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Another 110,000 homeowners insurance policies are being taken out of state-run Citizens Property Insurance Corp. by six insurance companies beginning Friday.
With the takeouts assumed by the private insurers, Citizens will have about 1-million policies left, spokesman John Kuczwanski said. Citizens has been actively seeking private insurers to take policies and reduce its risk since it peaked 13 months ago with 1.4-million policies.
"We have heard a lot of concerns about Citizens growing too large," Florida Insurance Commissioner Kevin McCarty said in a statement. "To address that issue, the office is working with these companies to help facilitate the reduction of policies in Citizens."
Citizens' policyholders have the right to refuse a take-out offer, but regulators indicated many of the last 300,000 policyholders this year have agreed to be removed to the private sector.
Companies participating in the latest take-out include:
American Integrity Insurance Co. of Florida: Approved to remove up to 75,000 policies total; 42,000 removed to date; will remove up to 15,000 more on Friday.
Florida Peninsula Insurance Co.: Approved to remove up to 80,000 policies total; 19,011 removed to date; will remove up to 25,000 Friday.
HomeWise Preferred Insurance Co.: Approved to remove up to 95,000 policies total; 48,569 removed to date; will remove up to 17,000 Friday.
Southern Oak Insurance Co.: Approved to remove up to 75,000 policies total; 19,629 removed to date; will remove up to 20,000 Friday.
Northern Capital Insurance Co.: Approved to remove up to 20,000 policies total; 10,821 removed to date; will remove up to 6,500 Friday.
Magnolia Insurance Co.: Approved to remove up to 120,000 policies total; 91,548 removed to date; will remove up to 28,452 Friday.
[Last modified: Nov 17, 2008 05:17 PM]
Comments on this article
by LOU
Nov 17, 2008 5:17 PM
ALL YOU PEOPLE ARE VERY SILLY THESE COMPANIES ARE STABLE AND WELL FUNDED
by CP_R1200R
Nov 15, 2008 1:13 AM
And not one makes me feel warm and fuzzy in case of a claim. So far this year I have rejected two of the companies and the third goes out Money. btw Where were the Companies when I was looking for insurance?
by doug
Nov 14, 2008 9:14 PM
Who are these people? and what do you think is going to happen when the next big storm hits? are they capitolized enough? or is Citizen's just playing russian roulette?
by John
Nov 14, 2008 9:05 PM
The only reason Citizens is trying to reduce its risk is because it charges premiums that are too low to cover potential losses. Citizens blames Allstate/State Farm for having rates too high (aka responsible rates that reflect real market conditions)
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