Press Releases

ORLANDO, FL - August 23, 2006 - Reese I. Bowen Appointed President, St. Johns Insurance Company

We are pleased to announce the appointment of Reese I. Bowen to the position of President, St. Johns Insurance Company.  Mr. Bowen had previously held the titles of Managing Director and Underwriting Director with St. Johns.

Mr. Bowen has over 35 years’ experience in insurance management, underwriting, product development and operations both domestically and internationally. In his career, he has held senior management positions with AIG Risk Management, Midland Intermediary and Coopers & Lybrand Risk Management Consulting. He is a graduate of Georgia State University.

"Our Board of Directors was unanimous in our selection of Reese," said Chairman Jim McCahill.  "Reese is uniquely qualified and deserving, and has been instrumental in St. Johns' success from its founding."

St. Johns is an Orlando, FL based company specializing in homeowner's insurance.

ORLANDO, FL - July 31, 2006 - St. Johns Insurance Company Approved by State for Homeowner Insurance Surplus Note Loan Program 

St Johns Insurance Company receives approval for $20,000,000 loan from the State of Florida earmarked for new Homeowner capacity throughout the state. The $20,000,000 Note is the first such transaction resulting from the Senate Bill 1980 passed by the Florida State Legislature and signed by Governor Bush into law on May 16th. The "Insurance Capital Build-Up Incentive Program", administered by the State Board of Administration (SBA), was enacted as an incentive to Florida homeowner insurers, credit worthy and in good standing, able to demonstrate a stable business plan and ability to repay the State over a 20 year term. The insurer must commit to writing homeowner policies in Florida, and must match the state's loan with new capital investment. The qualified Company must then possess a minimum of $50,000,000 policy holders' surplus. "The program could not have come at a better time for Florida homeowners and insurers," said James McCahill, President and CEO of St. Johns Insurance Company. 

"Homeowners have been hit very hard in the past few years," says McCahill, due to the unprecedented hurricane activity and losses in Florida and neighboring states. Insurers such as St. Johns have found reinsurance protection nearly impossible to buy, or completely unaffordable. The result, in addition to higher rates, has been very difficult for Floridians to swallow. Longstanding Florida companies, formed as a response to Hurricane Andrew in 1992, have been forced into supervision or liquidation, putting even more pressure on the State owned Citizens Property Insurance Company. Additionally, larger, national companies have begun systematically and predictably reducing their exposure in the Florida Homeowners market. This legislative effort, while not a "quick fix", will help stabilize Florida insurers long term growth and stability, lessening the pressure on Citizens, and increasing competition. St. Johns is the first company approved for the funding, and McCahill explains the impact on St. Johns: 

"St. Johns was founded in 2003 and began writing homeowner business in January 2004. Our goal was to create a stable and committed Florida homeowners company for our agents and policyholders. Right out of the chute we were hit with the 2004 and 2005 storm seasons. While not a desirable start for any business, we were very proud of our claims response in each season, and never considered deviating from our strategy and business plan. We re-capitalized and pressed on. Our reinsurers and agency network have been supportive and loyal. Our client renewal rate has been consistently in the 95% range. While we have had to modify our business plan due to dramatically increased costs, we remain steadfast in our long range plan of being the best homeowner insurer in the State of Florida, and that means quality, stability, and service, especially in claims handling. Since there is limited interest by the institutional investors (Florida property insurance is considered the ultimate in high risk investment), the Legislature did a very good thing for Florida homeowners in the passage of this bill. It is a smart bill, and will generate new investment in the State Homeowners market. We are proof of that, and I'm sure other companies will follow our lead." 

St Johns writes in 64 counties in the state of Florida and currently insures over 100,000 policies. ”Unfortunately, we have had to stop writing in a number of counties due to saturation and lack of capacity," says McCahill. “This strengthening of our surplus will allow us to re-open those counties previously closed and provide substantial additional capacity throughout the State. We expect to write in excess of 100,000 new policies in the next 12 months, or in excess of 200,000 by December 2007. God willing, we experience a reasonable hurricane season and that number will increase substantially in the following year." 

"The SBA worked expeditiously and admirably in negotiation and approval of this undertaking. We can't speak highly enough of the leadership and diligence exhibited by the SBA team. I'm also very proud of our team's response and the support of our business partners in helping us make this happen. This is a perfect example of how the public and the private sectors can work together to the benefit of the Florida consumer." 

St. Johns is a Florida owned business based in Orlando. Their website is www.stjohnsinsurance.com.

ORLANDO, FL – December 18, 2003 – New Homeowners Insurer Opens Doors In Florida

Homeowners insurer, St. Johns Insurance Company, announced today that it is open for business in the state of Florida. St. Johns, which is rated “A” Exceptional by Demotech, is writing voluntary homeowners policies in all counties. The company will offer both a standard and preferred homeowners product.

St. Johns Insurance Company, a privately-held insurer, is owned by St. Johns Holding Company. The primary shareholder in the new venture is Braishfield Associates, a managing general agency and program developer with more than a decade of experience in marketing and underwriting homeowners in Florida. Seibels Bruce, a minority shareholder, will provide claims adjusting and catastrophe services and Web-based policy management systems.

According to James McCahill, CEO of Braishfield Associates and chairman of St. Johns, “Our experience in working with homeowners insurers in the state was the driving force behind St. Johns. We’ve seen the frustrations homeowners and insurance agents face due to the limited choices available. We are committed to building a consistent, financially-stable insurance company that delivers high-quality policy and claims services through Florida’s best agents. We have assembled the strong, experienced management team we need to achieve that goal.”

Michael Hoagland has been named president of St. Johns Insurance Company. He has 25 years’ experience in the property/casualty business in Florida. Other members of company management include: Reese Bowen, Russell Beck, Scot Moore, Debra Hendry, Robert Lucas, Edward Falzarano and Michael Culbertson.

St. Johns Insurance Company is headquartered in Orlando at 5950 Hazeltine National Drive. Its products are available through a statewide network of 1,900 agents. To locate an agent who represents St. Johns Insurance Company, call Debra Hendry at 407-856-7779.

About Braishfield Associates

Braishfield Associates, Inc., headquartered in Clifton, New Jersey, creates, designs and manages proprietary commercial and personal insurance programs. The company was established in 1984. Today, Braishfield is licensed to do business in 34 states, is represented by 12,000 independent and direct-writer agents and serves 100,000 policyholders.

About Seibels Bruce, Inc.

The Seibels Bruce Group, Inc., headquartered in Columbia, South Carolina, is a holding company for four property and casualty insurance companies that offer commercial and nonstandard automobile insurance. In addition, Seibels Bruce offers claim administration services to insurance companies and other businesses through Insurance Network Services, Inc.; flood zone determination services through America’s Flood Services, Inc.; and managing general agency services through Seibels, Bruce & Company.