Insurers OKed to take Citizens' policies

TALLAHASSEE — The Florida Office of Insurance Regulation said Monday that it given its blessing to plans by four insurers to assume 173,000 policies from the Citizens Property Insurance Corp., the state's insurer of last resort.

American Integrity Insurance Co. of Florida, Argus Fire & Casualty Co., First Home Insurance Co. and Landmark One Insurance Co. will begin "taking out" Citizens' policies Dec. 17. Consumers will be notified beginning Nov. 7 and have the option of declining the take-out and retaining their Citizens' policy.

"This is great news for the property insurance market in Florida," insurance Commissioner Kevin McCarty said. "It is proof that the private insurance industry believes it can succeed and be profitable in Florida. And, consumers will be offered policies at rates that are at or below Citizens' current rates."

Citizens had nearly 1.4 million policies, including 653,000 in Palm Beach, Broward, Miami-Dade and Monroe counties, as of September 30, making it the largest home insurer in Florida.

The new take-out plan would effectively roll back Citizens' policy count to pre-2007 numbers

All four companies are Florida-based. American Integrity has its home office in Tampa and will take 75,000 homeowner's, mobile homeowner's and dwelling fire policies over six months.

Newly formed Landmark One, with its home office in Miami, will assume 50,000 homeowners policies over 18 months.

First Home maintains its home office in Jacksonville and will immediately assume 30,000 homeowners and dwelling fire policies.

Argus has been approved to assume 18,000 homeowners and dwelling fire policies over the next 18 months. Argus has its home office in North Miami Beach.

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