Jeffrey Wade
Windhaven Insurance was a Texas and Florida-based auto insurance carrier with a unique business model based on internal culture, innovation, and data-driven decision-making. The company was founded in 2004/2005 and had 104-110 competitors. Windhaven Insurance ceased operations in 2020, with all insurance policies issued by the company cancelled effective 12:01 am on February 5, 2020. Given that Windhaven Insurance no longer operates, the company does not offer commercial insurance.
| Characteristics | Values |
|---|---|
| Company Status | Windhaven Insurance is no longer in business as of February 2020. |
| Insurance Policies | All insurance policies issued by Windhaven Insurance were cancelled effective 12:01 a.m. on February 5, 2020. |
| Outstanding Claims | FIGA was activated to help pay covered outstanding claims for Windhaven policies. |
| Location | Windhaven Insurance was based in Miami, United States, with operations in Texas and Florida. |
| Type of Insurance | Windhaven Insurance was an auto insurance carrier, also offering home insurance. |
| Business Model | The company had a unique business model based on internal culture, innovation, and data-driven decision-making. |
| Customer Service | Windhaven offered online policy services, allowing customers to handle various processes directly through their website. |
| Cancellation Policy | Customers could cancel their coverage within the first 60 days with a written request and proof of other insurance or no possession of the vehicle. |
| Payment Terms | A late fee of $10 was applied if the premium payment was received more than 5 days after the deadline. |
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What You'll Learn
Windhaven Insurance Company is now defunct
Windhaven Insurance Company focused on the working class, offering affordable products with simple terms and low down payments. They also prided themselves on their excellent service, allowing clients to communicate via text messaging for claims services.
In January 2020, Windhaven Insurance was deemed "useless" by a judge who ordered the company's liquidation. Windhaven alerted its agents and employees in Florida that it was winding down its insurance operations, including those of its entities such as Windhaven National Insurance Co., ClutchAnalytics, and The Hearth Group. The Texas Department of Insurance placed Windhaven National Insurance Co. into receivership, and Florida officials began liquidating Windhaven Insurance Co. (WIC).
As a result of the company's closure, all insurance policies issued by Windhaven Insurance were cancelled effective 12:01 am on February 5, 2020. The Florida Insurance Guaranty Association (FIGA) was activated to help pay covered outstanding claims and unearned premium refunds to Windhaven policyholders.
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Florida Insurance Guaranty Association (FIGA)
The Florida Insurance Guaranty Association (FIGA) is a nonprofit corporation created by the Florida Legislature in 1970. FIGA is a fund created to take over the claims of insolvent (collapsed) property and casualty insurance companies. It establishes and maintains a service-oriented operation for processing covered claims of insolvent members. FIGA's membership is composed of all Florida-licensed direct writers of property or casualty insurance.
In the event of insolvency, member company claims for covered lines of business are eligible for FIGA coverage. FIGA steps in to process open claims and assumes responsibility for those claims that have gone to litigation. FIGA covers claims for losses that occurred prior to the liquidation of the failed insurance company or within 30 days after the order of liquidation, unless the homeowner replaces the policy prior to the 30 days expiring. FIGA also refunds unearned premiums.
FIGA's personnel are trained to deliver fast, fair, and professional claim service. The operation is directed towards early recognition and payment of those covered claims which must be resolved to avoid hardship or financial difficulties for the insureds or claimants involved. The Association requires that its independent claim service contractors and defense attorneys provide this same quality and level of service.
The maximum amount FIGA will cover is generally $300,000 per covered claim. An additional $200,000 is available for structures and contents on homeowners' claims. However, no amounts will be paid in excess of the $500,000 cap for residential homeowners' claims.
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Windhaven's unique business model
Windhaven Insurance, a now-defunct company based in Miami, Florida, was an auto insurance carrier with 104-110 competitors. The company was founded in 2004 and was placed under receivership in 2020, which resulted in the cancellation of all its insurance policies.
