The Hartford Financial Services group says it will drop about 38,000 property insurance policies in the next 18 to 30 months, about a third of its business and personal policies in the state.
However, The Hartford’s 80,000 Florida participants in a separate program with the AARP will not be affected by the company’s decision to reduce its Florida property insurance exposure, said Joe Loparco, a spokesman at The Hartford’s Connecticut headquarters.
“By no means are we pulling out,” Loparco said.
The decision comes just after Gov. Charlie Crist and the Florida Cabinet enacted an emergency rule that freezes insurance rates and prevents cancellations through the end of the hurricane season, Nov. 30. Last month, the Legislature in special session passed a wide-ranging bill that is expected to result in lower rates.
Lawmakers were reacting to consumer complaints that rates for many properties have doubled or tripled in recent years after the state was hit by eight hurricanes in 2004 and 2005.
Separately, the president of Tower Hill Insurance Group Inc. said Friday that the Gainesville company has stopped writing new policies in 16 Florida counties. That will give the company an opportunity to evaluate the state’s new rules, company President Don Matz said. He said the company is not pulling out of the state, however.
“The irony here is prior to the legislative session, we were actually opening up a matrix to allow more new business,” Matz said. “We were being very bullish, but now we are taking a step back and reassessing our strategy.”
___
Information from: Tampa Tribune, http://www.tampatrib.com
Jewel says: 
Linda says: 
Randall says: 
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
