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Talk of the bay: State Farm seeks to ease agents' jitters

By Times Staff
Published February 21, 2008

It's not easy being a State Farm Florida agent these days. Apparently the home office in Bloomington, Ill., has noticed that as well, and has scheduled four meetings around the state today to try to calm the company's nearly 900 agents. "The troops are restless," said State Farm spokesman Chris Neal. Here's why: Last summer, State Farm said it would not renew 50,000 coastal policies. Then the company had to double the discount it gives for hardening a home. Those two things can slice deeply into an agent's commission. Hence the unhappy agents. And unlike most other agents, those who work for State Farm can sell only State Farm or Citizens Property policies. Still, State Farm remains Florida's largest private insurer, covering about 1-million homes and about 3-million vehicles.

Mortgage firm to shut Tampa office

Preferred Home Mortgage Co. will close its Tampa corporate office by midyear, laying off all 75 workers. The company, which works with a number of home builders, has been hit by the poor real estate market. Preferred's Web site said it maintains six other offices around the state.

Crist gives forum to housing crisis

On a related front: Apparently, Tallahassee has taken notice that more than 24,000 local properties entered the foreclosure pipeline last year. On Wednesday, Gov. Charlie Crist formed the Home Ownership Promotes the Economy, or HOPE, Task Force. The panel will bring together banking and mortgage experts, consumer advocates and politicians to study how foreclosures hurt Florida's economy. It will meet four times, starting March 3, in Tallahassee. Lt. Gov. Jeff Kottkamp will serve as chairman. Tampa area members include state Chief Financial Officer Alex Sink and St. Petersburg Realtor Nancy Riley.

Walter stock soars on 'pure-play' plan

Walter Industries' stock price rose 11 percent Wednesday, a day after the Tampa company predicted a strong 2008 for its surging coal-mining operations and promised a plan for jettisoning its ailing home-building/finance business by yearend. In a conference call with Wall Street analysts Wednesday, vice chairman Victor Patrick said Walter's board was committed to making it a "pure-play" natural resources and energy company. Walter's stock closed at an all-time high of $51.46, up $5.05 per share.

[Last modified February 20, 2008, 22:47:52]