The Office of Insurance Regulation on Monday announced that 60,000 policies from Citizens Property Insurance Corp. will be taken by private carriers as the state attempts to whittle away at the 1.4 million policies now held by the state-backed insurer, reports the News Service of Florida.
Florida Peninsular Insurance Co. will take an additional 10,000 policies, bringing its Citizens takeout total to 45,000. American Integrity Insurance Co. will take 50,000 policies. The takeouts will begin in November. “It is encouraging to see the commitment of these domestic companies to bring more jobs as well as additional insurance capacity to Florida,” Florida Insurance Commissioner Kevin McCarty said in a statement. Citizens’ policyholders will be notified of the take-out request on Oct. 1 and have 30 days to accept or decline the offer. If policyholders do not respond, they will be transferred to the private company on Nov. 6. Earlier this month, OIR approved a 150,000-policy takeout.