The Nationwide Mutual Insurance Company announced today that it will reduce its property exposure in Florida.
“As we continue to analyze our business strategy, it has become increasingly apparent that we are not comfortable with our current exposure in the Florida property market. While these are difficult decisions, we have an obligation to act in a responsible and thoughtful manner to ensure long-term stability for Nationwide policyholders in Florida and across the country,” said Jeff Rommel, regional vice president of Florida operations. “These efforts will not impact Nationwide policyholders in Florida this hurricane season.”
Beginning March 1, 2006, Nationwide will not renew approximately 35,000 homeowners, 4,800 mobile home policies, and 12,000 commercial policies, primarily condominiums, apartments and rental properties. Additionally, Nationwide Insurance Company of Florida will no longer write mobile home policies or new personal property policies beginning Sept. 1, 2005.
The company says it will will work with agents to move impacted policies to other property carriers over the next several months.
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world. The company provides a variety of insurance and financial services. For more information, visit http://www.nationwide.com/.
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