Insurer OK’d to Take Citizens Policies
Florida Peninsula Insurance Co. is expected to assume up to 40,000 policies from Citizens in late October as part of the depopulation program.
TALLAHASSEE, Fla. — Continuing to try to shrink the state’s Citizens Property Insurance Corp., regulators Tuesday approved a proposal by Florida Peninsula Insurance Co. to assume up to 40,000 Citizens policies in October.
An order posted on the state Office of Insurance Regulation website said Florida Peninsula would assume policies about Oct. 21. The approval is part of what is known as a “depopulation” program that tries to shift policies from Citizens into the private market.
Citizens was created as an insurer of last resort but in recent years became Florida’s largest property insurer amid problems in the private market. State leaders have long sought to hold down the number of policies in Citizens, at least in part because of risks if Florida gets hit by a major hurricane or multiple hurricanes.
Citizens had 779,995 policies on Friday, up slightly from 779,008 policies a week earlier, according to data on its website. It had 820,882 policies last month before a depopulation round moved policies to private carriers.
Citizens officials have said they expect a lull in policies being assumed until fall because of the hurricane season.
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