THE NEWS SERVICE OF FLORIDA: Office of Insurance Regulation Backs Shift of More Citizens Insurance Policies to Private Market

Oct 1, 2013

THE NEWS SERVICE of FLORIDA published the following report on September 30, 2013:

The Office of Insurance Regulation has approved seven private companies to potentially acquire up to 220,649 policies, including about 10,000 coastal accounts, in December from the state-backed Citizens Property Insurance Corp.

The takeout effort, announced Monday, is separate from the 205,736 policies, including 31,005 coastal accounts, that Citizens announced Friday are being picked up by 10 private carriers on Nov. 5. The November takeout has been called disappointing, as OIR had approved 390,897 policies for removal. Citizens had about 1.23 million policies in place as of Aug. 31.

The companies approved for the December takeout are American Integrity Insurance Company of Florida; Elements Property Insurance Company; First Community; Heritage Property and Casualty Insurance Company; Olympus Insurance Company; Universal Insurance Company of North America; and Weston Insurance Company.

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