NU Online News Service, May 19, 6:11 p.m.EDT--Allstate Corp., declaring that last year's hurricaneshad "obliterated" profits, said yesterday it will not renew thepolicies of 95,000 Florida homeowners' insurance customers.
The company said it was making arrangements for policyholders totransition to another firm. Another 16,000 commercial policies willalso be discontinued, Allstate announced.
The move, the company said follows a strategic assessment of theFlorida insurance market after the damage caused by HurricanesCharley, Frances, Ivan, and Jeanne last year.
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