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

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

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

“The fact that Slide is picking up 86,000 policyholders is great news for those who were getting dumped by Farmers,” Florida Chief Financial Officer Jimmy Patronis mentioned in a press launch shared with Insurance Business. “It additionally demonstrates that carriers are discovering extra alternatives, in Florida’s insurance coverage surroundings, after the reforms we enacted.

“The coverage that Slide will provide will make policyholders’ lives easier – and we’ll continue working to attract more 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 12 months 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 Citizens at present dwelling to greater than 1.1 million in-force insurance policies.

“The Florida Legislature, President Passidomo, Speaker Renner, Insurance Commissioner Michael Yaworsky and CFO Jimmy Patronis have been working in unison to stabilize the market,” Lucas advised Insurance Business. “Their efforts are working and gives Slide renewed confidence to invest in Florida and continue to grow our business.”

Lucas pledged that owners will be capable to “seamlessly” proceed their protection.

Earlier this 12 months, 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 a Regions Bank 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 modifications, because the provider additionally shrunk its California urge for food, becoming a member of massive identify rivals like Allstate and State Farm.

Got one thing to say about Slide’s swoop for Farmers Insurance’s owners renewal rights in Florida? Drop a remark beneath.