Florida Withdrawal and Reentry
In early 2009, State Farm's Florida subsidiary, the state's largest insurer, threatened to withdraw from writing property insurance business in Florida after state regulators refused to approve a 47% property rate increase. State Farm said that, in Florida, it had paid out $1.21 in claims for every dollar in premiums since 2000. Several other home insurers have pulled out of Florida as well; many homeowners are now using the Citizens Property Insurance Corporation run by the state government. State Farm has since decided to remain in Florida, although with a reduced amount of property policies.
In 2010 State Farm and Renaissance jointly formed DaVinci Reinsurance Ltd. which insured more than 3.5 million homes in 2010.
Read more about this topic: State Farm Insurance
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