Olympus Insurance Company, a new Orlando, Fla.-based company, announced yesterday that it has issued its first policies to the state's homeowners.
Olympus offers both standard and preferred homeowners policies.
In a press statement, William Lowry, president of Olympus, said: “With the withdrawal of many companies, we are committed to satisfying the growing demand among Florida's homeowners for insurance coverage. There is a tremendous unmet need for homeowners insurance, and we intend to help meet that need by providing… homeowners and agents access to a prudently capitalized insurer with a seasoned team of insurance veterans.”
According to the firm's Web site, Mr. Lowry is one such “seasoned veteran,” with 34 years in the insurance and reinsurance industries under his belt. He was formerly executive vice president and chief financial officer of Constitution Reinsurance Corporation, and he served as CFO for Swiss Re America, SCOR Reinsurance Company and Phoenix Reinsurance Company, the Web site says.
Chairman and Chief Executive Officer Barry Fox, who practiced law for 31 years (serving as senior counsel for Cleary, Gottlieb, Steen and Hamilton, LLP, according to the Web site), said the current capital level–$50 million–supports writing more than 100,000 policies.
“Our goal is to become a major presence in the Florida marketplace,” Mr. Fox said.
The company said that in addition to senior staff headquartered in Orlando, in order to maximize its ability to serve policyholders and agents, a team of service providers will support functions ranging from program management to underwriting and policy administration to claims handling.
o St. James Insurance Group, a managing general agent, also based in Orlando, will serve as program manager.
o The Seibels Bruce Insurance Group of Columbia, S.C., will provide underwriting and policy administration.
o Insurance Network Services, which is also based in Columbia, S.C., and operates a Florida regional claims office in Maitland, will administer claims.
o Reinsurance is arranged by London-based Benfield.
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