The Florida Office of Insurance Regulation approved three insurers to assume 160,440 multiperil homeowners policies from Citizens Property Insurance Corp. The approved companies are American Integrity Insurance, Trident Reciprocal Exchange, and Slide Insurance, according to BestWire.
American Integrity is authorized to take up to 35,000 policies. Trident can assume 25,440, while Slide Insurance is approved for 100,000 policies. The companies can begin transferring policies on March 25, 2025, according to the consent orders.
These insurers have previously participated in policy takeout rounds. In September, American Integrity was approved to assume 75,000 residential multiperil policies. Trident received approval for 16,035 policies, and Slide for 15,000 policies.
Under Citizens’ guidelines, any private insurer assuming policies must offer coverage priced no more than 20% above Citizens’ rates. Policyholders receive carrier offers with a response deadline. If no response is registered, the policy automatically transfers to the private insurer offering the lowest premium.
Citizens forecasted its policy count would drop below 1 mn by the end of 2024. By Nov. 30, this goal was reached, with policies decreasing to 988,051. As of Dec. 20, Citizens had 935,948 policies in force.
Depopulation efforts have reduced Citizens’ exposure by $170.4 bn as of Nov. 20, according to Chief Administrative Officer Jeremy Pope. He noted increased competition among carriers for the same policies, providing more choices for policyholders.
Citizens plans 9 personal line depopulation rounds and six commercial rounds in 2025, Pope said.
