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]
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