Poe Financial Group member company Atlantic Preferred Insurance Company has received regulatory approval to assume 5,258 property and casualty policies from Citizens Property Insurance Corp. under its depopulation program.
Essentially, the depopulation program reduces the number of policies in Citizens (the insurer of last resort) by moving them into the private marketplace. With this assumption, Atlantic Preferred will immediately be responsible for all claims as of March 1, 2005.
“We continue our strategy of stimulating the marketplace and reducing the number of policies in Citizens as a critical method of addressing Florida property insurance needs,” stated David Gough, senior vice president of Atlantic Preferred. “With the Office of Insurance Regulation’s approval and validation of our financial position particularly after the recent hurricanes, Atlantic Preferred is pleased to continue its participation in this program. It is an integral part of our overall growth initiatives.”
In January 2005, Poe depopulated 4,500, bringing the total to nearly
10,000 policies for first quarter 2005. Additional capital has been placed in the organization so that 2005 will result in yet another year of substantive growth and affirm the company’s commitment to the Florida property marketplace.
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