– The Florida Office of Insurance Regulation (Office) has approved the removal of up to 132,441 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corporation (Citizens) by the following five companies:
- American Colonial Insurance Company – approved to remove up to 5,441 personal residential policies, all from the Personal Lines Account (PLA).
- Anchor Property & Casualty Insurance Company – approved to remove up to 30,000 personal residential policies (25,007 PLA and 4,993 from the Coastal Account (CA))
- Heritage Property & Casualty Insurance Company – approved to remove up to 20,000 personal residential policies (17,326 PLA/2,674 CA) and up to 500 commercial residential policies (472 Commercial Lines Account (CLA) and 28 CA)
- Homeowners Choice Property & Casualty Insurance Company – approved to remove up to 50,000 personal residential policies (17,500 PLA/32,500 CA)
- Mount Beacon Insurance Company – approved to remove up to 27,000 personal residential (11,000 PLA/16,000 CA)
Citizen’s Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties. The take-out periods are February 17, 2015 for personal residential impacting both the PLA/CA policies and February 10, 2015 for commercial residential impacting both the CLA/CA policies. This is part of the state’s ongoing effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market.