"As we continue to analyze our business strategy, it has become increasingly apparent that we are not comfortable with our current exposure in the Florida property market. While these are difficult decisions, we have an obligation to act in a responsible and thoughtful manner to ensure long-term stability for Nationwide policyholders in Florida and across the country," said Jeff Rommel, regional vice president of Florida Operations. "These efforts will not impact Nationwide policyholders in Florida this hurricane season."
Nationwide will reduce its personal and commercial lines exposure in Florida by taking the following actions:
- Nationwide Insurance Company of Florida will not renew approximately
35,000 homeowners and 4,800 mobile home policies beginning March 1,
2006. Nationwide will continue to serve over 240,000 personal lines
property policies after these reductions are implemented.
- Nationwide Insurance Company of Florida will no longer write mobile
home policies or new personal property policies beginning September 1,
2005.
- Nationwide Insurance will also not renew approximately 12,000
commercial policies primarily consisting of condominiums, apartments,
and rental properties beginning March 1, 2006.
Nationwide will work with agents to move impacted policies to other property carriers over the next several months.
"Our agents know the needs of our policyholders better than anyone," Rommel said. "In these specific circumstances, we feel a responsible course of action is to allow our agents to work with their customers individually to identify other coverage options."
Nationwide, based in Columbus, Ohio, is one of the largest diversified insurance and financial services organizations in the world. The company provides a variety of insurance and financial services. For more information, visit http://www.nationwide.com/ .
Nationwide and the Nationwide Framework are federally registered service marks of Nationwide Mutual Insurance Company. On Your Side is a service mark of Nationwide Mutual Insurance Company.
Contacts:
Joe Case (614) 249-6353
casej6@nationwide.com
CONTACT: Joe Case of Nationwide, +1-614-249-6353, or
casej6@nationwide.com
Web site: http://www.nationwide.com/