FOR IMMEDIATE RELEASE

March 2, 2022

SafePoint Assumes Policies from Americas Insurance Co.

Insurance Commissioner Jim Donelon announced today that SafePoint Insurance Co. will take over approximately 24,000 homeowners policies from Americas Insurance Co. SafePoint previously took over policies from two other insurers that failed in the aftermath of Hurricane Ida, Access Home and State National Fire, in December.

SafePoint’s assumption of these policies, which is retroactive to February 1, means that 24,000 Louisiana households can avoid searching for new insurance coverage or turning to Louisiana Citizens Property Insurance Corp., the state-sponsored insurer of last resort, after Americas was placed into receivership in January. Policyholders who were previously with Americas will have their policies automatically transferred to SafePoint on the same rates and terms that Americas offered.

“SafePoint’s decision to step up and take on all 53,000 policies left behind by the three insurers that failed following Hurricane Ida is great news,” said Commissioner Donelon. “Their assumption of these policies will help ensure Louisiana policyholders have a smooth transition into 2022 and beyond.”

SafePoint, based in Florida, has been licensed in Louisiana since 2015 and has an A rating from Demotech. As of the end of 2020, it had just $959,035 in direct written homeowners premium and 0.05% of the Louisiana homeowners insurance market. The insurer will grow dramatically with its takeover of Americas, Access Home and State National Fire polices. Americas had a combined $26.9 million in direct written premium and 1.31% of the homeowners insurance market in Louisiana.

SafePoint has voluntarily agreed to grant those customers who had been with Americas for more than three years the protection provided by Louisiana’s unique three-year consumer protection statute that makes it difficult for companies to non-renew or change rates or coverage on an individual basis.

These transfers will occur even if the customer’s home was damaged by Hurricane Ida and has not yet been repaired. SafePoint is also guaranteeing renewals of all policies for at least one year after February 1.

The Louisiana Insurance Guaranty Association (LIGA) is responsible for the approximately 13,000 Hurricane Ida-related claims, as well as for claims from other events, that were incurred prior to February 1. SafePoint will cover any insurance claims incurred on or after that date.

LIGA can pay up to $500,000 per claim due to legislation sponsored by Commissioner Donelon that increased coverage from $150,000 to $300,000 per claim in 2008 and from $300,000 to $500,000 in 2010. Those increases make Louisiana one of only nine states with guaranty fund coverage limits that high.

Louisiana Citizens offers coverage for any property owner who cannot get coverage from a private company, even for storm-damaged homes.

Americas customers with questions about their coverage should call SafePoint at 855-243-9740 or contact their insurance agent. They can also reach the receiver at 225-201-0107.

Americas customers with questions about an insurance claim with a date of loss before February 1, 2022, should contact LIGA at 225-277-7151 or go to https://www.laiga.org/. LIGA can pay claims of up to $500,000 per policyholder.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.