American Keystone Insurance Company has received approval from Florida regulators to underwrite homeowners and condo unit owners insurance policies in Florida.
The Ponta Verda Beach, Fla.-based carrier said its product strategy is to focus on homes valued with a replacement cost of between $350,000 and $2,000,000 and condo units with insurable values of between $100,000 and $1,000,000.
AKIC is managed by King's Bay Insurance Services Inc. (KBIS), a Florida-licensed managing general agency that has a management team with over 100 years of combined experience in the insurance industry, with specific expertise in Florida, the company said.
Bruce Howson, AKIC president, and the company said it has appointed over 20 agents in 13 counties. During 2007-2008 the insurer said its goal is to appoint a total of approximately 40 agents in 22 counties, including the coastal counties in southeast Florida.
The underwriting strategy is to build a portfolio of business that is geographically balanced with homes of superior quality and condition, according to a company statement.
"Emphasis is on excellent maintenance condition and mitigation of hurricane exposure, regardless of age of the structure," the statement said.
The efforts of the homeowner will be aided by the risk management services offered by the company in the form of detailed interior and exterior inspections and replacement cost appraisals. All homeowners and agents will be provided with copies of reports of the inspection services.
The new carrier follows the model of the Privilege Underwriters Reciprocal Exchange that started writing Florida policies earlier this year on homes valued over $1 million.
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