Baton Rouge, LA (PRWEB) May 25, 2016
Acadian Managers, LLC (“Acadian”) announced today it has entered into an agreement with Spinnaker Insurance Company (“Spinnaker”) to underwrite and market Spinnaker’s Homeowners and Dwelling Fire products in Louisiana through Acadian’s network of over 250 agents. Spinnaker will be Acadian’s exclusive insurance carrier rated A- or better by A.M. Best Company for Louisiana business.
After Hurricanes Katrina and Rita struck Louisiana in 2005, many highly rated carriers withdrew from or significantly reduced their writings in the state. Acadian was formed to bring higher quality paper back to the market. Last year, Acadian entered into a similar agreement with Ocean Harbor Casualty Insurance Company.
“We are delighted to make Spinnaker’s products available to Louisiana agents and consumers. This agreement represents a significant step in the recovery of the Louisiana property insurance market” said Mike Toffoli, Acadian’s President.
Acadian plans to begin offering Spinnaker products in the voluntary market in the early fall and will work with Spinnaker during the next round of Louisiana Citizens Depopulation.
Spinnaker is an A.M. Best Company A- rated P&C carrier that offers admitted insurance products in 44 states and the District of Columbia. Spinnaker’s competitive strategy is to utilize Program Administrators to access niche markets around the country, focusing on short-tail business (with an emphasis on homeowners, renters, and small commercial) and certain specialty lines.