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American Superior Insurance Company Consents to Rehabilitation Due to Unprecedented Storm Losses

9/29/2004

CONTACT:Tami Torres
(850) 413-2842

TALLAHASSEE-American Superior Insurance Company, an insurer that writes homeowners insurance coverage for nearly 60,000 Floridians, voluntarily consented today to be put into rehabilitation in response to losses sustained by the recent back-to-back hurricanes. The company's premium volume in 2003 was $34 million, representing less than 1 percent of the total homeowners insurance market.

The Florida Department of Financial Services, Division of Rehabilitation and Liquidation, will serve as receiver for the company. As receiver, the department will take over the company's operations and work to get claims resolved.

"Our number one priority will be to take care of policyholders with storm claims," said Florida's Chief Financial Officer Tom Gallagher, who oversees the department.

According to Gallagher, the department, as receiver, plans to hire more claims adjusters to handle the increased claims workload brought on by the recent storms.

Gallagher said the department has also established two toll-free numbers to assist policyholders. Policyholders who need to report a claim for the first time should call 1-800-270-8043. Policyholders with existing claims can call 1-866-928-4312. Policyholders can also report a claim by contacting their agent or following the claims reporting directions on the company's website at www.americansuperior.com .

Under the receivership terms, no policyholders will be cancelled.

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