In an unusual action, the head of a small, rival carrier has issued a statement slamming the decision by insurance giant State Farm to drop its Florida property business as "disgusting."
The critical comment from Mike Gold, chief executive officer of Boca Raton, Fla.-based Peoples Trust Insurance Company, was coupled with an announcement that he and Florida officials will shortly unveil a plan to fix the state's insurance market.
His comments followed State Farm's announcement yesterday that a "weakened financial position" was forcing it to stop selling homeowners insurance after its request for an average 47.1 percent rate increase was denied.
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