Former Citizens boss targets Florida with start-up

Elements Property Insurance Company (EPIC) has been licensed by the Florida Office of Insurance Regulation to write homeowners business in the state of Florida.

Elements was founded by Bob Ricker, who has over 30 years’ experience in the Florida property insurance market and served as president of Citizens Property Insurance Corporation from 2003 through 2006.

The company has been assigned a Financial Stability Rating of A from Demotech, a provider of financial ratings for insurance companies.

“We are very pleased to deliver capital to address the needs of the Florida insurance market over the long-term,” said Ricker. “EPIC is committed to maintaining a high level of financial security underpinned by strong and diversified reinsurance support, and assembling a team of underwriting and claims professionals providing unsurpassed service to our partner insurance agents and policyholders.”

The Florida Office of Insurance Regulation has approved EPIC to assume policies from Citizens beginning in December 2013. The company will limit its assumption to policies it intends to write over the long-term.

In early 2014, EPIC will introduce a “voluntary market” programme through the independent agency channel, offering numerous coverage options. Currently, Elements is seeking to appoint a select group of additional insurance agency partners and is recruiting highly qualified professionals for a variety of roles.