The Florida Office of Insurance Regulation signed Consent Orders allowing four companies to assume a total of 173,000 policies from the Citizens Property Insurance Corp., the state’s insurer of last resort.
American Integrity Insurance Co. of Florida, Argus Fire & Casualty Co., First Home Insurance Co. and Landmark One Insurance Co. will begin “taking out” Citizens’ policies on Dec. 17. Consumers will be notified beginning Nov. 7 and have the option of declining the take-out and retaining their Citizens’ policy.
“This is great news for the property insurance market in Florida,” said Florida Insurance Commissioner Kevin McCarty. “It is proof that the private insurance industry believes it can succeed and be profitable in Florida. And, consumers will be offered policies at rates that are at or below Citizens’ current rates.”
The new take-out plan would effectively roll back Citizens’ policy count to pre-2007 numbers. Since the Florida Legislature created a depopulation program for Citizens under Section 627.351, Florida Statutes, the program has returned nearly half a million policyholders to the private marketplace from 2003 to 2006.
All four companies assuming business are Florida domestics. American Integrity has its home office in Tampa and will make the largest policy assumption – 75,000 homeowner’s, mobile homeowner’s and dwelling fire policies over six months. Newly formed Landmark One, with its home office in Miami, will assume 50,000 homeowners policies over 18 months.
First Home maintains its home office in Jacksonville and will immediately assume 30,000 homeowners and dwelling fire policies. Argus has been approved to assume 18,000 homeowners and dwelling fire policies over the next 18 months. Argus has its home office in North Miami Beach.
Source: Florida Office of Insurance Regulation
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