Florida’s insurer of last resort will continue to outsource policies in 2024 | Insurance business America
Florida’s insurer of last resort will continue to outsource policies in 2024
Insurance News
By Mika Pangilinan
Citizens, Florida’s insurer of last resort, has forecast it will transfer about 76,000 policies to various private insurance companies this month.
That’s according to Tim Cerio, CEO and president of Citizens, who shared the details with the House Insurance & Banking Subcommittee last week.
Cerio also noted that approximately 338,000 policies will be transferred to private insurers during the year.
Citizens currently has a market share of around 18% and is trying to sell policies in the face of impending bankruptcy.
Citizens now own 1.24 million policies, the News Service of Florida reported, down from 1.41 million in fall 2023.
As part of the Citizen Depopulation Program, regulators have approved seven insurance companies to take on up to 200,000 of the insurer’s policies.
“With this policy acquisition by Citizens, HCI has reached a significant milestone, writing over $1 billion in ongoing premiums,” said Paresh Patel, Chairman and CEO of HCI. “This is a tremendous achievement as the company entered 2023 with ongoing premium of less than $740 million.”
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2024-01-29 08:04:31
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