Knight Ridder/Tribune Business News - Major Insurers Will Stick by Florida Customers if State Creates Catastrophe Fund. (Originated from The Miami Herald)

TALLAHASSEE, Fla.–Nov. 2–Two companies leading a threatened exodus of home-insurers from hurricane-prone Florida said Monday they will stand by most of their customers if the state will help them guard against future catastrophes.

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The promises by Allstate Property and Casualty Insurance Co. and Auto- Owners Insurance Co. depend on the Legislature enacting a pioneering catastrophe fund, a sort of state-run insurance plan for insurance companies. Under the plan, insurers would give the state a portion of the premiums they collect. The money would pay for some of the losses in major …

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