Louisiana’s insurer of last resort seeks to offload commercial policies to Mississippi company
Whelp, we have a new commercial company coming into Louisiana to assume most of the Louisiana Citizens policies in a depopulation move. Catch this article. Property Insurance Company of America (PICA) is a Demotech (small) company. The only companies to go out of business after Hurricane Ida were Demotech companies. HOWEVER, PICA is admitted, which means it's backed by LIGA, and Demotech companies are carrying much more reinsurance than pre-IDA, and not carrying enough reinsurance was why those companies went out of business. I am looking forward to seeing how the companies performs:
