Rock of ages cleft for Floridee’
we will no longer hide ourselves behind thee;
let the tears and the blood,
from the wounded policyholders which flowed,
be the sin of the perpetrator;
save us from that wrath and make me pure
As our wayward brothers and sisters come home it appears the Farm has met it’s match in Commissioner McCarty at FLOIR. Daniel Hays at the National Underwriter has the Farm slam:
In an unusual action, the head of a small, rival carrier has issued a statement slamming the decision by insurance giant State Farm to drop its Florida property business as “disgusting.”
The critical comment from Mike Gold, chief executive officer of Boca Raton, Fla.-based Peoples Trust Insurance Company, was coupled with an announcement that he and Florida officials will shortly unveil a plan to fix the state’s insurance market.
His comments followed State Farm’s announcement yesterday that a “weakened financial position” was forcing it to stop selling homeowners insurance after its request for an average 47.1 percent rate increase was denied.
State Farm, Florida’s largest private property insurer, said that within two years it will phase out more than 1.2 million home and condominium policies.
Mr. Gold said it “is absolutely disgusting what State Farm is doing, abandoning Florida homeowners after profiting for years on their policies.” Continue reading “Industry Schism! State Farm Blasted by Florida Competitor”