FCCI Pulling Out of Florida Due to Low Rates

The Sarasota Herald-Tribune reports that FCCI Insurance Group has decided that the recently approved rate increase for Florida workers' compensation isn't sufficient to keep it in the state. Last week Florida Insurance Commissioner, Tom Gallagher, announced a proposed average rate increase of 11.9 percent. Lakewood Ranch-based FCCI said that it will not write any new workers' comp business in 2003 and will cut about $ 50 million in existing policies.FCCI's chief executive, G.W. Jacobs, told the Herald-Tribune that the rate increase will not allow the company to cover its cost of business in...