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Allstate Cutting Exposure to Policies in Florida

Reuters
Thursday, 19 Apr 2007 | 11:11 AM ET

AllstateChief Financial Officer Dan Hale said the insurer continues to reduce its exposure to homeowner policies in Florida following the effort by the state to reduce premium costs.

Hale said in a conference call with investors on Thursday that the insurer had notified 200,000 policyholders that Allstate would no longer be providing coverage.

Allstate has filed for an average rate decrease of 14% in homeowner policies following a directive by the state requiring all home insurers to cut their premiums.

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