INSURANCE

Allstate to Reduce Its Florida Exposure: Allstate Corp. will not renew 3% of its homeowner policy base plans in Florida, Chairman and Chief Executive Officer Wayne Hedien said. Allstate, a major writer of property, casualty and life insurance that is 82% owned by Sears, Roebuck & Co., said the action will cut its catastrophic exposure in Florida to less than $1 billion in the next two years. A number of companies cut back on coverage in Florida after paying huge claims due to Hurricane Andrew. The Allstate Insurance Group posted a net loss of $139 million in the fourth quarter of 1992. That included a loss of $506 million from paying for damage caused by Andrew.