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“As we get additional away and hopefully go unscathed by way of this hurricane season, extra of these corporations will return to the market, I’m sure, because it occurred 15 years in the past after Katrina and Rita,” the commissioner stated.
Donelon additionally famous that because the cancelations of the three insurers, the variety of insurance policies with the state insurer of final resort, Louisiana Residents, jumped from 35,000 to 82,000. The commissioner is anticipating that quantity to climb even additional to 95,000.
WVUE-TV reported that Southern Constancy joins two different insurance coverage corporations – Lighthouse Excalibur and Maison – which have additionally lately dropped householders’ insurance coverage insurance policies in Louisiana. Collectively, the three have canceled a complete of practically 100,000 insurance policies since June.
As reported by The Related Press, Southern Constancy clients have till September 13 to discover a new insurance coverage coverage. In the meantime, Lighthouse Excalibur and Maison’s former purchasers have till August 28 to safe protection.
The state of Southern Constancy is such that scores agency Demotech withdrew its Monetary Stability Ranking for the corporate, noting that Southern Constancy didn’t safe reinsurance protection in time for the upcoming hurricane season. And Louisiana will not be the one state the place Southern Constancy is taking a success.
Learn extra: One other Florida insurer teeters on the point of insolvency
The financially strapped firm was beforehand ordered by the Florida Workplace of Insurance coverage Regulation (OIR) to switch some or all its insurance policies to a different insurer as a part of a “winding-down” plan.
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