Florida Casualty Insurance Company, Florida(FL): What You Need to Know : Insurance Blob

An image to Illustrate: Florida Casualty Insurance Company — Florida Casualty Insurance Company was once a leading property and casualty insurer in 41 states/PHOTO COURTESY: Flcasualty

Florida Casualty Insurance Company (FCIC) was a property and casualty insurance company that operated in 41 states and offered coverage for homeowners, renters, condos, and landlords.

However, the company was acquired by Applied Underwriters in March 2021 and became part of its national and international development plan.

Here are some facts you need to know about FCIC and its new owner.

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Florida Casualty Insurance Company Address

Before the acquisition, F CIC’s address and contact was:

Address	Website	Phone Number
401 E Las Olas Blvd Ste 1540, Fort Lauderdale, FL, 33301-22472	www.ashmereins.com (inactive)	(800) 523-7900

Florida Insurance Companies That Went Out of Business

FCIC is not the only insurance company that has left the Florida market or gone out of business in recent years.

Due to the high risks and costs associated with hurricanes, litigation, and regulation, many insurers have struggled to stay profitable and solvent in the state.

According to various sources, some of the insurance companies that have gone out of business or stopped writing new policies in Florida since 2017 include:

Weston Property & Casualty Insurance Co.
Southern Fidelity Insurance Co.
Lighthouse Property Insurance Corp.
Avatar Property and Casualty Insurance Co.
St. Johns Insurance Co.
Bedivere Insurance Co.
Senior American Insurance Co.
Healthcare Providers Insurance Exchange
Penn Treaty Network America Insurance Co.
American Medical and Life Insurance Co.

Insurance Companies That Closed

Insurance companies can close for various reasons, such as bankruptcy, liquidation, merger, acquisition, or voluntary withdrawal from the market.

Some of the major insurance companies that have closed in the US in the past 30 years include:

Conseco: A life and health insurance company that filed for bankruptcy in 2002 due to bad investments and debt.
Executive Life Insurance Company: A life insurance company that collapsed in 1991 after losing billions of dollars in junk bonds.
AIG: A global insurance giant that was bailed out by the federal government in 2008 after suffering huge losses from credit default swaps.
General Motors Acceptance Corporation (GMAC) Insurance: An auto insurance company that was sold by General Motors to American Capital Acquisition Corporation in 2013.
Reliance Insurance Company: A property and casualty insurance company that was placed into liquidation by the Pennsylvania Department of Insurance in 2001.

General Insurance Company of America

General Insurance Company of America (GICA) is a property and casualty insurance company that was founded in 1917 in Seattle, Washington.

The company is also known as “The General” and is a subsidiary of Safeco, which is part of Liberty Mutual Group.

GICA offers a wide range of insurance products and services, such as auto, home, motorcycle, boat, identity, and umbrella insurance.

The company has financial strength ratings of:

Rating Agency	Rating	Description
A.M. Best	A+	Superior. Assigned to companies that have, in A.M. Best’s opinion, a superior ability to meet their ongoing insurance obligations.
Moody’s	A1	Upper-medium grade. Obligations rated A are considered upper-medium grade and are subject to low credit risk. The modifier 1 indicates that the obligation ranks at the higher end of its generic rating category.
Standard & Poor’s	AA	Very strong. An obligor-rated ‘AA’ has a very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree.

National Home Life Assurance Company

National Home Life Assurance Company (NHLAC) was a life insurance company that was incorporated in Pennsylvania in 1988.

The company was a subsidiary of Conseco Inc., which filed for bankruptcy in 2002.

NHLAC was placed into rehabilitation by the Pennsylvania Department of Insurance in 2003 and was later acquired by Wilton Reassurance Company in 2009.

The company’s website is www.nationalhomelife.com, but it does not provide any information about its products or services.

FAQs

What does casualty insurance include?

Casualty insurance is a broad category of insurance coverage for individuals, employers, and businesses against loss of property, damage, or other liabilities.

Casualty insurance includes vehicle insurance, liability insurance, and theft insurance.

Liability losses are losses that occur as a result of the insured’s interactions with others or their property.

For homeowners or car owners, it’s important to have casualty insurance as damage can end up being a large expense.

What does P&C stand for in insurance?

P&C stands for property and casualty insurance.

Property insurance covers the risk against damages to property and business.

Casualty insurance covers the risk of the policyholder’s legal liability for injuries to another person or damage to their property.

P&C insurance generally covers short time horizons, whereas life insurance policies span across decades.

What is the difference between life insurance companies and casualty insurance companies?

Life insurance companies provide coverage for the risk of the death of a policyholder.

The policy owner selects beneficiaries who will receive payments upon the policy owner’s death in exchange for premiums paid to the insurance company.

The main risk in this sector is longevity risk, which has to do with the uncertainty of the estimated life expectancy of the policyholders.

To manage this risk, life insurance policies generally also provide retirement products, which carry the inverse risk to longevity risk, known as mortality risk.

Casualty insurance companies provide coverage for individuals, employers, and businesses against loss of property, damage, or other liabilities.

The main risk associated with this sector is underwriting risk.

It is the risk that income from policies may not be sufficient to cover claims and is usually managed using reinsurance.

What are the different types of casualties?

In military usage, a casualty is a person in military service, combatant or non-combatant, who becomes unavailable for duty due to several circumstances, including death, injury, illness, capture or desertion.

In civilian usage, a casualty is a person who is killed, wounded or incapacitated by some event.

Casualty describes multiple deaths and injuries due to violent incidents or disasters.

There are several casualty statuses, types, and categories, which are described below.

Casualty statuses are reported to the Service member’s primary next of kin (PNOK), or family member who will be notified first. They provide information on the status of the Service member. There are several casualty statuses, such as deceased, duty status – whereabouts unknown (DUSTWUN), missing, very seriously ill or injured (VSI), seriously ill or injured (SI), incapacitating illness or injury (III), and not seriously injured (NSI).
Casualty types are codes that indicate how a person became a casualty. There are two main types: hostile and non-hostile. Hostile casualties are those incurred in action involving conflict with an opposing foreign force or resulting directly from an act of the enemy. Non-hostile casualties are those not directly related to hostile action or terrorist activity.
Casualty categories are codes that indicate the nature of the casualty incident. There are four main categories: killed in action (KIA), wounded in action (WIA), died of wounds received in action (DWRIA), and died while missing/captured (DWM/C).