The Real Deal Miami

State Farm withdrawal approved

February 13, 2009 02:44PM

Florida Insurance Commissioner Kevin McCarty said today that he has approved State Farm’s proposal to withdraw from the state, on the condition that State Farm’s policies shift to other private insurers and not to state-sponsored Citizens Property Insurance. State Farm said last month that it was pulling out of Florida due to hurricane risk. McCarty said the state’s Office of Insurance Regulation is looking for companies willing to take on 50,000 to 500,000 State Farm policies. State Farm served more than 800,000 policyholders in the state.