Olympus Insurance Resolves All Known Issues with the Florida Office of Insurance Regulation

OIR Vacates Order of April 9, 2010

Jun 08, 2010, 16:32 ET from Olympus Insurance Company

ORLANDO, Fla., June 8 /PRNewswire/ -- The Florida Office of Insurance Regulation (OIR) has found that Olympus Insurance Company has satisfactorily addressed the issues raised in its Order dated April 9, 2010, that there are no other pending regulatory issues concerning Olympus, and that the Order has been vacated immediately, the Company announced today.  

"This resolution demonstrates that Olympus Insurance Company remains a healthy, viable player in the Florida homeowners insurance marketplace.  We will continue to build our presence throughout the state by our unique, disciplined growth strategy," said William Lowry, President of Olympus Insurance Company.  "We understand and are respectful of the responsibility and duty that the OIR has to Florida's insured residents.  With this positive resolution, Olympus again reiterates our commitments to our policyholders, our agents and regulators throughout the state and the insurance industry at large.  We remain committed to being the homeowner insurance company of choice in Florida," Lowry added.

"We are not at all surprised at the outcome of this analysis. This experience has allowed us to demonstrate our financial stability, claims-paying ability, and to discuss with the OIR the critical changes we implemented in 2009 which allowed us to strengthen our Company for the long term."

Lowry added, "Many experts are calling for an active hurricane season this year. Olympus has purchased enough reinsurance so that, should we experience three (3) sizable hurricanes similar to that which Florida has experienced in the past, Olympus would remain solvent.  Although three significant storms is highly unlikely in any given season, we all know that it could happen and that all policyholders should know if their carrier has this kind of ability to literally 'weather the storms' like Olympus."

About Olympus Insurance Company

Olympus was formed in 2007 with the mission of fulfilling homeowners' growing, unmet demand for coverage, along with superior quality service. Olympus, headquartered in Orlando, writes voluntary homeowners policies through a statewide network of over 2,000 agents. Approved to enter the Florida marketplace in May 2007, Olympus has received an A, Exceptional Financial Stability Rating from Demotech, Inc., a nationally recognized statistical rating organization. For further information on our homeowners' policies, please call 800-711-9386 or visit our company's website at www.oigfl.com.

SOURCE Olympus Insurance Company