Poe Financial Group member company, Atlantic Preferred Insurance Company, announced it had assumed 12,457 wind policies from Citizen’s Property Insurance Corporation’s High Risk Account under the State of Florida’s depopulation program.
Essentially, the depopulation program reduces the number of wind and
hurricane policies in the State’s pool by moving them into the private
marketplace. Specifically, these are coastal properties that were previously insured by the State of Florida for hurricane and windstorm. With the assumption, Atlantic Preferred will immediately be responsible for wind claims.
“We are pleased to be a leader in providing insurance protection through the private marketplace,” stated Jim Wurdeman, president and CEO of Poe Financial Group. “This program is an effective way to help stimulate the market and reduce the size of the state insurance pool.”
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