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Coral Insurance Celebrates First Anniversary Serving South Florida Homeowners
HOLLYWOOD, FL, MAY 12, 2005: Coral Insurance Company celebrated its first anniversary serving policyholders in South Florida with a reception recognizing Coral agents and employees at Company headquarters located at 4000 Presidential Circle, Hollywood Blvd., Hollywood, FL.
Coral Insurance, a South Florida-based property and casualty insurance provider, began operating on the eve of the state's unprecedented 2004 hurricane season. Despite turbulent conditions during the first year of operations, the Company thrived due to outstanding customer service, underwriting selection and the ability to settle claims quickly and fairly.
"As Coral completes its first year of business, with a network of over 100 carefully-selected professional independent agents, we realize that we were very fortunate, both in timing and in the manner in which we entered the Florida homeowners' market," said Susan Straker, President of Coral. The Company's cautious 2004 ramp up resulted in few storm-related losses, while Coral selected quality business through its relatively small, exclusive agent-base. Since inception the Company has insured nearly 5,000 South Florida residents and has written approximately $12 million in premium. Over the next twelve months, Coral expects to triple these numbers. While Coral is relatively new to the Florida insurance scene, its principals have a long history within the industry. Norman Barham, Chairman and a Palm Beach County resident, was formerly the Vice Chairman of Marsh and McLennan, the largest insurance brokerage firm in the world. Susan Straker, President, a third generation Floridian was owner and president of Laub Group of Florida, Inc., a South Florida managing general agency specializing in commercial property insurance prior to turning her attention to the needs of South Florida homeowners.
"The founders of Coral identified the need for an insurance company committed to South Florida residents and the specific challenges this market faces. Coral intends to meet those needs for many years to come," added Mr. Barham.
About Coral:
- Contracted with over 100 independent agents in seven South Florida counties
- Counties served: Miami-Dade, Broward, Palm Beach, Martin, St. Lucie, Lee and Collier.
- Authorized by the Florida Office of Insurance Regulation to begin underwriting homeowners business in March 2004.
- Rated "A" Exceptional in 2004 and 2005 by Demotech.
- Backed by highly-rated well-capitalized reinsurers
- Coverages provided - HO3
- Headquartered in Hollywood, FL with Customer Service and Back Office facilities in Bigfork, Montana
- Partners with ISAC - Insurance Servicing and Adjusting Company - for claims and adjusting
- Privately-held company
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