Americas Insurance to Write New Homeowners Policies in Louisiana

Americas Insurance Co., which previously took on nearly 1,000 homeowner policies that had been covered by Louisiana Citizens Property Insurance Corp., has said it expects to underwrite new policies in most Louisiana parishes.

Citizens, the state’s insurer-of-last resort, has been working to lower the number of policies it holds, and Americas is among the private companies that have helped Citizens reduce its load.

In June 2008, Insurance Commissioner Jim Donelon announced that Americas Under-writing Agency was one of five initial insurance companies to begin taking policies out of Citizens. The other four participated in the Insure Louisiana Incentive Program but Americas came in on its own.

Donelon said having more companies compete for business in Louisiana is a good thing. He said for many residents, homeowners’ rates remain expensive, but he said there’s been a “noticeable flattening of rates” since the devastating 2005 hurricanes.

According to information on its Web site, www.americas-insurance.com, Americas’ two operating companies, Americas Insurance Company and the managing general agency, Americas Underwriting Agency of Louisiana, are domiciled in Louisiana. Americas is jointly owned by Louisiana and UK shareholders.