1347 Property Insurance Holdings Approved to Write in Texas

Property/casualty insurer, 1347 Property Insurance Holdings Inc., which writes business in Louisiana through its subsidiary, Maison Insurance Co., announced it has been granted a Certificate of Authority to write P/C insurance in Texas

Maison Insurance received approval from the Texas Department of Insurance on May 12, the company said.

CEO Doug Raucy said the company has been working on the Texas expansion for a year and is “ready to begin writing policies through a variety of channels once our forms and rates are approved.”

Maison reported direct premiums written of $8 million in the first quarter of 2015, which represents a 41.2 percent increase over the $5.7 million reported in the prior year quarter. Net premiums earned increased 46.3 percent to $6 million from $4.1 million. Operating income increased 5.8 percent to $2.4 million from $2.3 million, and the net combined ratio was 65.8 percent, compared with 45.4 percent in the prior year quarter. The company said the increase in combined ratio was primarily due to higher general and administrative expenses.

Maison’s insurance offerings currently include homeowners’ insurance, manufactured home insurance and dwelling fire insurance.

Source: 1347 Property Insurance Holdings