ICAT to Continue Servicing Citizens’ Wind Program; Citizens Product in Development
Feb 22, 2008
Citizens Property Insurance Corporation (“Citizens”) and ICAT Managers, LLC (“ICAT”) today announced that ICAT will continue to issue Citizensâ€™ wind-only commercial nonresidential policies into 2008. Citizens will begin issuing and servicing new commercial nonresidential multi-peril policies internally when its new program is available.
Citizens’ press release is reprinted below.
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ICAT to Continue Servicing Citizens’ Commercial Inland Wind Program; Citizens Commercial Non-Residential Multi-Peril Product in Development
Tallahassee, FL; Boulder, CO â€“ Citizens Property Insurance Corporation (Citizens) and ICAT Managers, LLC (ICAT) today announced that ICAT will continue to issue Citizensâ€™ wind-only commercial nonresidential policies into 2008. When Citizensâ€™ new commercial nonresidential multi-peril program is available, ICAT will cease issuing new Citizensâ€™ wind-only commercial nonresidential policies and Citizens will begin issuing and servicing the new commercial nonresidential multi-peril policies internally.
During the 2006 commercial insurance crisis in Florida, ICAT stepped in to assist the Property & Casualty Joint Underwriting Association (PCJUA) and the Florida Office of Insurance Regulation in quickly making a wind-only commercial nonresidential product available for Florida businesses. ICAT provided policy services on behalf of the PCJUA and continues to service a similar wind-only product for Citizens.
â€œICAT was a key player in the successful and timely implementation of the PCJUAâ€™s wind-only program,â€ said Scott Wallace, Citizensâ€™ President. He added, â€œWe recognize the valuable contribution that ICAT has made to the stabilization of this market.â€
Citizens also began to develop a commercial non-residential multi-peril product and awarded a servicing contract to ICAT after a competitive solicitation. Citizens and ICAT have agreed that ICAT will not service the new commercial non-residential multi-peril product under its current servicing agreement.
â€œCitizens needs to remain flexible and able to quickly respond to changing market dynamics,â€ Mr. Wallace said. â€œWith signs of an improving commercial market, it makes sense for Citizens to issue and service these policyholders using our own employees.
â€œThe Florida commercial market has made great progress towards recovery,â€ said Jack Graham, CEO of ICAT. â€œThe urgency around this project has diminished significantly. Citizens is now positioned to service the new commercial non-residential program product. We are pleased that ICAT was able to provide a bridge to enable Citizens to fulfill this role.â€
International Catastrophe Insurance Managers, LLC (â€œICATâ€) is a leading provider of property insurance to businesses and residential property owners located in hurricane and earthquake exposed regions of the United States. ICAT is an underwriter on behalf of its Syndicate at Lloyds of London, ICAT Specialty Insurance Company, and other insurance companies.
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