The Florida Office of Insurance Regulation has approved requests from eight carriers to take over 232,535 personal residential multiperil policies and 2,500 residential wind-only policies from Citizens Property Insurance Corp., according to BestWire.
Top 5 homeowners’ multiperil insurance companies in Florida by direct premiums were Citizens Property Insurance Corp. with an 18.57% market share, Universal Insurance Holdings Group at 8.47%, State Farm Group at 6.88%, Florida Peninsula Group at 4.88%, and Tower Hill Group at 4.35%.
American Integrity Insurance Co. requested the largest number of policies, seeking to take out 75,000 residential multiperil policies. Other requests included Orange Insurance Exchange with 15,000 policies, Typtap Insurance Co. with 25,000, Slide Insurance Co. with 15,000, Monarch National Insurance Co. with 25,000, and Trident Reciprocal Exchange with 16,035 policies.
Manatee Insurance Exchange sought 1,500 residential wind-only policies and 37,500 residential multiperil policies, while Homeowners Choice Property & Casualty Insurance Co. requested 1,000 wind-only policies and 24,000 multiperil policies.
Many of these insurance companies had previously participated in a round of takeouts in late summer.
In July, Slide was approved to take 75,000 multiperil policies, and Manatee received approval for 75,000 multiperil, 2,000 commercial wind-only, and 1,000 commercial multiperil policies.
To take over a policy, carriers must offer coverage priced no more than 20% higher than what Citizens charged, according to the insurer. Offers will include deadlines for policyholders to respond, and if no choice is made, the policy will go to the private company with the lowest premium.
As of Sept. 6, Citizens’ website reported 1.252 mn policies in force, up from 1.25 mn on Aug. 31. Attempts to reach Florida Insurance Commissioner Michael Yaworsky for further comment were unsuccessful.
