Nationwide plans to drop 60K homeowners
Jacksonville Business Journal
Nationwide Insurance Co. of Florida plans to drop 60,000 Florida homeowners policies.
After the reduction, the company will have 275,000 policies in the state, including 45,000 personal property lines.
Nationwide had more than 11,100 homeowners policies in Northeast Florida as of March 31, according to the market share report from the Florida Office of Insurance Regulation. The company is the eighth largest homeowners' insurer in the area.
The company said the decision to reduce its policy portfolio was part of an effort to manage risk. It said the decision wouldn’t impact customers during the duration of the 2009 hurricane season.
Nationwide said it has identified Tower Hill Group, a Florida homeowners insurance company, as a replacement insurance company for many of its customers. Nationwide has been scaling back its presence in storm-prone Florida for several years.