Could troubled insurance company return to Florida market?

WEST PALM BEACH, Fla. — The report this week of a possible return of a Florida insurance company is being viewed as a positive sign to the state’s struggling insurance landscape.

The Insurance Journal is reporting that Anchor Insurance is considering rising up from runoff status — no longer writing new policies and unable to collect premiums to pay claims.

The report says the reforms in insurance are being viewed positively by company executives.

WPTV

“The news with Anchor, you’re seeing them now kind of showing signs of resurrection,” Lee Wiglesworth at the Wiglesworth-Rindom Insurance in Stuart said. “It may two or three years before they’re offering competitive homeowners insurance again, but there’s new start-up companies.”

The relief however seems to be slow in coming to policyholders who are still dealing with very high premiums and difficulty in finding coverage.

Lawmakers and industry experts say luring in more companies and increasing competition is the solution, but it could take months and maybe years.

“We read in the papers and see on the news the changes will fix the insurance industry, and all of that is true, except it’s not happening now,” Wiglesworth said. “We’re still getting rate increases on homeowners insurance.”