United Property & Casualty Insurance Co. says it has assumed 15,133 policies from Citizens Property Insurance Corp., Florida’s last-resort insurer.
With the move, the St. Petersburg, Fla.-based carrier says it will have total policies in-force of approximately 150,000 representing in-force premiums of approximately $275 million.
According to Florida’s Office of Insurance Regulation, UPC is the 15th largest writer of homeowners insurance in state as of Dec. 31, 2011. Citizens remained on top with more 1.4 million policies.
“We are pleased to have completed this takeout,” says John Forney, Chief Executive Officer of United, “and we welcome these new policyholders to the UPC Insurance family. We did rigorous screening to ensure that these policies meet our conservative underwriting standards, and we look forward to providing our new policyholders and their agents with great customer service and a company they can count on.”
The take-out is part of a depopulation initiative announced by Citizens in November that would see close to 66,000 policies moved out of the program by January.
The OIR says that, as of October 2012, a total of 87,337 policies were taken off Citizens books.