11th Cir. Upholds Dismissal of Suit Accusing Allstate of Retaining Savings from Reinsurance Subsidy
January 14, 2014
TAMPA, Fla. — A federal appeals court has affirmed dismissal of a class action against Allstate Floridian Insurance Co. accusing it of violating Florida insurance law by failing to promptly reduce its premiums and retaining the costs savings resulting from the state's subsidy of its reinsurance.
On Jan. 7, the 11th Circuit U.S. Court of Appeals found the appellants failed to raise any challenge to the lower court’s alternative holdings for dismissing their claims. Therefore, they abandoned any argument as to those alternative holdings, the appellate court held.
A series of hurricanes struck Florida in 2004 and 2005, causing insurance …
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