The Florida Office of Insurance Regulation has approved the removal of up to 45,000 personal residential policies and 500 commercial residential polices from Citizens Property Insurance Corporation by the following two companies:

• Heritage Property & Casualty Insurance Company – approved to remove up to 20,000 personal residential policies (17,326 Personal Lines Account and 2,674 Coastal Account; and up to 500 commercial residential policies (472 Commercial Lines Account and 28 Coastal Account)
• Mount Beacon Insurance Company – approved to remove up to 25,000 personal residential, all Personal Lines Account policies

Citizens' Personal Lines and Commercial Lines Accounts are mostly non-coastal properties and the Coastal Account are coastal properties.

The take-out periods are June 23, 2015 for personal residential impacting both the Personal Lines/Coastal Account policies, and June 16, 2015 for commercial residential impacting both the Coastal Lines/Coastal Account policies.

This is part of the state's ongoing depopulation effort to reduce the number of policies in the state-created Citizens and transfer them to the private insurance market. Today's announcement brings the total number of policies approved for take-outs in 2015 to 582,236. To date, 110,529 policies have been removed from Citizens this year.