Things are moving fast in Florida’s distressed property insurance market.
Just days after St. Johns Insurance Co. announced it would stop writing new homeowner business in Florida, the Demotech rating agency withdrew the carrier’s financial stability rating on Thursday, due to the company’s lack of sufficient reserves and bleak financial reports.
A day later, the Tampa-based insurtech startup known as Slide agreed to take over St. Johns’ homeowners book of business, Demotech and other sources have confirmed.
