The Florida Office of Insurance Regulation has approved requests from Slide Insurance Co. and American Integrity Insurance Co. to assume a combined total of 16,250 personal residential multiperil policies from Citizens Property Insurance Corp.
According to the regulator’s order, Slide Insurance received approval to take out 15,000 policies, with assumptions scheduled to begin on Aug. 19.
Slide has been among the most active participants in Citizens’ depopulation efforts, previously seeking to assume 75,000 policies in January and 15,000 in March of this year.
American Integrity was approved to assume 1,250 policies, also effective Aug. 19. The company has previously received approval to take on 102,923 Citizens policies in October 2024 and an additional 35,000 in December.
Under Citizens' guidelines, private-market carriers assuming policies must offer replacement coverage at a premium no more than 20% above what Citizens charged. Policyholders will be informed of the assumption offer and the deadline to respond.
If no response is submitted, the policy will be transferred to the participating private insurer offering the lowest estimated premium.
As of March 31, Citizens reported 841,470 active policies, marking a significant decrease from its peak of approximately 1.4 million policies in 2023. This reduction is part of an ongoing depopulation strategy aimed at transitioning policyholders to private insurers.
Also in March, the Florida Office of Insurance Regulation (OIR) approved three private insurers – Mangrove Property Insurance Co., Patriot Select Property and Casualty Insurance Co., and Slide – to assume up to 135,540 policies from Citizens.
Mangrove already assumed 30,000 policies in April, with the insurer approved to assume up to 81,040 policies from then to June. The company reported an acceptance rate of 86.4% for the April cycle and intends to follow the same strategy during the June assumption period.
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