Citizens to free itself of some condo policies

Published On: Feb 11 2013 02:11:03 PM EST
Updated On: Feb 11 2013 02:11:42 PM EST
TALLAHASSEE, Fla. -

The governing board of state-backed Citizens Property Insurance Corp. has approved another "depopulation" plan to move thousands of its coastal hurricane policies to a private insurance company.

The board voted Monday to allow Weston Insurance to assume wind-only policies from Citizens, including policies for condominiums in coastal areas. Citizens' is Florida's largest property insurer with nearly 1.3 million policyholders as of Jan. 31.

Weston agreed to keep the policies for at least three years and will not exceed the 10 percent annual rate cap that now exists for policyholders, barring any legislative changes this spring. Weston has $35 million in surplus and expects to have $50 million in surplus by May 31.

Citizens' has shed roughly 200,000 policies in recent months in an attempt to reduce its loss exposure.

Comments

The views expressed below are not those of News4Jax or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.

blog comments powered by Disqus