Delray Beach, Florida, United States, 9th May 2024, King NewsWire – MPR-Fintra, Inc., a pioneering insurance broker based in Delray Beach, has announced the development of a new reciprocal insurance company dedicated to condominium associations across the state. This initiative is poised to bring substantial relief to condo owners who are currently facing prohibitive insurance premiums.
Donald Cleveland, President of MPR-Fintra, Inc., expressed his concern about the situation, stating, “Condominium associations, particularly in older communities with a high population of retirees, are severely impacted by the unchecked rise in property insurance premiums. It’s reached a point where many residents fear they might have to forfeit their homes if nothing is done to control these costs.”
The new company is being developed under a specific provision of the Florida Insurance Code, which allows policyholders to band together to form a reciprocal insurance entity. This structure not only resembles a mutual company but also grants policyholders more direct control over their insurance operations. Details about the formation and operational strategy of the new insurance entity can be found on the recently launched website at www.condoinsurancefla.org.
“By establishing their own insurance company, condominium associations will gain access to more reasonably priced property insurance. This could be a game-changer for many Floridians who are currently struggling with unsustainable costs,” Cleveland added.
The new insurance company is expected to have lower internal costs compared to traditional insurers, as it eliminates the need to pay dividends to shareholders. Instead, profits can be reinvested into the company for the benefit of the policyholders, potentially leading to further reductions in premiums or dividends being paid back to the policyholders.
This new initiative marks the third reciprocal insurance company formation led by Donald Cleveland, showcasing his enduring commitment to innovative insurance solutions. “Over the years, we have successfully established insurance entities that not only meet the needs of our clients but also provide substantial financial benefits,” Cleveland remarked. “This initiative is part of our broader strategy to form standard and reciprocal insurance companies that address specific market needs and dynamics.”
MPR-Fintra is optimistic that with sufficient participation from the condo community, the new insurance company will begin operations by the end of the year, promising a new era of affordable insurance solutions for Florida’s condominium owners.
About MPR-Fintra, Inc.
MPR-Fintra, Inc., headquartered in Delray Beach, Florida, is a leading insurance broker that specializes in innovative risk management and insurance solutions, including captive insurance formations both domestically and internationally. With a robust track record of developing bespoke insurance strategies, MPR-Fintra continues to serve as a trusted advisor and advocate for its diverse client base.
Media Contact
Organization: MPRFintra
Contact Person: Don Cleveland
Website: https://mprfintra.com/
Email: Send Email
City: Delray Beach
State: Florida
Country: United States
Release Id: 09052411870