Philip DeRosa

Bradenton, FL (USA)
Role(s):
Founder/Owner/Principal

Phoenix Insurance Holdings, Inc.

Find More Startups Startup
Location: Bradenton
Industry: Insurance
Year Founded: 2008
Number Employees: 1-10 people
Description: I left a Florida residential property insurance company that commenced operations in January 2005 on September 29, 2008 as I saw a market opportunity to form a new "virtual" (policy and claim services out sourced) residential property insurance company on a more profitable basis. I am working with Guy Carpenter and BMS Group, reinsurance brokers based in New Jersey and London, both of which having a substantial Florida presence. We are seeking to have capital in Phoenix Insurance Holdings, Inc. (incorporated on October 1, 2008) in place by the end of February 2009 and commence operations in May 2009. We would start operations in May with an immediate annual premium base approximating $62 million via assuming approximately 58,000 policies from the quasi Florida state-owned residential property insurance company, Citizens Property Insurance Corporation, providing an immediate base of operating capital. A staff of personnel experienced in Florida residential property insurance companies is postured to join our insurer on commencement of operations, thereby eliminating any personnel learning curve. On September 29, 2008, the company I left as President & CEO was Gulfstream Property and Casualty Insurance Company. I acted in that same capacity for its holding company and its sister company, a Managing General Agency. We were licensed in late November 2004 with a $10 million loan (in the form of Preferred Stock paying a monthly dividend equal to an annual interest rate of 11.5%) and commenced operations in January 2005. At December 31, 2007, the insurance group had a positive shareholder value in excess of $17.12 million, net of a remaining loan of $6 million and my equity interest of 10.8% has a value in excess of $1.8 million, payable over 10 years. In 2005, while the company incurred castrophe losses in excess of $270 million due to multiple hurricanes, our absorption was less than $3 million due to our conservative reinsurance program placement. I had a similar financial performance history with my first Florida residential property insurance company, First Protective Insurance Company, from March 1998 through June 1999. Five Year pro forma financial statements project Sharholder ROE growth of 593%. We are seeking $10-11 million in start up capital, in any combination of equity or debt. If you are interested in participating in this opportunity, please contact me and we will send you a copy of our Mutual Confidentiality Agreement followed by our Business Plan and the consolidated financial statements of Gulfstream at December 31, 2007.