NewswireToday - /newswire/ -
Orlando, FL, United States, 2013/06/27 - Lighthouse Property Insurance Corporation (Lighthouse) announces today renewal of the 2013 treaty year reinsurance program which reinforces their financial stability in the marketplace - LighthousePropertyIns.com.
“I am pleased to report that despite suffering two losses from catastrophic weather events within 6 months of each other Lighthouse Property Insurance Corporation (Lighthouse) remains financially strong”, reports Ronald Chapman, President.
An insurance company’s financial ability to pay its claims obligations is the most important factor that agents and insureds consider when placing and buying an insurance policy. Hurricane Isaac struck Southeastern Louisiana on August 28, 2012 and a severe hail storm struck the New Orleans area on February 24, 2013. Lighthouse has paid claims of over $50 million to policyholders for these two catastrophic events. Lighthouse has a strong reinsurance program to protect its financial condition, which included additional protection against a 3rd event and possible 4th event if losses had been suffered during the treaty year, which ended
June 1, 2013.
Despite hurricane Isaac losses in 2012, Lighthouse increased its policyholders surplus by over $1.5 million from the previous year. Policyholder’s surplus is one financial measure of a company’s ability to meet its financial obligations. Some forecasters predict that 2013 could see three times as many severe hurricanes make landfall in the US. The new treaty year reinsurance program has now been placed and the company continues to be protected for multiple catastrophic events. In addition, in May 2013, Lighthouse signed a surplus note with an independent financial institution that could provide, at the company’s option, an additional
$2 million in surplus funds if needed.
“Lighthouse will continue its long term commitment to protect its policyholders from possible catastrophic loss”, states Mr. Chapman.
About Lighthouse Property Insurance Corporation (Lighthouse)
Lighthouse Property Insurance Corporation (lighthousepropertyins.com) is an admitted property and casualty insurance company authorized to write in Louisiana and South Carolina. Lighthouse specializes in homeowner’s, condo, renters, and dwelling fire insurance policies. They sell and distribute policies through licensed, professional insurance agents. Lighthouse headquarters are located in Orlando, Florida.