Dairyland to Distribute $30 Million in Savings to Florida Auto Policyholders
Dairyland announced it will return approximately $30 million in savings to eligible Florida private passenger auto policyholders. The insurer cited recent legal system reforms and improved market conditions as reasons for the distribution.
Dairyland announced Thursday that it will distribute approximately $30 million in savings to eligible Florida private passenger auto policyholders through a one-time dividend. The insurer attributed the decision to recent reforms in the state's legal system and an improved market environment.
Of the total amount, $26 million is designated for auto policyholders, with the remaining $4 million set aside for motorcycle policyholders. These distributions are based on policyholder coverage periods that began on or after June 1, 2023, and ended on or before May 31, 2024.
Eligible policyholders will receive a portion of these savings as a one-time dividend, reflecting the financial improvements realized during their coverage period. Dairyland anticipates that dividend payments will be issued to all qualifying customers around mid-October.
The company stated that the reforms to Florida's legal system have resulted in significant positive impacts for the insurer, allowing for the return of these funds to customers. Dairyland has been providing auto and motorcycle insurance in Florida since 1995.