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Article: State Farm to Shift Florida Clients to New Division.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- February 16, 1999
- Author:
CopyrightCOPYRIGHT 1999 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Knight Ridder/Tribune Business News
Feb. 17 -- State Farm, the biggest homeowners' insurer in the country, is shifting its 1.2 million Florida customers into a new subsidiary called State Farm Florida, repeating a move made by Allstate, the nation's second-largest insurer, two years ago.
People holding State Farm Fire and Casualty Co. policies are being notified that by May 1 they must switch to State Farm Florida or find a new insurance company. No other option is available. The parent company eventually will cease doing business in Florida.
Company officials and state regulators say the new subsidiary -- capitalized with $600 million, with a ...