Tower Hill Insurance


Please call Lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, private Flood, Car, Business & Commercial Insurance as well as Life , Health and all group benefits large & small

Insurers, reinsurers and ILS investors could face significant losses from Hurricane Michael, a major Category 4 storm that began its assault on the Florida Panhandle Wednesday, according to a briefing from A.M. Best.

Best said although Florida’s insurance market-share leaders possess strong levels of risk-adjusted capitalization that should provide a buffer against Hurricane Michael losses, there will still be an impact for insurers writing in the state, according to a new A.M. Best briefing.

Furthermore, while nearly all A.M. Best-rated Florida property companies have substantial property catastrophe premium, some have strategically limited their exposures in the panhandle, and therefore are not significantly exposed to this hurricane.

“However, the question of how the state’s relatively new, Florida-specific insurers might withstand the impact of substantial insurable losses caused by Hurricane Michael remains,” Best noted. “In addition, depending on the storm’s intensity after making landfall, the potential for insurable losses could put some pressure on reinsurers. The actual impact of the hurricane will depend on a number of yet undetermined factors, but A.M. Best believes that most of the affected rated carriers have sufficient capital and appropriate reinsurance programs to withstand this event effectively.”

Please enjoy the full article below;
Advertisements

Please call Lee at Acentria Insurance for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial & Life, Health & all types of group benefits for all size companies.

With Florida about to enter peak hurricane season, a state insurance association representing more than a dozen insurers in Florida is hitting back against a recent report from ratings agency Weiss Ratings that identified 10 Florida-based insurers as “weak.”

The insurer trade group, the Florida Property & Casualty Association (FPCA), is disputing the “weak” assessments by Weiss and defending the marketplace in general, saying it does not believe Weiss is a legitimate ratings agency

“Florida homeowners should beware of a recent press release by Weiss Ratings that contains misleading information about the financial stability of our state’s homeowner’s insurance companies. This is simply not the truth,” the Florida Property & Casualty Association (FPCA) said in a statement.

State insurance officials did not respond to individual ratings assertions by Weiss but did downplay the effect of open Hurricane Irma claims that Weiss cites as a concern.

Weiss Ratings has defended its assessments of the 10 insurers as weak, claiming other rating agencies give some insurers high ratings they don’t deserve.

In the June 14 press release that upset FPCA, Weiss highlighted what it called the 10 strongest and weakest providers of homeowners insurance doing business in Florida.

The ratings agency, which analyzes and rates 2,300 property and casualty insurers in the United States, said it uses annual and quarterly financial statements filed with state insurance commissioners to complete an analysis of hundreds of factors that are synthesized into a series of indexes that are then used to arrive at a company’s letter grade rating.

Based on this criteria, Weiss’s statement identified 10 carriers with more than $2.5 million in annual homeowners premiums in the state to which it gave a grade of D+ or lower, as of Dec. 31, 2017:

Florida Homeowner Insurers Weiss
Safety Rating
Homeowner Premiums
$ Millions
Anchor P&C Insurance Co. D 53.7
Edison Insurance Co. D+ 68.2
Florida Specialty Insurance Co D 75.8
Olympus Insurance Co. D+ 121.5
People’s Trust Insurance Co. D+ 212.2
Prepared Insurance Co. D 51.5
Tower Hill Preferred Insurance Co. D 104.2
Tower Hill Prime Insurance Co. D 220.1
Universal P&C Insurance Co. D 846.1
White Pine Insurance Co. D+ 6.8

Weiss warned consumers to remain vigilant of these 10 insurers with “weaker finances,” which combined have more than $1.7 billion in homeowners premium in Florida.

FPCA, which represents 15 Florida insurers, including Edison Insurance and People’s Trust, disputed the Weiss ratings, saying in its release that Florida home insurers must pass a rigorous catastrophe reinsurance stress test by the Florida Office of Insurance Regulation (OIR), as well as vertical and horizontal reinsurance reviews by what it calls “credible rating agencies.”

