Florida residents have a new option for homeowners insurance coverage.

Olympus Insurance Co., headquartered in Orlando's Sand Lake IV office building, said it has issued its first homeowners policy and is capable of writing 100,000 policies through its statewide network of more than 2,000 agents.

"We had probably four or five dozen quotes outstanding yesterday," said William Lowry, the company's president, who said he stood nearby Wednesday as an agent issued the first Olympus policy. "We hope to be a meaningful presence in the marketplace."

Olympus, which received a May approval from the state to open for business, said it has more than $50 million in capital, and its funding includes a loan from the Insurance Capital Build-Up Incentive Program from the Florida State Board of Administration. It has arranged its reinsurance, the coverage insurers purchase to help them pay claims after a hurricane, through the Benfield Group.

Lowry says Olympus is prepared to take on policies "anywhere, for the time being," with an aim toward never deciding to avoid policies in any region of the state.

"There's a great demand for insurance in Florida. Where there's an unmet demand, serving your customers is what gives you a right to earn some return on your investment," he said. Homeowners who want to learn more about the company may call 1-800-711-9386 or go to www.oigfl.com.

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