Office Of Insurance Regulation Authorizes Three New Homeowners Companies
Tallahassee – The Florida Office of Insurance Regulation issued permits to three new companies who have applied to write homeowners policies in the state.
The permits were issued to Seaside Property Insurance Company, First Home Insurance Company and Florida Peninsula Insurance Company. A permit allows a company to raise the necessary funds to write future homeowner business and apply for a Certificate of Authority granting them licensure in Florida.
Several established companies are joining these new companies in a proposed take out of 370,323 policies from Citizens Property Insurance Corporation (Citizens). Florida policymakers enacted legislation to encourage and provide a means for companies to remove policies from Florida's insurer of last resort.
Florida Insurance Regulation Commissioner Kevin McCarty welcomed the new companies to the Florida residential insurance market. "Despite the unprecedented string of catastrophic hurricanes it is reassuring to see a continued interest from new investors, " McCarty said.
The companies, the location of their administrative offices and the number of planned take out policies includes:
Atlantic Preferred Insurance Company (Tampa) – 64,471
Federated National Insurance Company (Lauderdale Lakes) – 20,000
First Home Insurance Company (Tallahassee) - 30,000
Florida Peninsula Insurance Company (Davie) - 45,000
Seaside Property Insurance Company (Winter Park) - 75,000
Service Insurance Company (Bradenton) – 1,080
Southern Fidelity Insurance (Tallahassee) - 30,000
United Property and Casualty Insurance Company (St. Petersburg) – 35,346
Universal Property and Casualty Insurance Company (Miami) – 30,000
Their interest includes the addition of three takeout companies, Security First Insurance Company, Gulfstream Property and Casualty Insurance Company and Southern Oak Insurance Company, scheduled to take out a total of 39,426 policies from Citizens.