FPCA alleges that Weiss Ratings opinions are “not recognized by the insurance industry because they fail to consider the rigorous reinsurance programs purchased by insurance carriers on an annual basis,” FPCA said.

“Our leadership of and members of the FPCA do not believe Weiss is a legitimate ratings agency. To the best of our knowledge, their ratings aren’t recognized by the secondary mortgage market and they don’t speak with the insurance companies they claim to rate. A.M. Best, S&P, Moody’s and Demotech all do,” said FPCA Chairman Roger Desjadon.

Each of the top 10 companies Weiss assigned low ratings to have Financial Stability Ratings (FSR) of ‘A’ or better by Ohio-based financial analysis firm Demotech, except one – White Pine Insurance Co., which is rated B+ by A.M. Best only. In addition to its ‘A’ rating from Demotech, Tower Hill Prime Insurance Co. also carries an A- rating from Best with a negative ratings implication, as of Sept. 2017. Best does not rate the other eight companies.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2018/07/24/495836.htm

Please call Lee from Acentria Insurance at 954-270-7966 for free quotes on Home Insurance, Auto, Flood, Private Flood, Car, Business & Commercial policies and Life, Health and all types of group products large & small.

Guess what? He was a Public adjustor?? No way?? Kidding!!!

A Florida man has been sentenced to 20 years in prison for his role in an arson insurance fraud scheme that spanned multiple Florida counties and was ordered to pay $1.9 million towards restitution to the more than 14 carriers affected, according to a statement from the Miami-Dade State Attorney Katherine Fernandez Rundle’s office.

Jorge Fausto Espinosa Sr., owner of the public adjuster company Nationwide Adjusters LLC, pled guilty last month to racketeering, racketeering conspiracy, organized scheme to defraud, and more than 28 counts of arson as well as multiple counts of insurance fraud and grand theft. He was sentenced by Judge Mark Blumstein t

 

o 20 years in state prison in addition to paying $1.9 million towards restitution.

Fausto Espinosa Sr. was one of many defendants originally charged in a series of collaborative investigations by the Miami-Dade State Attorney’s Office, State Fire Marshal Jimmy Patronis’ Bureau of Fire and Arson Investigations, and the Miami-Dade Police Department called Operation Flames and Flood I and Operation Flames and Flood II.

The investigations found that Espinosa intentionally set multiple homes on fire as well as caused water damage to other homes with the sole purpose of filing false and fraudulent insurance claims. The homeowners were recruited by Espinosa as part of his “Arson for Hire Scheme” involving homes in Miami-Dade, Lee and Collier County.

More than 14 insurance carriers, including Citizens, Tower Hill and United Property and Casualty, were impacted by the 50-plus false claims that cost insurers and policyholders more than $14 million in losses.

Pleas enjoy the full article below

https://www.insurancejournal.com/news/southeast/2018/06/05/491223.htm

 

 

I wondered when and who would do this and here we go. Just When Citizens is about to do what it must to reduce it’s size and exposure for all Floridians Miami Dade rep Frank Artilles wants to know why  a Few Insurance companies like American Integrity and The Tower Hill Group will be reciving about 180 million in tremendous loan deals to take the book. Rules were set up and any carrier that qualifies can do it, but does this put those carriers at risk to go under at the next hurricane and put all of the policies  back where they are now in Citizens which has happend before???  This will be reviewed By Insurance commissioner Kevin McCarty and CFO Jeff Atwater with the New Citizens director  Barry Gilway. I am sure this battle will get larger and more voices want to be heard before election time to get votes. Please enjoy the full article and please call L & S Insurance at 1-888-244-7400 for quotes on Home, Auto, Flood, Business & Commercial and Life Insurance quotes as well.

http://www.insurancejournal.com/news/southeast/2012/09/24/264061.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