Author Archives: Advocate Claims Public Adjusters

Florida to Shut Down Insolvent Northern Capital

Florida insurance officials have moved to shut down Northern Capital Insurance Co. after concluding that the firm is insolvent. The Office of Insurance Regulation (OIR) made an official request to the state’s Department of Financial Services (DFS) to initiate delinquency proceedings on Wednesday. Northern Capital CEO Wayne Fletcher and company directors signed an order consenting […]

Posted in News | Tagged , | Comments closed

Do insurers funnel Florida funds to parent companies while claiming need to raise rates?

Wake up and good morning. Remember when Florida’s elected leaders used to stand up against the property insurance industry’s relentless drumbeat that higher rates were the only answer to “fixing” this state’s crumbling homeowners’ insurance problems? Even after what is four-plus years with no hurricanes, the insurance industry’s mantra is unchanged: We are not charging […]

Posted in News | Tagged , , | Comments closed

Florida Insurers’ Fees To Affiliates Questioned

Consumer advocates call for more scrutiny as insurers report losses and request rate hikes By Julie Patel, Sun Sentinel Florida property insurers are pressing state legislators to allow them to raise rates without regulator approval, citing losses in recent years. But consumer advocates and regulators question the legitimacy of the losses after four hurricane-free years […]

Posted in News | Tagged , , | Comments closed

Florida Rebukes Insurer Over Transactions

By Paige St. John A Florida property insurer that bought hurricane protection from its own Bermuda company has been ordered to attempt to recover the money, following a Herald-Tribune report about the transaction. State regulators gave Homeowners Choice Property and Casualty 21 days to seek the return of more than $9 million it paid last […]

Posted in News | Tagged , | Comments closed

21st Century Holding Plans To Buy Tampa Insurer Homewise

By Jeff Harrington, Times Staff Writer After rebuffing an acquisition bid by one Tampa Bay company, home insurer 21st Century Holding Co. has gone on the offensive in the bay area. Lauderdale Lakes-based 21st Century said Tuesday it has signed an agreement to buy Homewise Holdings Insurance, a Tampa-based insurer with about $38 million in […]

Posted in News | Tagged , | Comments closed

Florida Sinkhole Reappears after Rain

Sinkhole that formed was 520 feet long, 125 feet wide, and 60 feet deep. Bartow, Polk County, Fla. May 22, 1967. (Photo courtesy of USGS) A 20-foot sinkhole in Clermont, Fla., opened up this Monday between two homes, and the recent heavy rains could be to blame. In 2001, a sinkhole appeared in the same […]

Posted in News | Tagged , | Comments closed

How Insurers Make Millions On The Side

By Paige St. John Herald Tribune Today, nearly half of Florida’s home insurance is provided by companies whose primary profit comes not from insuring homes but from diverting premiums into a host of side ventures. Investors and executives in 2008 moved $1.9 billion in policyholder money out of heavily regulated insurers, where profits are capped […]

Posted in News | Tagged , | Comments closed

State Lawmakers Signal an Easing of Insurance Controls

LEGISLATURE: Compromise would let insurers raise rates by up to 10% a year TALLAHASSEE – The effort by Sen. Mike Bennett, R-Bradenton, to allow insurance companies in Florida to set their own rates appears doomed just two weeks into the legislative session, done in by election-year politics and the threat of a veto by Gov. […]

Posted in News | Tagged , | Comments closed

Insurers Under Scrutiny for “Excessive” Profit and Management Fees

Southern Oak Insurance Co.’s high profits and management fees are limiting its ability to build claims-paying reserves, according to the Office of Insurance Regulation. Regulators threatened to suspend or revoke the company’s license by the end of the month if it doesn’t address their concern that its management agreement with its affiliate — Southern Oak […]

Posted in News | Tagged , | Comments closed

Florida’s Southern Oak Told to Correct Its Business Plan; Other Companies Are Being Examined

Florida’s Southern Oak Insurance Co. has some explaining to do and several other of the state’s property insurers may be soon to follow. The Florida Office of Insurance Regulation has ordered the Jacksonville, Fla.-based, take-out company to submit a corrective action plan to regulators to address concerns about reinsurance, managing general agents and exposure. The […]

Posted in News | Tagged , | Comments closed
  • 14 years in business