As previously reported here, Louisiana launched the Insure Louisiana Incentive Program in an effort to attract more property and casualty and increase the private market capacity. The program provides grants ranging from $2 million to $10 million in matching funds to qualified property insurance companies. With the first round of applications complete, the Louisiana Department of Insurance has awarded $29 million of the total $100 million allocated for the program to five insurance companies. The five companies are: Imperial Fire & Casualty Ins. Co. ($5 million), Southern Fidelity Ins. Co. ($7 million), Occidental Fire & Casualty Ins. Co. ($10 million), ASI Lloyds ($5 million) and Companion Property and Casualty ($2 million). The Department will begin accepting applications in hopes of issuing the remaining $71 million on February 4, 2008, and the deadline for filing an application is March 3, 2008.
More information on this program can be obtained from the Louisiana Department of Insurance website.
