Business Moves

Northern Capital

Florida’s Northern Capital Insurance Co. did not come up with the capital it needed to retain its Financial Stability Rating of “A, Exceptional” from Demotech, Inc. by the deadline, so the ratings firm withdrew the rating on Feb. 18.

Northern Capital is solvent and could have its rating restored after it raises capital to bolster its surplus, which it is in the process of doing, according to Demotech.

According to the Florida Insurance Agents Association, Northern Capital has stopped accepting new business in the meantime but will process renewals.

Northern Capital did not respond to messages left by Insurance Journal.

Inc. Magazine ranked North Capital No. 1 in its list of the 500 fastest growing small companies for 2009. Its revenues grew from $476,898 in 2005 to $95 million in 2008—a 19,812% growth.

HomeWise

HomeWise Insurance Group said it is consolidating all of its business into HomeWise Insurance Co. and will no longer be writing through HomeWise Preferred.

Demotech affirmed its “A” rating assigned to HomeWise Insurance Co. after reviewing the details of a recent $12 million capital infusion and the insurer’s revised business plan.

Dale Hammond, HomeWise president and CEO, said the firm has been writing all new policies in HomeWise Insurance Co. and been transitioning renewals from HomeWise Preferred to HomeWise Insurance Co. for several months and this process will continue.

As of January, HomeWise Insurance had 113,478 policies; HomeWise Preferred had 27,234.

Hammond said that the company hopes to accommodate most of its policyholders. “Our intention is to offer a new HomeWise Insurance Co. policy to all HomeWise Preferred policyholders, subject to our underwriting and exposure management programs,” he told agents.

Keystone, Rowland, Rudd, Peel & Holland

Keystone Insurers Group (KIG) is continuing its expansion in Kentucky. The company announced it has added Rowland Insurance, Rudd Insurance and Peel & Holland Financial Group to its growing list of partner agencies in Kentucky. These firms join KIG’s network of more than 200 independent agencies in six states and increase to 14 the number in Kentucky.

First Bank, Insurance Center

North Carolina’s First Bank Insurance Services, Inc. has acquired The Insurance Center, Inc., a Montgomery County property/casualty insurance agency with 500 customers.

Topics Kentucky