Mercury General to exit Florida homeowners market
Feb 7, 2011
The following article was published in the Insurance Journal on February 7, 2011:
Mercury General to Exit Florida Homeowners Market
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.
Find this article here: http://www.insurancejournal.com/news/southeast/2011/02/07/183658.htm