Lighthouse Property Insurance Corporation
| Company type | Private |
|---|---|
| Industry | Insurance |
| Founded | 2008 |
| Founder | Ron Chapman, Mike Toffoli |
| Defunct | 2022 |
| Headquarters | Louisiana , United States |
Area served | Louisiana, South Carolina, North Carolina, Texas, Florida |
Key people | Ron Chapman (founder), Mike Toffoli (founder), Patrick White (CEO) |
| Products | Property and casualty insurance |
Lighthouse Property Insurance Corporation (“Lighthouse”) was a property and casualty insurer headquartered in Louisiana, established in 2008 by Ron Chapman and Mike Toffoli. The company initially achieved profitability within Louisiana and South Carolina markets before expanding into North Carolina and Texas following Toffoli’s exit in 2013 and Chapman's retirement.
In 2017, Lighthouse combined operations with Prepared Insurance Company to gain access to the Florida insurance market. By 2020, the firm administered more than 13,000 policies across Florida and Louisiana, along with additional coverage in other states. This growth phase was overseen by Patrick White, who succeeded Chapman and is the son of principal shareholder Larry White; Patrick introduced new management approaches despite having no prior experience in property and casualty insurance.
After enduring several years of non-storm-related operational losses and substantial hurricane claims in 2020, the Louisiana Department of Insurance initiated a confidential conservation proceeding against Lighthouse in August 2021 to assist in securing $65 million in capital—the first instance of such an action in recent years. Nevertheless, following further storm damages from Hurricane Ida later that year, Lighthouse was declared insolvent and subsequently entered liquidation in 2022.
In April 2024, a $65 million lawsuit was filed against Patrick White, Larry White, and associated family trusts, accusing them of deliberate fraud and financial misrepresentation that caused investors to lose their entire investments within a few months. This legal case is still ongoing.