Progressive has announced it will not renew certain policies in Florida.
Regardless, the company says it will reassure its commitment to the state.
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According to a Progressive spokesperson, the company will provide replacement policies through Loggerhead Reciprocal Interinsurance in collaboration with state officials and the Florida Office of Insurance Regulation.
“Florida property remains an important part of our Progressive Home business, and we have no plans to leave the state. However, we have been working collaboratively with state officials and the Florida Office of Insurance Regulation to implement changes that allow us to rebalance our exposure while continuing to service Florida Homeowners. While we know these changes are not welcome news for those that are directly affected, we’re encouraged by and grateful for the work of Florida state officials who recently helped enact needed legislative reforms that are stabilizing the insurance business environment and encouraging new carriers to enter the market. We’ve been able to identify a current property carrier, Loggerhead Reciprocal Interinsurance Exchange, in which we have entered into an agreement with to offer replacement policies to affected policyholders of our rebalancing decision subject to their underwriting and financial standards. The actions we’re taking are necessary to ensure that we can continue to write business in Florida in a meaningful way-and. We expect these actions will better position us to build a stronger, more stable, and more competitive Progressive Home business for consumers and independent agents in the long run.”
Jeff, Progressive spokesperson
