Lighthouse Property Insurance Corporation, a property insurance company that is headquartered in Tampa, Florida but domiciled in Louisiana was placed into receivership by the Louisiana Insurance Commissioner, Jim Donelon last week. This is the fourth Louisiana insurance company to be placed into receivership following the 2020 and 2021 hurricane season, and the third receivership of a homeowners writer licensed in Florida in 2022. The move will begin the process of triggering the guaranty associations in the states where Lighthouse was licensed to do business. Those states are Louisiana, Florida, North Carolina, South Carolina and Texas.
As of December 31, 2021, Lighthouse had 30,000 policyholders and 16,000 Ida-related claims in Louisiana. This represented 3.27% of the Louisiana homeowners market. Insureds in Louisiana will be covered by LIGA up to $500,000 per claim once the company is liquidated. Unlike other recent insolvencies, so far no other insurer has come forward to take over the Lighthouse policies. Policyholders will be contacted by the receiver or their agent about their claims and whether or not their policy will be taken over by another insurer.
Already have an account? Sign In Now
For enterprise-wide or corporate access, please contact our Sales Department at 1-800-543-0874 or email [email protected].
Copyright © 2024 ALM Global, LLC. All Rights Reserved.