Clearwater insurer takes over 45,000 Citizens policies

Oct 17, 2008

St. Petersburg Times--Oct 16, 2008

By Times Staff Writer

A subsidiary of Clearwater startup Homeowners Choice has taken 45,000 home insurance policies from Citizens Property Insurance. The policies are centered in Dade, Pinellas, Broward, Palm Beach and Hillsborough counties. State regulators had authorized the company to assume up to 95,000 Citizens policies held by homeowners statewide. The transfers are part of Florida’s “takeout” program that encourages private insurance companies to take over policies from the state-run insurer to reduce Florida’s risk exposure.