Heritage Insurance cuts more policies as exit from Florida continues

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Heritage Insurance eliminated thousands of homeowners policies in Florida last quarter as it continues to downsize its exposure in the state’s troubled insurance market.

The super-regional insurance holding company shed 6,600 policies from its personal lines business in Florida last quarter and around 30,000 policies in the last year, representing a 15.4% decline to 165,760 policies in total, according to the latest earnings report.

Heritage is steadily recovering from several years of heavy underwriting losses as it continues its exit from the Florida market. Executives attributed the financial strain, in part, to excessive litigation costs in Florida, an issue lawmakers sought to address through a recent series of tort reform packages.

Click here to read the full story on the Orlando Business Journal’s website.

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