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Farmers Insurance pulling out of state

3 years 7 months 2 weeks ago February 08, 2013 Feb 8, 2013 Friday, February 08 2013 February 08, 2013 5:18 AM in News
Source: Associated Press

BATON ROUGE - State insurance regulators say Farmers Insurance Exchange, which has around 23,000 homeowner and 7,000 auto policies in Louisiana, is dropping those lines of business.

Insurance Commissioner Jim Donelon said Thursday that the company cited substantial losses as a major reason for pulling out of the state's homeowner's market.

Farmers will stop renewing current policies April 27, which means it will be out of the Louisiana market by April 27, 2014.

Donelon says Farmers has about 2.5 percent of the state's homeowner's market.

Jeff Albright, chief executive officer of Independent Agents and Brokers of Louisiana, says Farmers' move is part of a restructuring by Zurich Insurance Group Ltd., which owns Farmers.

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