Alliance Insurance Company has announced plans to sell its Florida-based home insurance business by 2025.
The company said in a statement on Wednesday that it will sell the Florida-registered company to a new buyer in the first quarter of 2020.
The move comes after the company announced in August it was exiting Florida.
It said it would be exiting Florida because of “growing competition, declining health care and higher health care costs.”
Alliance has about 1,000 members in Florida.
The company has been under the management of Michael A. Rizzo since 2008, but the company has struggled to grow the number of members.
Rizzo has said he will continue to run the company as chairman.