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Press Release

Office Approves Up to 100,000 Policies for Citizens December Take-Out
Thursday, October 18, 2012
Contact Info:

Jack McDermott                                Amy Bogner
850-413-2515                                    850-413-2515
Jack.McDermott@floir.com              Amy.Bogner@floir.com

TALLAHASSEE, Fla. – The Florida Office of Insurance Regulation (Office) today announced the approval of up to 100,000 policies to be removed from Citizens Property Insurance Corporation (Citizens) by two Florida domestic insurance companies starting on December 4, 2012. American Integrity Insurance Company of Florida was approved to take-out 50,000 policies in November and is approved for an additional 40,000 in December. Heritage Property & Casualty Insurance Company, recently licensed in August 2012 and with a home office in St. Petersburg, FL, has been approved to remove 60,000 policies.
 
There have been 84,339 policies removed from Citizens through the take-out process as of September 2012. The Office has approved up to an additional 6,643 for October, 210,000 for November and 100,000 for December.

In an effort to provide even greater transparency for Citizens policyholders, each of the companies participating in the November and December take-out process created a “Citizens Coverage Comparison” list that details their policy coverage options relative to what is offered by Citizens.
List of Office approved take-outs from October – December 2012:
 
COMPANY
APPROVED
TAKE-OUT MONTH
NUMBER OF POLICY REMOVALS
COVERAGE COMPARISON
First Community Insurance Company
October
6,643
n/a
Florida Peninsula Insurance Company
November
45,000
Homeowners Choice Property & Casualty Insurance Company
November
75,000
Southern Fidelity Property & Casualty, Inc.
November
30,000
Southern Oak Insurance Company
November
10,000
American Integrity Insurance Company of Florida
November
December
50,000
40,000
Heritage Property & Casualty  Insurance Company
December
60,000
 
By Florida law, Citizens policyholders will be notified of the take-out request (assumption) and will have 30 days to accept or decline the offer. If policyholders do not respond, they will be “assumed” by the Florida domestic company on December 4th.
Visit the Office’s Take-Out Companies website page for more information about the take-out process and to view the financial status of all approved take-out companies. You can also visit the Office’s News Release website page for previous press releases regarding Citizens take-outs.
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Contact Info:

Jack McDermott                                Amy Bogner
850-413-2515                                    850-413-2515
Jack.McDermott@floir.com              Amy.Bogner@floir.com

About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation (Office) has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets.  For more information about the Office, please visit www.floir.com or follow us on Twitter @FLOIR_comm.

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