United Property & Casualty is the latest insurer to leave the Florida market or dramatically scale back coverage amid losses.
The St. Petersburg-based United Insurance Holdings Corp. said it has filed plans to withdraw from what are known as personal-lines markets in Florida, Texas and Louisiana. It also will file a withdrawal plan in New York.
The news release Thursday said Demotech has notified United Property & Casualty that it will withdraw the insurer’s rating. Rating withdrawals have been precursors to some insurers being declared insolvent and placed into receivership. “As we have said numerous times before, there is no overnight fix to this insurance crisis. It’s been years in the making, unfortunately,” Altmaier told Cabinet members and Gov. Ron DeSantis. “But the steps we have taken so far under your leadership are going to be significant steps forward into addressing this issue.”
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