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Private insurers OK’d to take over 19,000 Citizens Insurance policies

in Statewide by

State regulators have approved two private insurers to assume more than 19,000 policies from Citizens Property Insurance Corp. during August.

National Specialty Insurance Co., based in Fort Worth, Texas, will take over as many as 4,520 personal coastal residential policies.

Southern Oak Insurance Co., of Jacksonville, will assume as many as 5,000 personal lines and 10,000 coastal account policies.

The switch-outs would take effect Aug. 22, the Office of Insurance Regulation said Friday.

Thus far this year, regulators have approved the assumption of nearly 90,000 Citizens policies by private insurers, although only 12,276 policies have changed hands.

Citizens is statutorily obliged to steer its policyholders into private hands, in a process called “depopulation.”

During 2016, Florida’s insurer of last resort transferred 88,000 policies worth more than $23 billion to private carriers.

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