WHITE SULPHUR SPRINGS, W.Va.–Legislative changes to lower the rate structure of Florida's state-backed insurer of last resort have hurt business at Brown & Brown brokerage, the firm's president said.
J. Powell Brown, president of the Daytona Beach, Fla.-based insurance brokerage firm, in an interview said Florida's Citizens Property Insurance Corp. has cut into the firm's wholesale business.
He said in the company's last financial report, the drop-off in its Florida business this year resulted in negative organic growth. However, he said, if "government intervention" were removed, the firm would have reported organic growth of 5 percent.
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