Restricting New Wind Business in Florida
Effective Monday, July 27
Products: All Personal Lines (HO3, HO4, HO6, DP3), Commercial Lines (Business Owners Policy, Preferred Office Program, Homeowners Association, Mobile Home and RV Park)
Effective Date: Monday, July 27, 2020 at 8:00 AM
This year brought unprecedented challenges to every industry, but especially to the insurance industry. Dramatic increases in reinsurance costs, coupled with a global pandemic, require insurers to closely examine these impacts on business. As a result, we have made the difficult decision to temporarily pause the acceptance of new Homeowners and Commercial Lines business in Florida.
As you can imagine, we did not make this decision lightly and we understand the impact that this decision may have on our agents. During this temporary hiatus, we will focus on completing the filing and implementation of rate changes to ensure pricing adequacy as well as maintaining competitive products for the Florida market.
While Bankers’ financials remain strong and our reinsurance program remains stable, we must be careful to grow responsibly in order to maintain our long-term financial strength. Again, this is a temporary hiatus and we will re-open for new business in Florida soon. We will keep you informed of our plans.
- New Wind Business Closed in Florida Effective Monday, July 27, 2020
- Renewals Will Not Be Affected
- Builders Risk With Wind Remains Open
- E&S Commercial Residential With Wind Remains Open
- NFIP Flood Remains Open
- X-Wind Business Remains Open
As always, we value our agent partnerships, and we appreciate your patience and loyalty as we work through these unprecedented and challenging times.
If you have any questions, please reach out to your Territory Sales Manager or our Team at the email or phone number listed below.
Your Bankers Sales Team
800.627.0000 x 4900