An insurance company is leaving Florida

An insurance company is leaving Florida

On Thursday, an insurance company announced it would be leaving Florida. The parent company, United Insurance Holdings Corp., has announced that United Property & Casualty Insurance Company (United P&C) has filed for bankruptcy protection in Florida, Texas, Louisiana and New York. “Given the uncertainty surrounding the future availability of insurance for our business, I believe that putting United P&C in place is prudent and appropriate to protect the Company and its policyholders. The company strives to take advantage of opportunities to improve our people, technology, and other skills. Our commercial business continues to perform well and provides the company with a sustainable way to create new engines of growth and profitability,” said Dan Peed, Chairman & CEO. exiting Florida. “Florida’s insurance market is collapsing,” said Mark Friedlander. Friedlander is the Florida spokesman for Insurance Information Institute. He said Bankers Insurance was the 13th home insurer in Florida to change this year. The list of the organization includes home insurers that have announced that they will leave the Florida market, stop writing new business or fail. Friedlander said that the departure of Bankers leaves people who are and more than 50 other options in the state.Related: Insurance experts say fraudulent contractors are playing catch-up in Florida

On Thursday, an insurance company announced it would be leaving Florida.

The parent company, United Insurance Holdings Corp., has announced that United Property & Casualty Insurance Company (United P&C) has filed for bankruptcy protection in Florida, Texas, Louisiana and New York.

“Given the uncertainty surrounding the future availability of insurance for our business, I believe that putting United P&C in place is prudent and appropriate to protect the Company and its policyholders. The company strives to take advantage of opportunities to improve our people, technology, and other skills. Our commercial business continues to perform well and provides the Company with a sustainable platform to develop new engines for greater growth and profitability,” said Dan Peed, Chairman & CEO.

This comes a month after another insurance company, Bankers Insurance Group, announced it would leave Florida.

“Florida’s insurance market is collapsing,” said Mark Friedlander.

Friedlander is a spokesperson for the Florida Insurance Information Institute. He said Bankers Insurance was the 13thhome insurance in Florida to change this this year. The agency’s list includes home insurance companies that have announced they will withdraw from the Florida market, stop writing new business or fail.

Friedlander said Bankers’ departure leaves people with more than 50 other options in the state.

“Right now it’s a very difficult market,” he said.

Related: How Florida insurance companies go under leaves consumers out in the cold

Related: Florida insurance company goes bankrupt, leaving policyholders scrambling

Related: Insurance experts say fraudulent contractors are playing catch-up in Florida