Argus Insurance


Please read up on the inside opinion of the Property Insurance reform bill that just passed and wa signed by Governor Rick Scott  from the perspective of the Insurance association FAIA. It is clear that prices are going up and this seems to be necessary, but the Citizens Insurance bill never even made it to a vote so how will this impact the industry until it does come to a vote? Jeff  Grady is Very candid on several issues and the reading is good and worth it. This is all while we are in Hurricane season and Insurance carriers are still dropping People, Argus Insurance is still in the process of being shut down and Insurance markets are harder to find While Citizens Insurance seems to still be the company of choice by price at least.Let’s hope the Legislators in Tall. start to   realize that the Citizens bill needs to pass or a special assessment will be necessary to help keep people out of Citizen  where and when possible.Please call L & S for a free quoyte on Home, Auto, Commercial and Flood Insurance as wee and enjoy the article below;

http://www.insurancejournal.com/news/southeast/2011/06/23/203733.htm

Both State Farm of Florida and Universal P & C  both received poor ratings from Weiss ratings. The Insurance carriers are weak although reserves meet all the state of Florida requirements, but the parent companies of each are in good financial condition. State laws set up by our Legislators in Tall. have ok’d the MGA’s to be exclusive from review which makes no sense at all, but neither do the Legislators.Weiss’s ratings are based on Reserves and although Universal has 110 Million in reserves, this is only because of the huge rate increases they have taken over the last 2 years, the most recent being March 2011. State Farm’s newest increase kicks in July and it is a doosy so the   reserve number’s will not be known for a while. At our agency L & S Insurance  we have received so many calls from State Farm clients very upset w/ the new rates from July and beyond and I tend to agree. Now we are in Hurricane season and there is little many can do as the capacity issues come from reinsurer’s and the markets always tighten up during Hurricane season and lighten up near the end if all looks better at that time.At least they are not like Argus Insurance and being shut down in 45 days w/ no advance warning.Most of them if not all wil have to go into Citizens Insurance which wants to reduce their exposure as well. This was  all due to re-insurance issues that were all well known by the OIR, but never acted upon till last minute putting all of our clients at risk. Please read the full article below  by Julie Patel of the Sun Sentinal and please contact L & S Insurance for your Home, Auto, Flood, business and Life Insurance quotes;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/06/floridas_two_largest_private_h.html

 

Another Home Insurance company that was supposed to be closing over the next 12 months will now have 45 days to get all policies out. Anyone who has Argus Insuurance needs to have the policies re written by the deadline or the re will not be a Home Insurance policy for them. All of this occuring  during Hurricane season and all or most of them haveing to go back to Citizens Insurance. This is the company run by the State of Florida that  Governor Rick Scott wan to get rid of in 4 years! Nice plan Governor Scott, now what???? Please call L & S Insurance to help you get out of Argus as we will  have to move our 200 or more clients in this time frame as well.

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/06/another_florida_insurer_to_fol.html

The only good news here is that the policies will continue until the anniversary and then non renew! This Insurer was put under watch by the Florida OIR  nearly 2  years ago, but has maintained itself as best it can. Over 4K policies were dropped over the last 12  months to try and help, but the financials they have are not good enough to stay in  business.Most of these people will have to go to Citizens Insurance which is where they came from, but we hope for abetter scenario if the hurricane season is not so bad. Argus is owned by United Auto and this should not affect that carrier, but we will see soon enough. Please call L & S Insurance for help w/ this matter and we will move all of our remaining clients at the non renewal date which should not occur for L & S till after Hurricane season which is coming real soon. Please read the full article by Julie Patel of the Sun Sentinal;

http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2011/04/another_florida_home_insurer_c.html