In an attempt to address concerns about Florida's Citizens Property Corp. growing too large, up to 110,000 homeowners policies will be removed from the state's insurer of last resort and placed with six private carriers, it was announced.
As of last week, Citizens had written 1.14 million policies, according to Ed Domansky, spokesman for Florida's Office of Insurance Regulation, who was citing the Citizens Web site.
Asked what the current dollar exposure is, he referred questions to Citizens, which did not immediately respond. According to some reports that figure exceeds $430 billion, well above the company's reserves.
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