Lighthouse Property Insurance Corporation Hires New Marketing Representative
ORLANDO, April 30, 2013 – Lighthouse Property Insurance Corporation (Lighthouse) is pleased to announce that Lyle Lejuene, joined the company as the new Louisiana Marketing Representative, effective April 25th.
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Lighthouse Property Insurance Corporation Hires New Sales and Marketing Manager
ORLANDO, April 2, 2013 – Lighthouse Property Insurance Corporation (Lighthouse) is pleased to announce that Loren Gallogly, joined the company to expand their sales and marketing efforts throughout their current territory and further develop new state and product opportunities.
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Demotech, Inc. Affirms Financial Stability Rating ® of A, Exceptional to Lighthouse Property Insurance Corporation
COLUMBUS, Oh., SEPT. 24, 2012, – This level of FSR is assigned to insurers who possess exceptional financial stability related to maintaining positive surplus as regards policyholders, liquidity of invested assets, an acceptable level of financial leverage, reasonable loss and loss adjustment expense reserves (L&LAE) and realistic pricing.
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Lighthouse Expands to South Carolina’s Homeowners Market
November 16, 2011 | A.M. Best Company, Inc.
Rick Cornejo
Lighthouse Property Insurance Corp. is looking to expand into South Carolina next year.
The Louisiana-domiciled homeowners insurer recently received its certificate of authority to write in South Carolina, and plans to start there in 2012, according to Lighthouse Vice President Michael Toffoli. The company plans to write throughout the state.
“South Carolina offers us the opportunity to create efficiencies in our catastrophe reinsurance purchase as it has little catastrophe correlation with Louisiana,” Toffoli said in an email. “The biggest challenge we see is in opening a new market from scratch. We’re confident we can meet that challenge however.”
Toffoli said there are similarities between its home market of Louisiana and South Carolina, in that both are coastal, catastrophe-exposed states with stable regulatory and legislative environments. “Louisiana’s stable regulatory and legislative environments have helped us to consistently execute our business plan,” he noted.
Lighthouse, founded in 2008, recently acquired the Louisiana homeowners policies of HomeWise Insurance Co. (Best’s News Service, Nov. 14, 2011). More than 11,000 policies, representing in-force premiums of about $25 million were transferred to Lighthouse. Terms of the deal were undisclosed. Starting Jan. 1, the policies will be renewed on Lighthouse paper, according to Lighthouse.
“Our combined book represents an estimated 1.5 to 2% share of the Louisiana homeowners market,” Toffoli said. Lighthouse was the 25th-largest homeowners insurer in Louisiana last year, with a 0.87% market share, according to BestLink.
The company participates in the depopulation program for Louisiana Citizens Property Insurance Corp., the state’s homeowners insurer of last resort. However, Toffoli said Lighthouse was not founded solely for this purpose. “We also actively write in the voluntary market,” he said.
In Louisiana, Lighthouse sees opportunities to expand its product offering to include companion products such as flood and personal umbrella, he added.
Lighthouse had $22.8 million in direct premiums written in 2010, up from $12.8 million in 2009. It had a net loss of $277,000 in 2010, down from a profit of $328,000 a year prior.
The top five writers of homeowners multiperil in South Carolina last year were: Travelers Group, with 36.04% market share; Nationwide Group, with 20.67%; Ace INA Group, with 19.36%; State Farm Group, with 12.02%; and Great American P&C Insurance Group, with 5.65%, according to BestLink.
(By Rick Cornejo, managing editor, BestWeek: rick.cornejo@ambest.com)
Copyright: (c) 2011 A.M. Best Company, Inc.
Source: A.M. Best Company, Inc.