NU Online News Service, May 19, 6:11 p.m. EDT--Allstate Corp., declaring that last year's hurricanes had "obliterated" profits, said yesterday it will not renew the policies of 95,000 Florida homeowners' insurance customers.
The company said it was making arrangements for policyholders to transition to another firm. Another 16,000 commercial policies will also be discontinued, Allstate announced.
The move, the company said follows a strategic assessment of the Florida insurance market after the damage caused by Hurricanes Charley, Frances, Ivan, and Jeanne last year.
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