Obamacare Provides Large Windfall To Insurance coverage Firms As Quality Of Healthcare Declines

Insurance CompaniesSome auto companies can be actively concentrating on sure sorts of insurance coverage policy or drivers and will due to this fact give discount costs for brand new clients however will not essentially carry these forward to later years. In case you do have a claim, you will have an insurance firm who can actually act on their promise! Retaining insurance Companies wholesome in Florida is the stated goal of the Florida Department of Insurance coverage and the Florida Department of Financial Companies (DFS”). Such was the case of The Aries Insurance Firm (Aries”) when DFS failed to gather the re-insurance cash contractually owed to Aries, a South Florida insurance firm that within the aftermath of September 11 2001 ran into monetary troubles by being unable to accumulating from its re-insurers.Insurance Companies

Sadly, an immigrant Hispanic family was forced to look at as their American Dream and the non-public insurance coverage company they’d built over twenty years was brought to monetary damage by those very State businesses that have been obligation-bound to create an environment in which the corporate could thrive. Our agents’ knowledgeable knowledge of insurance ensures that each of our coverage holders is adequately protected.Insurance Companies

Aries Insurance coverage Company (a Florida domestic insurance company) served the South Florida Hispanic business community for greater than 20 years, during a time that nationwide insurance coverage firms refused to insure the Hispanic group. In 1981, Marcos Fraynd, patriarch of the family, invested $2 million to establish Orion Insurance coverage Firm, later renamed Aries Insurance coverage Firm.

After September 11, 2001, Basic Reinsurance Corporation (GenRe”) – (A serious Worldwide Reinsurance Company), the principle Aries re-insurer, made a decision to stop paying the re-insurance receivables it owed to The Aries Insurance coverage Company, solely for its personal monetary benefit. Outraged by GenRe’s actions, the Fraynd household contacted the then Insurance coverage high regulator Tom Gallagher to assist the Fraynd household and The Aries Insurance Firm to gather the reinsurance receivables from GenRe. The claims were all paid with funds supplied by the Florida Warranty associations.

On May 9, 2002, the Aries Insurance Company and the Fraynd Household voluntarily invited the Florida Division of Insurance coverage and The Florida Department of Financial Services to work with the Aries administration staff together to gather the re-insurance coverage cash from Basic Re. As of March 31, 2002, GenRe owed Aries $21M. Prompt action by the Florida receiver would have enabled Aries and its policyholders to survive. Located on the same premises with The Aries Insurance Firm was Onyx Underwriters, Inc., one other Fraynd Family business.