Non-Renewals
Well, along with State Farm cancelling everyone in the state it looks like some of the newer carriers are beginning to non-renew some of their book as well. We are getting information from Olympus Insurance company that they are cancelling, it looks to me about 25% of their existing book, so they can write newer business instead. Already their under-writing giudelines have changed drastically and they are only accepting newer homes with superior construction. They are saying it is to make the company more financially sound. Does that sound familiar? I think the last time we heard that was from someone called State Farm.
Most of the non-renewals it seems are in the Palm Bay area here locally. I haven’t heard what’s going on in the rest of the state.
This again I think will make the cream rise to the top as in Universal Property & Casualty. They have no restrictions still. They are going back to 1969 homes and newer. They pay their claims and have been repsonsive in their underwriting for us for the last 11 years.
It will be interesting to see who of the other newer carriers follow suit with Olympus.