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Coral Insurance Company Enters Market
HOLLYWOOD, FL – March 22, 2004: Coral Insurance Company, an admitted Florida insurance carrier and fully-owned subsidiary of Coral Enterprises, LLC, has now begun underwriting homeowners insurance, initially with a dozen Dade, Broward and Palm Beach County agents.
Founded by a cadre of insurance professionals with solid domestic and international experience, Coral received its Certificate of Authority from the Florida Office of Insurance Regulation to transact business in the State of Florida as an admitted carrier on March 19, 2004. The Company is initially capitalized at $8 million and has received a Demotech Financial Stability Rating® of A, Exceptional.
Coral was formed to respond to the growing insurance crisis in Florida, particularly in the southeast area, which is undergoing exponential growth in housing development while suffering from a lack of insurance capacity.
Citizens Property Insurance Company (CPIC), formerly called the Florida Residential Property and Casualty Joint Underwriters Association (FRPCJUA), was formed in the wake of Hurricane Andrew, which slammed into Dade County in August of 1992 devastating not only thousands of homes, but the Florida insurance market as well.
Carriers have been progressively withdrawing from the state in the past eleven years and those remaining have limited their aggregate liability, giving Citizens a larger and larger market share. Coral Insurance Company’s entry into the Florida market is aimed at easing this crisis by providing quality coverage and service for Florida homeowners while contributing to the stabilization of the local insurance market.
Additionally, the Coral concept maximizes technology and streamlines the underwriting process, which has, until now, been very paper-intensive. Coral contracted in late 2003 with WaterStreet Company (Bigfork, MT) to develop customized Internet-based software which bundles quoting, binding, billing and policy issuance. This keeps overhead at a minimum, while offering Coral agents the ability to quote and bind coverage 24 hours a day.
Coral Insurance Enterprises, Coral Insurance Company and Coral Insurance Advisors are governed by a five member Board of Managers comprised of senior insurance executives with over one hundred years of combined experience.
Coral has also contracted with Insurance Servicing & Adjusting Company (ISAC), a respected TPA throughout the Southeast, as its partner for claims handling. The ISAC team headed by Joe McCurdy has been serving the Florida insurance market for 48 years and brings first hand experience with Hurricane Andrew as a reference.
Coral Insurance Company is headquartered in Suite 285S of the Presidential Circle Building at 4000 Hollywood Boulevard, Hollywood, Florida 33021.
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