Florida's top private homeowners' insurance writer Poe Financial said its subsidiary that insures condominiums and homeowners associations will cease writing new policies or renewing old ones until it raises new capital.
The company informed its agents of the decision this week. Its action follows more than $2 billion of gross losses and over 125,000 claims from the 2004 and 2005 hurricane seasons, the Poe said.
Poe's move is expected to force more people into the state-run insurer of last resort, Citizens Property Insurance, already South Florida's largest insurer. The affected company, Southern Family Insurance Co., has about 40,000 customers, according to Tracy Upton, a company spokesman.
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