Lighthouse Property Insurance Corporation
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| Industry | Insurance |
|---|---|
| Founded | 2008 |
| Defunct | 2022 |
Key people | Patrick White |
Lighthouse Property Insurance Corporation was an American property and casualty insurance company. It was founded in 2008 by Patrick White and operated in Southeastern coastal states such as Louisiana, North Carolina, South Carolina and Texas. The company merged with Prepared Insurance Company in 2017 to expand into Florida.[1] Lighthouse was reported to have more than 13,000 policies in Florida and Louisiana by 2020 and thousands more in other states.[2][3][4][5] White was its president, chief executive officer and director.
Lighthouse was placed in a "conservation proceeding" by Jim Donelon who allowed a temporary rehabilitation to give the company time to raise $65 million in new capital investments despite reporting three straight years of net losses from 2020 storms in Louisiana. It was the first time in years that a Louisiana carrier had been covered by a conservation proceeding. In March 2022, Donelon signed an order placing Lighthouse Insurance in liquidation proceedings after its losses from Hurricane Ida and an inability to service a large number of claims.[6][7][8] Lighthouse was based in Tampa, Florida at the time of the Louisiana judge's liquidation ruling.[9]
It was served a $65 million lawsuit in 2024 for willfully defrauding and materially misrepresenting the company's financial issues.[10][11]
See also
[edit]References
[edit]- ^ "Lighthouse Property Insurance Corporation Announces Merger Closing". Business Wire.
- ^ "Lighthouse Homeowners insurance liquidation leaves customers in the lurch". ABC Action News Tampa Bay (WFTS). 2022-05-04. Retrieved 2024-10-02.
- ^ Dutes, Sheldon (2022-05-19). "'Stuck with the bill': How Florida insurance companies going under leaves buyers out to dry". WESH. Retrieved 2024-10-02.
- ^ Grossman, Hillard (2022-07-25). "Sixteenth homeowners' insurance company leaves Florida market, cancels all policies citing business risk". IslanderNews.com. Retrieved 2024-10-02.
- ^ II, Michael Finch (2022-05-29). "Louisiana's insurer of last resort adds 13,000 policies as private insurers falter and retreat". NOLA.com. Retrieved 2024-10-02.
- ^ William Rabb (October 31, 2023). "Lighthouse Insurance Misled Hedge Funds Before it Collapsed in 2022, Lawsuit Claims". Insurance Journal.
- ^ Alford, Jeremy (2023-12-22). "How did Insurance Commissioner Donelon help ailing insurance company?". State Affairs.
- ^ "Commissioner Donelon Places Lighthouse Property Insurance Corporation Into Receivership". NPR News and Music. 2022-04-14. Retrieved 2024-10-02.
- ^ "Insurer ordered to liquidate". www.insurancebusinessmag.com. Retrieved 2024-10-02.
- ^ "Investors File Complaints Against Former Lighthouse Insurance CEO and TigerRisk Advisors for Massive $65 Million Fraud in New York Supreme Court and Florida's Ninth Judicial Circuit Court". GlobeNewswire News Room (Press release). 2024-04-22.
- ^ "Property insurer, reinsurance brokerage sued for fraud". www.insurancebusinessmag.com. Retrieved 2024-10-02.