Farmers Insurance pulls out of Florida, affecting 100,000 homeowners

Source: Orlando Sentinel

Farmers Insurance pulls out of Florida, affecting 100,000 homeowners

Jeffrey Schweers, Orlando Sentinel
Tue, July 11, 2023 at 1:02 PM EDT

TALLAHASSEE — Farmers Insurance Group announced Tuesday that it would no longer write new policies or renew existing homeowner, auto and umbrella policies, a day after Florida Chief Financial Officer Jimmy Patronis took to Twitter to threaten to take action if it did.

“Hearing rumors @WeAreFarmers might pull out of Florida,” Patronis tweeted Monday afternoon. “If that’s true my office is going to explore every avenue possible for holding them accountable. Don’t get to leave after taking policyholder money.”

A spokesman for Patronis declined to explain what action he would take to hold the agency accountable, directing all questions to the Office of Insurance Regulation, which Patronis oversees as CFO.

The state agency on Tuesday received a “market reduction notice from Farmers Insurance Group,” communications director Samantha Bequer said in an email to the Orlando Sentinel. “OIR is reviewing the notice in accordance with applicable Florida Statutes.”

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Read more: https://news.yahoo.com/farmers-insurance-pulls-florida-angering-170200183.html