State Farm Florida has lost hundreds of millions of dollars in the state in the last decade and risks insolvency if it continues writing property insurance here, company executives told a legislative committee Tuesday.
Jim Thompson, president of State Farm Florida, told the House Insurance, Business & Financial Affairs Policy Committee on Tuesday that the company must stop its financial bleeding to ensure it can pay off future claims.
"This is a day that we hoped would never come for State Farm," Thompson said. "This is the nightmare I've been waking up to each day since I assumed this responsibility."
It was largely the same tale of woes the Illinois-based insurance giant outlined in his letter to customers last month that it planned to leave the property market in Florida, canceling business with some 1.2 million clients over the next two years.
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