editorial

By any measure, Poe Financial Group was a success story when it came to Florida’s homeowners’ market. Unlike other take-out companies, Poe promised to be here for the long haul. Poe took this commitment seriously as it placed three insurers under its umbrella, which, combined, became the second largest private carrier in South Florida. That, however, was before eight hurricanes and four tropical storms decided to leisurely make their way across the state within 15 months.

As a result, the company has had to pay out some $2 billion in hurricane damage due to the 2004 and 2005 hurricanes, an estimate that is expected to grow as the 2005 claims continue to develop. Add to that fact a myriad of complaints from consumers whose homes have yet to be repaired and the fact that the 2006 hurricane season is just weeks away, the company faced two options. Shed its exposure as quickly as possible, or close its doors and let the chips fall where they may.