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Applied Underwriters' Centauri Insurance Reaffirms Commitment to Underwriting in Gulf Coast Market as Above Normal Hurricane Season Looms and Solvency Issues Beset Insurers and Diminish Availability

Result: 'A' rated Applied subsidiaries, inundated with submissions, continue to add to infrastructure to help sustain the market place and serve Gulf Coast brokers and their insureds as demand increasesSARASOTA, Fla., June 24, 2022 /PRNewswire/ -- Despite a hurricane season predicted to be severe by several weather and risk management sources, Applied Underwriters and its Centauri Insurance subsidiaries (Centauri Specialty Insurance Co. and Centauri National Insurance Co.) have affirmed their commitment to underwriting in the Gulf Coast markets, while the effects of recent carrier insolvencies, voluntary and involuntary moratoria imposed by some stressed carriers and insufficient or late reinsurance renewals by many carriers all threaten the market. According to media reports, monoline insurers are at highest risk since they do not write multiple lines of business, as do larger entities.
Applied Underwriters' Centauri Insurance Reaffirms Commitment to Underwriting in Gulf Coast Market as Above Normal Hurricane Season Looms and Solvency Issues Beset Insurers and Diminish Availability
By contrast, Centauri Specialty Insurance Co. and Centauri National Insurance Co. are writing new business after ending 2021 with good results, entering 2022 with its 'A' rating affirmed by Demotech, the national rating agency, and having its reinsurance treaties completed early enough to avoid capacity problems, according to Steve Menzies, Chairman of Applied Underwriters.Mr. Menzies stated: "We are standing solid in the market for our many brokers and their insureds with no compromises in our financial integrity or product quality, as brokers and consumers anxiously seek coveragea??often on tight deadlines for renewals and new policies. The demand created by other insurers' insolvencies and lack of adequate reinsurance financial backing is high, and our staff is meeting it efficiently, with an overall firm delivery commitment that will help sustain the market in the various states around the Gulf and serve our brokers and customers.
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