One year after enacting reforms designed to reduce the amount of homeowners business in the state’s insurer, state lawmakers are now looking to further shrink Citizens Property Insurance Corp. by targeting its commercial lines business. Citizens Property Insurance currently one …
Florida’s Citizens Property Insurance Corp. reported that its policy count has dropped below one million for the first time since 2006. The state-backed insurer said that recent takeout efforts, legislative initiatives and an improving private market have pushed Citizens’ exposure …
Florida’s largest insurer could be shifting thousands more of its policyholders away from the state-created company and into private insurance companies. The head of Citizens Property Insurance Corp. announced Friday that as many as 200,000 customers from across the state …
Hundreds of thousands of Floridians who rely on Citizens Property Insurance could soon find themselves with a new insurance company. State regulators last week quietly signed off on a plan to let 10 different insurance companies absorb nearly 400,000 Citizens …
Florida’s state-backed property insurer is seeking a statewide average 6.6 percent increase in homeowners’ rates and a 24.8 percent increase in sinkhole rates while citing reduced losses and an improved financial position. Citizens Property Insurance Corp., which insurers 1.2 million …
Officials at Florida’s property insurer of last resort say that it is entering the 2013 hurricane season in improved financial condition thanks in part to various private insurer policy takeouts. Those takeouts have also nearly cut in half the potential …
Florida’s state-backed property insurer announced that it has reduced the size of any possible emergency assessments on policyholders due to its depopulation efforts and by transferring part of its risk to private capital markets. Citizens Property Insurance Corp. said that …
Lawmakers in the Florida Senate have taken steps to return the state-backed insurer Citizens Property Insurance Corp. to its original purpose of being a market of last resort by requiring it to charge actuarially sound rates and restrict the number …
Florida’s state-backed property insurer has approved a plan to shift 31,000 commercial wind-only policies to a new private insurer. The board of Citizens Property Insurance Corp. approved the plan earlier this week. Newly-licensed Weston Insurance Co. will be permitted to …
Florida lawmakers’ first draft of a property reform emphasizes depopulating and diverting policies from Citizens Property Insurance Corp., the state-backed property insurer that has 1.3 million policyholders. The proposal also seeks to reduce the financial responsibility of the state’s catastrophe …
