Florida Office of Insurance Regulation Approves 60,000 Additional Policies for Citizens Property Insurance November 2012 Take-Out
Sep 24, 2012
The Florida Office of Insurance Regulation (“OIR”) advised today, September 24, 2012, that it has approved the removal of an additional 60,000 policies from Citizens Property Insurance Corporation (“Citizens”) for acquisition by private insurers.
American Integrity Insurance Company has been added to the prior list of four insurers originally approved to take out Citizens’ policies.
The OIR news release detailing the additional takeouts is reprinted below.
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Office Approves 60,000 Additional Policies for Citizens November Take-Out
TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced the approval of an additional 60,000 policies to be removed from Citizens Property Insurance Corporation (Citizens). This will add to the 84,339 already taken out during this calendar year, as well as the 150,000 policies recently approved to be acquired by four Florida domestic insurance companies beginning November 6, 2012.
“One of the Office’s goals continues to be to support a competitive property insurance market. It is encouraging to see the commitment of these domestic companies to bring more jobs as well as additional insurance capacity to Florida,” stated Florida Insurance Commissioner Kevin McCarty.
The Office approved four companies to remove a total of 150,000 policies earlier this month. Florida Peninsula Insurance Company of Boca Raton requested to acquire an additional 10,000 policies for a total of 45,000 possible take-outs. American Integrity Insurance Company of Tampa will be the fifth company to participate in the November take-outs and will acquire 50,000 policies.
The following companies will participate in the November 6 take-out:
Florida Peninsula Insurance Company – 45,000 policies
Homeowners Choice P&C Insurance Company – 75,000 policies
Southern Fidelity P&C, Inc. – 30,000 policies
Southern Oak Insurance Company – 10,000 policies
American Integrity Insurance Company of Florida – 50,000 policies
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