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Regulators OK private insurers to assume Citizens Insurance policies

in Statewide/Top Headlines by

State regulators cleared three private insurance companies to assume policies now provided by Citizens Property Insurance Corp., Florida’s state-run insurer of last resort.

Effective in February, Avatar Property and Casualty Insurance Co. can take nearly 11,000 commercial and personal residential policies.

Safepoint Insurance Co. was cleared to accept 15,000 policies, and Southern Oak Insurance Co. can remove 15,000.

The Florida Office of Insurance Regulation announced the take-outs Wednesday and offers details on this webpage.

The move came as Citizens Board of Governors learned that the trend is toward slower depopulation — or transfer of Citizens policies to insurers in the private market.

All told, the office has approved depopulation of 42,724 Citizens policies in January and February.

During the first two months of 2016, the agency approved depopulation of 200,000 policies, Citizens president Barry Gilway said during the company’s Board of Governors meeting.

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