A financial analyst said State Farm's exit from Florida's homeowner market could help several insurers and a major broker there.
In an investor's note, Stifel Nicolaus analyst Meyer Shields said the political criticism that State Farm will suffer from its decision could benefit Allstate, which may attract "some disenfranchised State Farm customers," giving the company greater control over planned expansion there.
Also benefitting could be Daytona Beach, Fla.-based insurance broker Brown & Brown, as customers turn to the independent agent channel for coverage. Another beneficiary, he said, could be Progressive, as former State Farm customers "seek lower-cost alternatives," either through independent agents or the Internet.
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