As insurers shun South Florida, Universal Property & Casualty gobbles market share
As fraud-weary home insurance companies have reduced their presence in South Florida over the past year, the state’s largest carrier has expanded its market share — increasing its policy count in the region by 26,203 policies.
Fort Lauderdale-based Universal Property and Casualty says it has no intention of turning away from the region where about 500 of its employees live and work, even if South Florida is considered ground zero for “assignment of benefits” and lawsuit schemes.
In an email, spokesman Travis Miller said the company “is committed to the Florida market” and “to working through the challenges that periodically confront this market.”
Still, the company says it’s not immune to the troubles turning competitors away from the region. The number of lawsuits filed against it more than doubled between the first halves of 2016 and 2017, as did the percentage of those lawsuits originating from South Florida, according to state data.
Read more: http://www.sun-sentinel.com/business/fl-bz-universal-gobbles-market-share-20170728-story.html