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We still await more carriers to either be in financial difficulty ir be acquired by another carrier, This is the 2nd carrier to be acquired so 10 or so still to go by the end of January,
Two Florida-based homeowners insurers, Anchor Property & Casualty and Anchor Specialty Insurance, have succumbed to market pressures in the state and will be acquired by other companies.
Tampa, Fla.-based HCI Group has entered into a preliminary agreement for its subsidiary Homeowners Choice Property & Casualty Insurance Co. to acquire all the insurance policies of Anchor Property & Casualty Co., according to a statement from HCI.
Also, Weston Insurance of Coral Gables, Fla., which writes coastal property risks, will acquire another Anchor subsidiary, Anchor Specialty Insurance Co.
The acquisition of Anchor P&C’s policies was announced by HCI as ratings agency Demotech stated that the insurer would be downgraded from a Financial Stability Rating (FSR) of A, Exceptional, to M, Moderate. The ratings agency warned last week that it is reviewing the ratings of a number of Florida insurers and downgrades are possible. It did not name the insurers.
Please enjoy the full article below;
https://www.insurancejournal.com/news/southeast/2020/01/15/554875.htm
The Home Insurance Guru 