Heritage Property & Casualty Insurance Co. of St. Petersburg marks another example of a fast-growing Florida insurer hitting the brakes before hurricane season. People’s Trust Insurance of Deerfield Beach said it was canceling thousands of policies to reduce risk exposure, many of whom had signed up less than 90 days before.

“We’re not canceling policies,” said Ernie Garateix, a Heritage executive vice president. He said the company wants to avoid too much concentrated risk. He called that a “normal business practice” that many companies follow, related to making sure reinsurance or back-up coverage that insurers buy adequately covers potential payouts after a storm.  Read more: http://www.palmbeachpost.com/news/business/start-up-insurer-and-scott-donor-bans-business-in-/nfcm2