Business Services Industry
Small Texas Home Insurers Try to Absorb Customers of Departing Farmers Group.
Knight Ridder/Tribune Business News, September, 2002
By Aissatou Sidime, San Antonio Express-News Knight Ridder/Tribune Business News
Sep. 27--Farmers Insurance Group of Cos.' decision to abandon Texas has left smaller insurers scrambling to calculate just how many of the big company's 700,000 homeowners customers they can absorb.
The Texas Department of Insurance says the 38 companies still writing homeowners insurance have sufficient surplus cash to absorb Farmers premiums. In fact, their surplus is at least seven times greater than Farmers' homeowners premiums. But the companies differ widely on how many Farmers customers they can insure.
Farmers' announced Wednesday it would cease renewing existing customers starting Nov. 11 in response to its ongoing legal battles with the state....
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