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8 New Insurers Coming Into Florida

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Jun 5, 2007 10:55 pm US/Eastern

8 New Insurers Coming Into Florida

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FLORIDA (CBS4) ― Florida homeowners and business owners will soon have a wider selection of property insurance companies to choose from when go to renew their policies.

The state has given its approval to eight companies to begin selling property insurance in Florida. Three of the companies will write commercial insurance policies, while the other five will concentrate on residential policies.

Modern USA Insurance Company plans to focus on mid-to-upper level homeowners insurance when they begin issuing policies this October. Olympus Insurance Company plans to begin writing new policies about the same time. Privilege Underwriters Reciprocal Exchange Inc. plans to sell policies for homes valued at more than $1 million, while American Keystone Insurance Company will write homeowners insurance valued from $250,000 to $3 million.

Finally, Homeowners Choice Property & Casualty Insurance Company plans to take up 20-thousand policies from Citizens Property Insurance in July.

On the commercial side, Ironshore Insurance Ltd., will cover commercial wind exposure risk; Praetorian Specialty Insurance Company will write commercial multi-peril policies; and Arch Insurance Company Europe Ltd. will focus on the energy risks of oil companies.

(© 2007 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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