Ocean Harbor Casualty Insurance Company (Ocean Harbor) and Accentus Insurance Group (Accentus) are participating in the current round of Louisiana Citizens depopulation.  Ocean Harbor seeks to assume certain HO-2 and HO-3 policies written by Louisiana Citizens.

Frequently Asked Questions

Who is Ocean Harbor?

Ocean Harbor is a Florida-domiciled insurance company.  It is a member of the Ocean Harbor Insurance Group.  In addition to Louisiana, it is licensed to write business in Alabama, California, Florida, Mississippi, New Jersey, New York, Oklahoma, South Carolina, and Texas.  For more information about Ocean Harbor, visit their website at www.oceanharbor-ins.com.

Who is Accentus?

Accentus is the new name for Acadian Managers, a general agency offering coverage through Ocean Harbor and others in Louisiana since 2015.  Accentus serves as Ocean Harbor’s Louisiana program administrator.  For more information, visit our website at www.accentusins.com.

How do Ocean Harbor’s premiums compare to Louisiana Citizens’?

In all cases, Ocean Harbor’s premiums are lower than Louisiana Citizens’.  On average, Ocean Harbor’s rates are 10% below Louisiana Citizens’ renewal rates.

What commission rate will I receive from Accentus?

Accentus pays 12%/10% new/renewal commissions on homeowners policies.  The first renewal of depopulated policies on Ocean Harbor paper will be treated as new business.

Why would Ocean Harbor choose to assume a policy in areas they are non-renewing policies for exposure management or are not open for new business?

Every risk is different. If a company has a concentration of risks in a zip code, it doesn’t mean it can’t take on some additional risks there. The issue is the company can’t evaluate the risk’s contribution to reinsurance cost in real time when the risk is submitted for binding by an agent. Louisiana Citizens depopulations allow the company to evaluate risks in advance to determine their impact on reinsurance cost. The risks that have been chosen to assume have therefore been evaluated and determined not to have a negative effect on the company’s reinsurance cost.

This same dynamic applies to non-renewals. If a policy must be non-renewed, it is because the same analysis shows the risk having a detrimental effect on the company’s reinsurance cost. Non-renewal is always the company’s last choice in such instances though. If a non-renewal is necessary, it is only because the company has been unsuccessful in getting approval from the LDI to charge enough premium in that zip code to cover that specific risk’s contribution to reinsurance cost.

Will depopulated policies be re-underwritten?

Based on data provided by Louisiana Citizens, all policies selected for depopulation are eligible for Ocean Harbor’s HO program.  

Hurricane Ida highlighted the impact high inflation can have on carriers, agents, and insureds.  Should such inflationary conditions persist, to protect all parties, it may be necessary to evaluate policy limits to ensure adequate replacement cost coverage.

What is the financial security of Ocean Harbor Casualty Insurance Company?

Ocean Harbor is rated B by AM Best and A by Demotech.

How do I authorize Ocean Harbor to depopulate policies?

Through the Depop Agent Portal.  The Depop Agent Portal can be accessed through EPIC with the producer’s system administrator’s login.

The Depop Agent Portal menu item will display once logged into EPIC as the producer’s system administrator. The portal will display each of producer’s policies up for take‐out and indicate whether Ocean Harbor has requested the policy.  Select Ocean Harbor to authorize the policy for depopulation.

How long do I have to authorize Ocean Harbor to depopulate policies?

Agents will have access to the Depop Agent Portal January 16, 2023, through February 28, 2023.

Will the producer be affected if a policy is assumed?

The current producer will remain the agent of record on all policies assumed by Ocean Harbor.

How will policy changes be handled?

Citizens will continue to maintain the policy until expiration. Citizens will also renew assumed policies until June 30, 2023.  Ocean Harbor will renew the policy on their paper starting July 1, 2023.

How will losses be handled?

All losses for assumed policies occurring on or after April 1, 2023 will be handled by Ocean Harbor.  Losses occurring prior to April 1, 2023 will be handled by Citizens.

Will policyholders be notified about the assumption?

Prior to April 1, 2023, producers and policyholders will be formally notified of the assumption by both Ocean Harbor and Louisiana Citizens.

Other questions?

Contact Accentus at (225) 416-0608 or marketing@accentusins.com.