Second Insurer Applies for La. Grant Money

Louisiana Commissioner of Insurance Jim Donelon says another company has applied for grant money under the Insure Louisiana Incentive Program’s second offering. American Integrity Insurance Company of Florida met the March 4 deadline. A second Florida company, Bankers Insurance Company, was granted an extension until March 18 to complete their application. American Integrity Insurance Company of Florida is new to Louisiana, but Bankers Insurance Company is currently licensed to write insurance in the State. The public invitation requesting grant applications was issued on Feb. 4. This is the second round of the $100 million economic development plan designed by the Governor and Louisiana Legislature in 2007 to attract more property and casualty insurers to Louisiana and to increase the private market capacity by 15 percent. Five insurance companies received grants totaling $29 million in the program’s first round that ended Nov. 1, 2007. Those funds were awarded Jan. 11, 2008. Because not all of the $100 million in Incentive Program grant money was awarded in the first round, the remaining $71 million was offered in this second offering to insurers.