State Farm, Florida’s second-largest property insurer, announced last week it intends to pull out of the state’s catastrophe-prone homeowners marketplace after its request for a 47.1 average rate increase was rejected by regulators.

A small competitor of State Farm issued a statement slamming the move 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 property insurance market.

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