Nationwide Insurance to further limit property exposure
FOR IMMEDIATE RELEASE
August 28, 2007
Contact:
Eric Hardgrove (614) 249-6349
Columbus, Ohio — Nationwide Insurance announced today that it is taking additional steps to manage its property exposure in the state of Florida. Nationwide will continue to serve more than 506,000 total policies in Florida, including more than 176,000 personal lines property policies. Nationwide will increase its focus on auto lines, commercial casualty lines, and financial services offerings. This change will not affect Nationwide policyholders in Florida this hurricane season.
“Nationwide is making some difficult choices today that will better position the company to deal with the many challenges posed by the Florida insurance market,” said Jeff Rommel, regional vice president of Florida Operations. “We have an obligation to act responsibly to ensure long-term stability for Nationwide’s customers, agents and associates.”
Nationwide will reduce its personal and commercial lines exposure in Florida by taking the following actions:
• Nationwide Insurance will non-renew approximately 39,000 homeowner policies, 1,600 commercial property policies, and plans to withdraw its dwelling fire product line.
• Affected policies will begin non-renewing in January 2008.
• Nationwide will begin sending notification in September.
• Nationwide will continue to serve more than 176,000 personal lines property policies after implementing the reductions.
Nationwide agents will be reviewing options with customers to move affected policies to other personal lines carriers over the next several months. Most affected policyholders may receive an offer for personal lines coverage from Security First Insurance. The final choice of alternative coverage remains with the policyholder.
“We understand it is a challenging time for customers in the state of Florida,” Rommel said. “We are doing all we can to equip our agents to meet the needs of our policyholders under these circumstances.”
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.
Nationwide, the Nationwide Framemark and On Your Side are federally registered service marks of Nationwide Mutual Insurance Company.
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Investments Retirement Insurance www.nationwide.com One Nationwide Plaza Columbus, OH 43215-2220
