Maybe I don't get around much, but I've never read about a bank telling itsmortgage customers that they have to change their insurance company.
Vesta Insurance Group has apparently taken a hard hit on hurricane claims in the southeast. One of VIG's subsidiaries is local firm Hawaiian Insurance & Guaranty. Due to Vesta's deteriorating financial position, HIG's bonds have been dropped to a C+ rating. Bank of Hawaii requires its borrowers' homeowner insurance policies to be from companies with at least a B rating, so BOH has been ordering the switch. People are shopping for hurricane insurance at a time when requirements are tightening and insurers are dropping out... did I mention that the season starts in five days?
Brewer, have you been following the news on this trend?