Another Florida homeowners' insurer insolvency could be on the horizon, and it could be the biggest the state has seen this year, according to the Insurance Information Institute (Triple-i).
United Property & Casualty parent company United Insurance Holdings announced yesterday that it had been informed UPC's Demotech rating was being withdrawn and that it was exiting its personal lines business across Florida, Louisiana, and Texas.
The insurer also said it was looking to non-renew personal lines business in New York, heralding a total departure from personal lines.
UPC is also understood to have laid off 80 staff today, according to Mark Friedlander, Triple-i director of corporate communications.
