Stewart Insurance Solutions to Offer Insurance Options in Five States
|May 18, 2004|
HOUSTON, /PRNewswire-FirstCall/ -- Stewart Insurance Solutions, a wholly owned subsidiary of Stewart Information Services Corp. (NYSE: STC), has begun operation in Houston. The company will offer home, flood, auto and other personal insurance coverage through Stewart Title offices in Texas, Indiana, Illinois, Missouri and Colorado.
"While the insurance crisis may seem to have eased, we knew that offering our homebuying customers another option for homeowners and other insurance would help assure a quick, efficient closing," said Glenn Clements, group president, Stewart Title Co.
A year ago, the Wall Street Journal reported that after two years of huge losses, homeowners insurance carriers had slowed their rate increases -- but still recommended shopping around for the best rate. Industry publication Realty Times noted last fall that the economic burden on consumers has come not only in higher insurance premiums, but also in reduced coverage, canceled policies and insurance coverage denials.
And in July 2002 -- in the worst of an insurance crisis -- the Texas Association of Realtors® surveyed its members and reported that 70 percent who responded had seen one or more real estate transactions delayed because clients had problems securing coverage. Just over 50 percent said one or more of their clients was unable to secure homeowners insurance coverage at all, and 35 percent said a client's homeowners policy was canceled within 90 days of being issued.
Jerome Magana, president of Stewart Insurance Solutions, works with eight different carriers for a number of coverages, including home, auto, boat and umbrella. He is a 12-year insurance industry veteran, who for most of that time owned his own independent insurance agency in Houston.
"In this environment where increased choices give better options for finding the best rate for the coverage they need, homebuyers can benefit from working with an independent agent," said Magana. "At the same time, we can take care of their needs for auto and other personal insurance coverages."
Magana will be working with Stewart Title offices in Texas, Indiana, Illinois, Missouri and Colorado, and may be reached by e-mail at firstname.lastname@example.org .
Source: Stewart Information Services Corp