Security First Insurance


Please call  Lee from Calles Financial and Chaisteli Insurance  at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

34 Florida carriers have 100% or more claims to revenue last year in 2019. Some are as high as 120% of revenue. AOB has caused this problem with no end in sight for rate hikes. Carriers will start to non renew their books of business, older homes, homes with water damage claims. This will hit the housing market & 1st time Homebuyers chances to buy homes will be even more less likely. There was supposed to be a special session about just Insurance in Tallassee in mId March, but now w/ the COVID-19 break out, that session may never happen this year. Everyone needs to understand their Home Insurance policies, coverages or lack their of.

If you want this full e-mail, please contact me at lee.gorodetsky@gmail.com

Here is the beginning of 12 pages of information and charts & graphs,

 

Demotech set to reveal downgrades as
full-year results show Florida pain
Demotech has affirmed the majority of the 46 Florida homeowners specialists it rates with the
remaining carriers awaiting their fate as the agency completes its review of 2019 financials
that reveal widespread operating losses and actions to shore up balance sheets, The Insurer
can Demotech is the only firm that rates most of the Florida specialists and its financial strength
ratings are critical to them because lenders typically require insurance policies bought by
homeowners in the state to be from A rated carriers.
As previously reported, in January this year the ratings agency warned of a potential slew of
downgrades in response to a range of macroeconomic and unique state specific issues faced
by Florida-focused carriers.
And analysis by this publication reveals 36 out of 46 companies we compiled data on from
2019 statutory annual statements fell to an operating loss in 2019. A total of 34 of the carriers
reported combined ratios of over 100, with 14 at over 120 percent.reveal.

 

 

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Please call  Lee from Calles Financial and Chaisteli Insurance  at 954-270-7966, Your Insurance Consultant  about Home Insurance, Auto, Flood, Private Flood, Car, Life Insurance & Financial Products, Business  & Commercial Policies, and Group Products for business owners to give Employees benefits at no cost to the employer.

Here are the ones still in question. The bad ones. Will they be bought out or go out of business by the State Mandate next week. With Hurricane season coming and all the Covid 19 stuff happening, please don’t wait.

The companies that are still in discussions and will either be affirmed or downgraded, as of March 26, include: Avatar Property & Casualty Insurance Co., Centauri Specialty Insurance Co., Cypress Property & Casualty, Omega Insurance Co., Safepoint Insurance Co., Tower Hill Select Insurance Co., and Tower Hill Signature Insurance Co

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/03/27/562512.htm

Royal Palm was owned by Security First and they had issues in 2009. Now Tower Hill will complete the deal of which they are the MGA and will expand the book of business they have which is now the 6th largest. Security First has shrunk in size and with the loss of the Royal Palm Book of business are a  much smaller player in the industry.This has been approved in Tall. by the OIR already. Please contact L & S Insurance for competitive quotes for Home Insurance, auto, business, commercial and even lIfe and Financial products.

http://www.insurancejournal.com/news/southeast/2011/03/02/188684.htm

The hearing date is 8/5 and this will be a state wide average which usually means double for South Florida.  This is yet another carrier  raising rates during Hurricane season  in a string of many and many more to come as rates are on the rise everywhere in Florida  including Citizens Insurance. Royal  Palm is a sister comany to Security First Insurance so the rate increase is likely to hit them as well. Rayal Palm is usually used by All State agents and Security First is used by the Independent agency system. Allstate Insurance company  is the owner of this carrier and this is where  business  is paced instead of being w/ Allstate  directly. State Farm aslo does this w/ their subsidiary Castle Key, but no independent agency system can accesss Castle Key.Please read the full story on Royal Palm;

On 3/9/2010 they were forund to be financially insecure, but they have proven otherwise. In order to stay that way they must now reduce the  wind exposure to 30% of it’s total in force business.What this means to most is more cancellations and non renewals to come.  This makes them like State Farm, Universal, Allstate, Nationwide, Liberty Mutual, Federated National, Security First, and many other Insurer’s.Please read the full story below about Southern Oak;

http://www.southernoakins.com/docs/2010-0312%20OIR%20Order%20Lifted.pdf