Citing fourth quarter losses in Florida of $19 million, Mercury General said it would begin the process of withdrawing from the state’s homeowners insurance market.
The company said it will send the mandatory 180-day advance notice of its intent not to renew its 8,000 Florida policyholders beginning in March. It expects the withdrawal to be complete in the second half of 2012.
The $19 million loss includes $6 million reserves set aside for future claims. The company said many of the losses related to sinkholes, which other carriers and state officials have cited as a major driver of insurance costs in the state.
Topics Florida Homeowners
Was this article valuable?
Here are more articles you may enjoy.
OpenAI Report Says Its Network Was Hacked by Its Own Rogue AI Agents 
How One Florida Gas Station Worker Allegedly Defrauded Progressive of $44,700 
Four Patients Affected, One Paralyzed, After Drug Mix-Up at Nashville Hospital 
World Inches Toward Catastrophic Climate Events: ‘Bigger Shocks Are On the Way’ 
