Whether Florida's private-public insurance system for homeowners can survive the most intense of hurricanes hitting the most populous areas of the state remains untested, Standard & Poor's said
In an analyst's report put out in response to Hurricane Dennis, which struck the Gulf Coast Sunday, the New York-based ratings agency said the major insurers in the state are working to reduce their exposure but are reluctant to walk away from the fourth most populous state in the nation.
The three major national insurers--State Farm Mutual Automobile Insurance Company, Allstate Corporation and Nationwide Financial Services Inc.--have formed subsidiaries in the state to separate themselves from heavy losses.
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