Newspaper article The Florida Times Union

FPIC Decides to Stop Accepting New Business

Newspaper article The Florida Times Union

FPIC Decides to Stop Accepting New Business

Article excerpt

Byline: Sarah Skidmore, Times-Union business writer

FPIC Insurance Group Inc., a Jacksonville-based company, recently decided to stop accepting new business because of an inability to serve the increased demand.

John Byers, president and chief executive, said the growth in the past year has been in its core market, which is professional liability insurance.

"Significantly improved pricing, increased demand and higher than expected retention have resulted in extraordinary growth over the last twelve months. . . . We see excellent opportunities for additional growth in our core markets, and, accordingly, we are actively exploring opportunities to expand our capacity to support additional growth," Byers said.

As of March 31, the number of policyholders at the company's professional liability subsidiaries, excluding fronted policies, was 15,570, up from 11,353 on March 31, 2001, a 37 percent increase. Net premiums written for the first quarter of 2002 on this business were $55.9 million, as compared with $30.8 million for the first quarter of 2001, an 81 percent increase.

The company will continue to renew existing policies.

Insurance deal

The deal between Unitrin Inc. to acquire Kemper Insurance Co.'s Jacksonville-based Individual and Family Group business unit recently closed.

Trinity Universal Insurance Co., a subsidiary of Unitrin Inc., announced its agreement in April to acquire Kemper IFG. The terms of the deal remain the same, but the projected need for 100 jobs is likely to be 200.

Because Kemper IFG will no longer have the corporate support associated with Kemper after the transition is finished, it will hire employees for accounting, human resources and other duties typically handled by the corporation.

Kemper IFG moved its subsidiary's headquarters from Chicago to Jacksonville's Southside in 2000. The company specializes in the sale of personal automobile and homeowner's insurance through independent agents.

The purchase price was announced at about $45 million, plus 1 percent of premiums written over an upcoming three-year period. …

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