Tampa-based Slide to obtain scores of Farmers Insurance policies
Tampa-based insurer Slide acquired renewal rights for 86,000 Farmers Insurance homeowners policies in Florida, WFLA reports.
Why it matters: The acquisition comes months after Farmers Insurance announced it wouldn't renew its policies and would instead withdraw from the state because of "risk exposure" from extreme weather.
- It will also boost Slide's growing presence in Florida's insurance market.
- The company bought upwards of 100,000 policies from St. Petersburg's UPC Insurance and from the state-run Citizens Property Insurance Corp. earlier this year.
Of note: Farmers' renters, auto, and umbrella policies aren't included in the acquisition.
- In a statement to WFLA, Slide founder and CEO Bruce Lucas credited recent state reforms for his positive outlook toward the market and, ultimately, for making the acquisition possible.
- Some of the changes outlined in SB 2A prevent homeowners from renewing with Citizens if the offer from a private insurer is below a certain cost.
What they're saying: "We remain bullish on Florida's insurance market and believe the market is ripe for an innovator like Slide," Lucas told WFLA. "The recent reforms are working and the Florida insurance market is stabilizing."
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