North Pointe drops policies [South Florida]

North Pointe drops policies [South Florida]

North Pointe, a large commercial insurer, is pulling back its exposure in Florida, dropping about 40 percent of its policies.

Already on edge as this year’s hurricane season gets under way, the state’s insurance market is about to get another shock.

North Pointe Holdings, a large commercial insurance company, said Friday that it plans to drop about 40 percent of its policies in Florida. The reasons it cited were windstorm risk and rapidly increasing reinsurance prices — both key contributors to the state’s escalating insurance crisis.