Another property insurer exits the Florida market - Jacksonville Business Journal

Aug 29, 2022United Property & Casualty Insurance Co. will exit Florida’s troubled homeowners’ insurance market, forcing customers to find new coverage as their policies come up for renewal, the insurer’s parent company announced Thursday.

“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,” United Insurance Holdings Chairman and CEO Dan Peed said in a prepared statement. “The company is actively pursuing opportunities to leverage our people, technology, and other capabilities.

Thursday’s announcement did not say how many customers in Florida and the other states would be affected. But a United Insurance Holdings investor presentation in May cited about 185,000 Florida policies as of March 31. “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.”

After the initial Demotech downgrade of United Property & Casualty, the state Office of Insurance Regulation on Aug. 2 put the company into a new stopgap program aimed at making sure coverage would continue for homeowners.

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