American traditions have stopped a new business in Florida

Another property insurer has stopped writing new policies in Florida.

For homeowners, condominiums and rentals, “new business will be temporarily suspended until further notice,” American Tradition Insurance explained Thursday in a statement to agents around the state. “We will honor previously placed, eligible quotes by close of business next Friday, August 5.”

The move makes the company 13^Th To block at least some new business lines in Florida this year. The return was needed to “manage our exposure and be consistent with our growth projections,” the Pinellas Park-based company said.

American Traditions was launched in 2005 and is part of the TJ Gerger Managing General Agency. Although it specializes in manufactured home coverage, it quickly moved into homeowners and condo policies, the company said. John Jerger Jr. is president of Jerger MGA and American Traditions.

The number of policies American Traditions writes in Florida is not reported in the Florida Office of Insurance Regulation’s quarterly filing. But this month, AM’s best rating organization placed 28^Th Largest in the state, with 1.03% of market capitalization and $128 million in direct written premium.

Meanwhile, Tampa-based and 7-level American Integrity Insurance^Th In Florida, it announced additional policy restrictions to address the challenges of the stressed Florida market. The insurer only writes DP-3 policies for properties five years or less in eight counties, including the rent-heavy and densely populated counties around Orlando, Tampa and Palm Beach. In other provinces, the housing age requirement has not changed.

The company, which was one of the first to institute mandatory arbitration for claims, said the arbitration is now available for DP-3 policies and Integrity Select for older homes. The endorsement offers up to 20% discounts on new policies and renewals if policyholders agree.

“With your support, our new build volume is up 80% year-over-year, and our DP-1 unopened line is up 100%!” The carrier said in a memo to its agents. “Additionally, our specialty lines (floods, watercraft, open spaces, premium homes, umbrellas and golf carts) are up 33 percent year-over-year.

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