Tallahassee, FL - November 3, 2012
Officials at the Citizens Property Insurance Corp. say nearly 150,000 of its policyholders have been assumed by five smaller insurers in October as the state-backed Citizens' continues to shed policies in its downsizing efforts.
Another 25,000 Citizens' policy holders rejected the takeout offers to remain with Citizens.
Homeowners Choice assumed nearly 63,000 of the policies while Southern Fidelity removed nearly 29,000.
Florida Peninsula, American Integrity and Southern Oak were also approved to assume policies from Citizens, the state's largest property insurer with some 1.4 million policies.
Florida lawmakers have tried for years to shrink Citizens in hopes of reducing the insurer's market exposure and the commensurate financial risk to millions of Floridians.
Citizens' was originally designed as the insurer of last resort for home and business owners in high-risk areas.