The Florida Office of Insurance Regulation says it approved four domestic insurers to remove 150,000 policies from the state's bloated last-resort insurer.
The state-run Citizens Property Insurance Corp. is currently the top writer of property insurance in the Sunshine State with about 1.5 million policies and an exposure of nearly $347 million—a fact that does not bode well for the state's residents since Citizens relies on selling its debt and assessing policyholders to pay claims.
This latest round of "take-outs" by the state's homegrown insurers is meant to rid Citizens of some exposure, and reduce the ultimate burden on taxpayers because the insurer was never meant to be the largest taker of property risk in the state.
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