Balboa Insurance and Meritplan Insurance, both owned by Balboa Insurance Group of Irvine, Calif., won't be renewing their books of business in Florida over the next year, according to company releases.
The two companies have 42,000 policies throughout the state. In Florida, Balboa has been writing renters' policies and home fire coverage. Meritplan offers homeowners' and condo unit policies.
Universal Insurance Company of North America will offer new policies to about 85 percent of the Balboa and Meritplan policyholders.
A company spokesman said the two companies will renew policies for one more year for the remaining 15 percent of current policyholders.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
