The Florida Office of Insurance Regulation approved seven companies to assume up to 228,947 multiperil and wind-only personal residential policies from Citizens Property Insurance Corp.
Manatee Insurance Exchange submitted the largest request, seeking up to 75,000 multiperil and 1,000 wind-only policies, according to the order.
- The regulator authorized Homeowners Choice Property & Casualty Insurance Co. Inc. to assume up to 24,000 multiperil and 1,000 wind-only policies.
- Florida Peninsula requested approval for up to 40,000 multiperil policies. Other companies requesting only multiperil policies included Mangrove Property Insurance Co. with 31,947, TypTap Insurance Co. with 25,000, and American Integrity Insurance with 1,000.
- Patriot Select Property and Casualty Insurance Co. received approval to assume another 20,000 multiperil policies with an assumption date on or about October 21. According to the order, Patriot plans to take up to 30,000 policies during assumption periods in October and November.
- In March, the regulator approved the removal of more than 135,000 policies by Patriot Select, Mangrove, and Slide Insurance Co.
As of July 11, Citizens Property reported 779,995 in-force policies on its website, a significant decline from 1.4 mn in September 2023. Citizens began 2025 with 941,156 policies across personal and commercial lines.
Recent legislative changes that reduce legal abuse, limit assignment of benefits, and eliminate one-way attorney fees have increased market competition, supporting Citizens’ depopulation efforts, lowering costs, and offering more options for consumers.
