News

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 […]

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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 […]

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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 […]

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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. […]

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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 […]

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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 […]

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Fight Legislation To Limit Public Adjusters In Insurance Claims

In February, 2009, my home caught on fire. It was devastating for my family. We had insurance. You get a false sense of security with insurance. If you think your insurance company is going to do right by you, think again. The insurance adjuster is not there to be your “friend.” Insurance adjusters are trained […]

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Florida’s Insurance Scam

By STEVE POCIASK Special To The Tampa Tribune If an insurance company sold you a homeowner’s policy knowing that, if disaster was to strike, it probably couldn’t pay your claim, you would call that “consumer fraud” – plain and simple. If private insurance companies were to instigate such a scam, the insurance commissioner would be […]

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Florida Property Insurance: Northern Capital Loses Rating; HomeWise Consolidates

One fast-growing Florida homeowner insurer has had its rating pulled by its rating agency and reportedly halted new business while another domestic carrier is consolidating its business into one company from two. Northern Capital Insurance Co. — named the fastest growing small company in the nation by Inc. Magazine in 2009 —did not come up […]

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Public insurance adjusters: An alternative to helping policyholders win claims

Public adjusters draw regulatory scrutiny and some blame for Florida’s property insurance woes Many homeowners don’t fully understand their property insurance policies and are at a disadvantage when negotiating with insurers about repairs needed after a fire, theft, hurricane or other disaster. That’s the premise behind the public insurance adjusting industry, which has grown substantially […]

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