Tuesday, January 31, 2023
No Result
View All Result
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
  • Home
  • Recent
  • Business
  • Economy
  • Investing
  • Markets
  • Personal Finance
  • Retirement
  • Tech
  • Startups
  • Insurance
  • Market Research
  • Crypto
No Result
View All Result
Home Insurance

Southern Fidelity cancels over 40,000 homeowners’ insurance policies in Louisiana

Updates Finance by Updates Finance
July 20, 2022
in Insurance
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter


You might also like

Triple-I Blog | Nurturing Tomorrow’s Risk & Insurance Leaders

Hiscox USA CEO on “a massive market opportunity”

Howden Group announces full-year financial results

“As we get further away and hopefully go unscathed through this hurricane season, more of those companies will return to the market, I am certain, as it happened 15 years ago after Katrina and Rita,” the commissioner said.

Donelon also noted that since the cancelations of the three insurers, the number of policies with the state insurer of last resort, Louisiana Citizens, jumped from 35,000 to 82,000. The commissioner is anticipating that number to climb even further to 95,000.

WVUE-TV reported that Southern Fidelity joins two other insurance companies – Lighthouse Excalibur and Maison – which have also recently dropped homeowners’ insurance policies in Louisiana. Together, the three have canceled a total of nearly 100,000 policies since June.

As reported by The Associated Press, Southern Fidelity customers have until September 13 to find a new insurance policy. Meanwhile, Lighthouse Excalibur and Maison’s former clients have until August 28 to secure coverage.

The state of Southern Fidelity is such that ratings firm Demotech withdrew its Financial Stability Rating for the company, noting that Southern Fidelity failed to secure reinsurance coverage in time for the upcoming hurricane season. And Louisiana is not the only state where Southern Fidelity is taking a hit.

Read more: Another Florida insurer teeters on the brink of insolvency

The financially strapped company was previously ordered by the Florida Office of Insurance Regulation (OIR) to transfer some or all its policies to another insurer as part of a “winding-down” plan.



Source link

Tags: cancelsFidelityhomeownersInsuranceLouisianaPoliciesSouthern
Share30Tweet19
Updates Finance

Updates Finance

Recommended For You

Triple-I Blog | Nurturing Tomorrow’s Risk & Insurance Leaders

by Updates Finance
January 30, 2023
0

By Loretta L. Worters, Vice President, Media Relations, Triple-I Forget the stereotype of the boring door-to-door life insurance salesperson – aka Ned Ryerson from the movie Groundhog Day. ...

Read more

Hiscox USA CEO on “a massive market opportunity”

by Updates Finance
January 30, 2023
0

“I remember going out once a year to a restaurant, I never went on vacation, and when I follow through my childhood, I never went to university because...

Read more

Howden Group announces full-year financial results

by Updates Finance
January 30, 2023
0

In FY 2022, Howden Group completed 31 acquisitions. These include Aston Lark in the UK, Align in the US, and Assiteca in Italy. “The completion of Aston Lark...

Read more

Bridger Insurance Services and AgentSync Pioneer Operational Efficiencies

by Updates Finance
January 30, 2023
0

This post is part of a series sponsored by AgentSync. Insurance is a highly regulated industry, and, with a producer workforce that’s turning over as a generation retires...

Read more

Oliver Wyman appoints global head of cyber risk

by Updates Finance
January 27, 2023
0

Oliver Wyman, a management consulting business of Marsh McLennan, has appointed Souheil Moukaddem (pictured above) as global head of its cyber risk platform. Moukaddem will oversee...

Read more
Next Post

Live Q&A: What’s next after the crypto market crash?

Related News

Flexible workplaces a ‘win-win’ for workers, employers: study

January 6, 2023

Fossil or Green Energy Stocks: Which is the Better Investment?

September 24, 2022

Charity tries to provide dignity as well as food as cost of living soars

December 25, 2022

Browse by Category

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Get the latest Financial news on updatesfinance.com. Business news, Economy news, Investing news, Personal Finance and more.

CATEGORIES

  • Business
  • Cryptocurrency
  • Economy
  • Insurance
  • Investing
  • Latest updates
  • Market Research
  • Markets
  • Personal Finance
  • Retirement
  • Startups
  • Technology

Recent News

  • Intel plans another big graphics driver improvement in February
  • Meta earnings report will provide hint at how online ads are doing

Copyright © 2022 - Updates Finance..

No Result
View All Result
  • Home
  • DMCA
  • Disclaimer
  • Cookie Privacy Policy
  • Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Updates Finance..

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?