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.
BMW Recalls Hundreds of Thousands of Cars Over Fire Risk 
Insurify Starts App With ChatGPT to Allow Consumers to Shop for Insurance 
What Analysts Are Saying About the 2026 P/C Insurance Market 
Allstate CEO Wilson Takes on Affordability Issue During Earnings Call 
