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21st Century Holding Company, a vertically integrated financial services holding company, announced that one of its subsidiaries, Federated National Insurance Company, has been granted approval by the Florida Office of Insurance Regulation to take out 31,000 homeowners insurance policies from Citizens Property Insurance Corporation.

Richard Widdicombe, CEO, said, “With this approval, Federated National will add roughly $60 million in annualized premium to its homeowners’ program. We expect that approximately $30 million of the premium will be assumed in April, with the balance coming on within the following six months. These policies were selected without deviating from our strict underwriting guidelines.

“Federated National will also benefit from a $9 million take out bonus that will remain in an escrow account drawing interest until 2007, at which time it will become income to the company. This approval allows us to expand a product line which has been consistently profitable, helps Citizens depopulate their program, and benefits Florida homeowners, who will have a new alternative in the property insurance market.”

The company, through its subsidiaries, underwrites standard and non-standard personal automobile insurance, flood insurance, general liability insurance, mobile home insurance and homeowners’ property and casualty insurance in the State of Florida. The company underwrites general liability in the state of Georgia as a surplus lines carrier. In addition, the company has underwriting authority and process’ claims for third party insurance companies.

In addition to insurance services, the company offers premium finance services to its insureds as well as insureds of third party insurance companies.

Topics Florida Homeowners