Florida regulators subpoena Allstate companies to explain profits

TALLAHASSEE, Fla. -- Florida's insurance regulators have subpoenaed executives at Allstate Corporation's Florida subsidiaries to explain what state officials call runaway profits.

Governor Charlie Crist and Insurance Commissioner Kevin McCarty complained that Allstate Floridian Indemnity and Allstate Florida Insurance Company are requesting rate increases of about 28 percent and 42 percent respectively.

Allstate is based in Northbrook.

Crist has been angry with the industry for not lowering rates as a new state law was designed to do. He referred to some insurance companies as "tenacious and greedy."

The hearings are scheduled for mid-January.