Almost lost amid the State Farm Florida versus Florida Office of Insurance Regulation battle is the story of how another former giant in our state's homeowners' market has become a bit player.
Just five years ago, Allstate Floridian Insurance Co. was Florida's second-largest private property insurer and a proud “pup” of parent Allstate. The state allowed national insurers to create stand-alone companies (dubbed “pups”) after Hurricane Andrew in 1992; Allstate Floridian was formed in 1996, quickly securing and maintaining a solid position in the market.
Then the multi-storm 2004 season hit and the company began reducing its homeowners' book, from 565,882 policies at the close of 2004 to about 225,000 now, placing it fifth among private carriers.
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