Northern Capital Insurance Group, a Florida-based homeowners, commercial and auto insurance provider, said it is prepared to insure 50,000 State Farm Florida customers as that insurer withdraws from the state’s property insurance market.
Northern Capital began writing homeowners policies in Florida in August, 2006. the company said it currently provides $20 billion of insurance coverage for Florida customers.
Several domestic carriers have announced their interest in picking up State Farm Florida’s business. Florida Peninsula Insurance Co., a Boca Raton-based domestic insurer, said it is prepared to insure up to 100,000 State Farm Florida customers. American Traditions Insurance Co. and Modern USA Insurance Co. also announced they are prepared to take on about 30,000 State Farm residential policyholders.
Insurance Commissioner Kevin McCarty has said he has spoken with 15 carriers interested in assuming from 50,000 up to as many as 500,000 policies each.
State Farm’s own timetable calls for a non-renewal of approximately 470,000 property policies over the next year as it pursues its two-year withdrawal plan from Florida.
Source: Northern Capital Insurance Group
www.northerncapitalinsurance.com
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