the Mutual business model hasn’t been tried in Florida for a while. I’m very interested to watch and see how it goes for them.

  • April 12, 2010 at 11:30 am
    Hillsborough agent says:
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    Re: Sawgrass…so far I’d say it’s not too good Mr. Solvent. Already closing zips. Going to 1995 and newer with 3% hurricane deductibles. $2500 or greater AOP deductibles.

    They started out giving default wind mitigation credits (clips!) on all homes. That’s coming back to bite them now.

    I thought Olympus was very aggressive. Rates on newer homes (especially Manatee and Sarasota) were way too low. Plus they allowed rating as Masonry Veneer if framed second story was stucco finish. I don’t believe they ever did geo-coding for sinkholes either.

  • April 12, 2010 at 11:41 am
    Mr. Solvent says:
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    I’m on the other side of the state and always saw Olympus’ approach as conservative. They stated by accepting just about anything (as all carriers do) and then they backed off on zip codes and then entire counties. Stucco/Frame may not be as strong as Stucco/Block, but they’re certainly not the only company that rates that way. The fact that they’ve already paid the state back their surplus note further leads me to believe there is more to this story.

    As far as the others go, I’m extremely conservative in my carrier selection.

  • April 12, 2010 at 1:32 am
    Joe says:
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    What are the primary financial metrics you look to when selecting which companies to contract with?

  • April 12, 2010 at 1:34 am
    DJ says:
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    Did I understand the article to point out that the commission paid is 34%??
    All right everybody who gets over 30% commission please raise your hands…even if including some of the MGA fees???



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