Windhaven Strategies, on the other hand, is a global investment management firm that offers a unique approach to investing. Their strategy involves dynamically monitoring asset classes and adjusting allocations in response to market changes and risks. This dynamic investment approach combines short-term opportunistic shifts with longer-term strategic investment themes. By analysing economic and behavioural factors, they aim to capture growth in favourable markets and reduce risk during downturns.
Windhaven Strategies is particularly focused on transparency and communication with its clients, providing insights into quarterly market performance and the strategies employed to adapt to market changes. Their long-term approach to risk mitigation involves monitoring market cycles and adjusting portfolio weighting several times a year to maximise returns while managing risk.
The investment management firm offers three strategies that aim for capital appreciation by investing in a diverse range of asset classes. These include US and international equities, fixed-income securities, real estate, and hard assets such as commodities and gold. The fees for their services vary depending on the client's assets, with retail clients typically paying 95 basis points for portfolios with a minimum value of $100,000.
Windhaven Strategies was acquired by Charles Schwab Corp. in 2011 for $150 million, and since then, the company has grown significantly, with assets increasing from $4 billion to $5 billion. This growth has been attributed to the increased number of advisors seeking their ETF-only strategy and the efficiencies gained from the single-contract platform.
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Windhaven's online policy service
Windhaven Insurance was a Texas and Florida-based auto insurance carrier with a unique business model. The company was founded in 2004 and is now deadpooled, ceasing operations as of January 2020.
Windhaven offered a helpful online policy service for its insured drivers. This allowed customers to handle many processes directly through the website, without needing to contact a customer service representative. Customers could log in or register for an account to service their auto insurance. They could also upload vehicle photos and other documents directly through the website.
To cancel coverage within the first 60 days of the policy's start date, customers needed to provide a written request and a signed cancellation letter, as well as proof of other insurance or that they no longer had the vehicle. This could be done through the online policy service, with customers able to upload photos and documents directly.
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Windhaven's liquidation and auctioning of assets
Windhaven Insurance Company, a Florida-based auto and home insurer, ceased operations in 2020. The company alerted its agents and employees that it was winding down the insurance operations of its entities, including Windhaven National Insurance Co., ClutchAnalytics, and The Hearth Group. Windhaven's assets were foreclosed on by a lender and intended to be sold at a public auction.
The liquidation of Windhaven Insurance was ordered by the 419th Judicial District Court of Travis County, Texas, on March 5, 2020. The court appointed a Special Deputy Receiver, Risk & Regulatory Consulting, LLC, to oversee the liquidation process. The liquidation order triggered statutory obligations to Texas policyholders and claimants under the Texas Insurance Code, known as the Guaranty Act.
As a result of the liquidation, all insurance policies issued by Windhaven were cancelled effective 12:01 a.m. on February 5, 2020, unless otherwise terminated prior to that date. The Florida Insurance Guaranty Association (FIGA) was activated to help pay covered outstanding claims for Windhaven policies, subject to certain limits. FIGA also handled claims for Windhaven Insurance Company, a related company that was licensed only in Florida and not Texas.
The liquidation of Windhaven Insurance resulted in the layoff of employees, with the company informing them that its efforts to seek financing had been unsuccessful. The lender initiated the process of selling the company's assets at a public auction, which was scheduled for March 4, 2020.
The Texas Department of Insurance assumed jurisdictional control over the affiliates of the now-defunct Windhaven National Insurance Company, including the underwriting management company and its claim management firm. Policyholders were advised to contact their agents or the relevant offices to seek replacement coverage and protect themselves from delays or violations of Florida State law.
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Frequently asked questions
No, Windhaven Insurance is no longer in business as of January 2020.
Windhaven Insurance offered auto and home insurance.
The Florida Insurance Guaranty Association (FIGA) will pay covered outstanding claims for Windhaven policies.
