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Citizens Targets 45.5K Policies For ‘Takeout’
April 9, 2015
Another 45,500 policies have been approved to move to the private insurance industry from the state-backed Citizens Property Insurance Corp.
The Office of Insurance Regulation this week approved the latest round of private-insurer “takeouts” by two companies — Heritage Property & Casualty and Mount Beacon. The takeouts are scheduled to occur in June.
Based upon prior takeouts, not all the targeted residential and commercial-residential policies will change hands. Policyholders are allowed to reject the takeout offers. Citizens reported that it had 631,879 policies as of January 31, a vast decline from a high of 1.5 million policies in 2012.
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