On Thursday, yet another insurance company announced it would be leaving the state of Florida.
The parent company, United Insurance Holdings Corp., announced that United Property & Casualty Insurance Company (United P&C) has filed plans to withdraw from Florida, Texas, Louisiana and New York.
“Due to significant uncertainty around the future availability of reinsurance for our personal lines business, I believe placing United P&C into an orderly run-off is prudent and necessary to protect the Company and its policyholders. The Company is actively pursuing opportunities to leverage our people, technology, and other capabilities. Our commercial business continues to perform well and provides the Company a stable platform to build new engines of growth and profitability,” said Dan Peed, Chairman & CEO.
This comes about a month after another insurance company, Bankers Insurance Group, announced it would be pulling out of Florida.
“The Florida private insurance market is collapsing,” said Mark Friedlander.
Friedlander is the Florida spokesperson for the Insurance Information Institute. He said Bankers Insurance was the 13thhome insurer in Florida to make such a change this year. The institute’s list includes home insurers that have either announced an exit from the Florida market, placed a moratorium on writing new business or gone insolvent.