The Florida Office of Insurance Regulation has approved theremoval of up to 181,909 personal residential policiesand 2,591 commercial residential/non-residential policesfrom Citizens Property Insurance Corporation by the following sixcompanies:

  • Anchor Property & Casualty InsuranceCompany – approved to remove up to 20,000 personalresidential policies (15,951 Personal Lines Account and 4,049Coastal Account)
  • Heritage Property & Casualty InsuranceCompany – approved to remove up to 50,000 personalresidential policies (35,000 Personal Lines Account and 15,000Coastal Account) and up to 500 commercial residential policies (400Commercial Lines Account and 100 Coastal Account)
  • Safepoint Insurance Company – approvedto remove up to 20,000 personal residential policies (12,000Personal Lines Account and 8,000 Coastal Account)
  • Southern Oak Insurance Company -remove up to 15,000 personal residential policies (10,000 PersonalLines Account and 5,000 Coastal Account)
  • United Property & Casualty InsuranceCompany – approved to remove up to 50,500 personalresidential policies (20,200 Personal Lines Account and 30,300Coastal Account) and up to 1,000 commercial residential policies(940 Commercial Lines Account and 60 Coastal Account)
  • Weston Insurance Company - approved toremove up to 26,409 personal residential policies (CoastalAccount), up to 1,064 commercial non-residential policies(Commercial Lines Account), and up to 27 commercial residentialpolicies (Commercial Lines Account)

Citizen’s Personal Lines and Commercial Lines Accounts aremostly non-coastal properties and the Coastal Account is coastalproperties.

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Related: Florida OIR approves removal of up to 81,050 policies fromCitizens

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The take-out periods are November 24, 2015 for personalresidential impacting both the Personal Lines/Coastal Accountpolicies and November 17, 2015 for commercialresidential/non-residential impacting both the CommercialLines/Coastal Account policies.

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This is part of the state’s ongoing depopulation effort toreduce the number of policies in the state-created Citizens andtransfer them to the private insurance market. Today’s announcementbrings the total number of policies approved for take-outs in 2015to 1,178,693. To date, 141,647 policies have been removed fromCitizens this year.

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