The Florida Office of Insurance Regulation (FLOIR) has approved requests from Southern Oak Insurance Co. and American Integrity Insurance Co. to assume a total of 51,500 policies from Citizens Property Insurance Corp., the state’s insurer of last resort.
- Southern Oak received approval to take over 50,000 policies, including 45,000 personal residential multiperil policies and 5,000 residential wind-only policies. These policies are expected to transfer by the end of 2025, according to the regulatory order.
- American Integrity was cleared to assume 1,500 personal residential multiperil policies, with the assumption scheduled for around Sept. 16. This follows a prior FLOIR approval in May allowing the company to take over 1,250 similar policies.
Under current rules, private insurers assuming Citizens policies must offer coverage priced no more than 20% above the existing Citizens premium.
Policyholders receive offers with a deadline to respond. If no decision is made, the policy is assigned to the private-market carrier offering the lowest estimated premium.
Depopulating Citizens remains a key goal for Florida officials. As of June 13, Citizens reported 820,882 policies in force, down from 936,182 at the end of 2024.
The insurer had exceeded 1 mn policies in 2022 and did not fall below that threshold again until November 2024.
