The Republic Group, based in Dallas, announced it is accepting from independent agents policies of former Texas Select customers. The Texas Department of Insurance has mandated that all Texas Select policies will be cancelled by Aug. 24, 2006.
Because Texas Select Lloyds Insurance Company has been placed into receivership, tens of thousands of Texas homeowners must find replacement coverage and must do so quickly to avoid lapse in coverage. Republic recognized early the impact that the failure of Texas Select would have on the Texas marketplace and created a policy acceptance unit devoted to processing new policies for former Texas Select policyholders.
“It’s been an extraordinary undertaking,” said Parker Rush, Republic’s president and chief executive officer. “People from every discipline in our organization came together to create our special policy acceptance unit, dedicated exclusively to relieving agents of the huge burden of placing their Texas Select business with another company. Agents are amazed, and quite relieved, that we can handle the inrush of applications so quickly and so well. Already, we have issued thousands of new policies for former Texas Select policyholders and have the capacity, in terms of capital, reinsurance and organizational framework, to expand our writings even further. Insurance coverage will be provided by Republic Lloyds, a company within our Group, which has been issuing policies in Texas for over 50 years.
“Our message to the marketplace for some time now has been, ‘We’re Open for Business’. We’re committed to expanding our market in Texas and can do it because we have the know-how and financial strength to grow prudently. We’re continually working with our agents to ensure our coverages address the needs of Texans. This is exemplified by the recent introduction of our new all risk HO-3 product that has many features designed especially for Texas homeowners,” he added.
“After experiencing Texas Select’s failure, policyholders want to know that their insurance company is stable and secure. They get that with The Republic Group. We have the commitment and capital to continue our long- standing tradition of providing Texas consumers the products they need.”
Interested consumers can find the independent insurance agent nearest to them that provides Republic products by contacting Republic at 972-788-6313.
Source: The Republic Group
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