The Citizens takeouts continue. Insurers were recently authorized to assume nearly 100,000 policies from Citizens. Read more to find out the companies involved in this round of takeouts, and how successful the recent takeouts have been.
Update on Citizens Takeouts
Florida regulators approved Florida insurers to assume approximately 93,500 policies from Citizens. The companies and their allotment include:
- Mount Beacon: 35,000
- Anchor Property & Casualty: 28,000
- Heritage: 20,500
- Southern Oak: 10,000
The Tampa Tribune gave us some interesting statistics on how many of these recent takeout approvals actually converted to takeouts. In 2014, although approximately 1.1M policies were approved for assumption, insurers only assumed approximately 415,000.
In the last two years, Citizens has seen its policy count decrease from approximately 1.5M to 661,000. As a result, Citizens’s exposure has decreased from $510B to $200B.
If you want to know more about the takeouts over the past several months, here are our articles:
If you want to learn more about some of the other insurers involved in the recent takeouts (Mount Beacon, Anchor, Homeowners Choice, and more), make sure to click on the links in the bullets above, or you can view all of our Takeout articles on one page here.
If you have any questions about this article or anything else, please contact me.