Florida Farmers Insurance coverage insurance policies discover new dwelling after insurer’s exit

Insurtech Slide has picked up the renewal rights for 86,000 Famers Insurance coverage (Farmers) owners insurance policies in Florida, following the latter’s exit from its own-branded enterprise within the state.

Farmers brokers in Florida can be supplied appointments with Slide, with renewals issued by the corporate set to start in February 2024.

“The truth that Slide is choosing up 86,000 policyholders is nice information for many who have been getting dumped by Farmers,” Florida Chief Monetary Officer Jimmy Patronis mentioned in a press launch shared with Insurance coverage Enterprise. “It additionally demonstrates that carriers are discovering extra alternatives, in Florida’s insurance coverage surroundings, after the reforms we enacted.

“The protection that Slide will present will make policyholders’ lives simpler – and we’ll proceed working to draw extra carriers to Florida.”

Slide CEO “bullish” on post-reform Florida

Slide CEO Bruce Lucas mentioned that the insurtech stays “bullish” on Florida’s insurance coverage market, which has skilled a rash of insurance coverage firm insolvencies and final yr confronted the impression of Hurricane Ian, estimated to have led to tens of billions in insured damages.

Florida lawmakers have introduced in a bundle of reforms in a bid to stabilize the insurance coverage market, with insurer of final resort Residents at present dwelling to greater than 1.1 million in-force insurance policies.

“The Florida Legislature, President Passidomo, Speaker Renner, Insurance coverage Commissioner Michael Yaworsky and CFO Jimmy Patronis have been working in unison to stabilize the market,” Lucas instructed Insurance coverage Enterprise. “Their efforts are working and provides Slide renewed confidence to spend money on Florida and proceed to develop our enterprise.”

Lucas pledged that owners will have the ability to “seamlessly” proceed their protection.

Earlier this yr, Slide picked up renewal rights to 91,000 insurance policies from failed UPC. It finalized its second $100 million disaster bond in July, and in June secured $35 million in further capital by means of a Areas Financial institution senior credit score facility.

Slide owners swoop doesn’t have an effect on Farmers auto, renters, or umbrella policyholders

Farmers confirmed its own-brand enterprise departure from the state in July, with the exit affecting auto and umbrella insurance coverage insurance policies along with owners. Slide has not acquired renewal rights to the Farmers auto, renters, or umbrella enterprise, the insurtech confirmed.

Florida was not the one state affected by Farmers adjustments, because the provider additionally shrunk its California urge for food, becoming a member of huge identify rivals like Allstate and State Farm.

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