Florida Homeowners' Insurance Takeout Companies
"Starting in 2003, Citizens tried to shrink itself by implementing a program in which it paid private insurance companies a bonus for taking some of its policies. "
That is a quote from Palm Beach Post, June 20, 2006
The take-out program is also known as "depopulation". The companies involved in this program may also do homeowner's insurance quotes.
FL Homeowner's Insurance Take-out Companies
Listed below are the property insurance companies that takeout from Citizens, also
with their respective financial rating status. A.M. Best is the company that rates insurance companies. Someone told me that an A.M. Best rating of “A” is not necessarily a good
rating. They pretty much start at “A” and go up to “AAA+++” or some
other such nonsense. I’m sure it’s on their site. But note that only two of the take-out companies are rated. Many are too small to be given a rating.
Anecdotally it has been reported that if the takeout company raises their premiums higher- more thn 25% overCitizens- you can go back to Citizens.
So, don't be at all surprised if the next premium increasee was in the neighborhood of 24.99999%.
Citizens Insurance Takeout Companies
Insurance companies takes homeowners and windstorm policies from
Citizens Property Insurance Corp. Remember, these are not going to be the big companies who are fleeing Florida when it comes to homeowners insurance.
1. ATLANTIC PREFERRED INSURANCE CO. TAMPA
Takeout policies: 113, 649
First licensed in Florida: 1998
Affiliate: Poe Financial Group
Capital and surplus: $12.7M
Financial status: In receivership; state suing to liquidate. No A.M.
Best rating at company request.
2. FLORIDA PENINSULA INSURANCE CO. , BOCA RATON
Takeout policies: 85,530
First licensed in Florida: 2005
Affiliate: N/A
Capital and surplus: $6.8M
Financial status: Meets state requirements.
3. GULFSTREAM PROPERTY AND CASUALTY INSURANCE CO. SARASOTA
Takeout policies: 79,617
First licensed in Florida: 2004
Affiliate: New Holdings Inc.
Capital and surplus: $13.9M
Financial status: Meets state requirements, but submitted action plan
for improving capital position
4. UNITED PROPERTY & CASUALTY INSURANCE CO., ST. PETERSBURG
Takeout policies: 63,474
First licensed in Florida: 1999
Affiliate: synovus Financial Corp.
Capital and surplus: $15.5M
Financial status: Meets state requirements.
From the St Petersburg Times: "We manage our exposure down to the ZIP code and purchase reinsurance based on those results," said Don Cronin, president of United Property & Casualty Insurance in St. Petersburg. He said takeouts represent about 40 percent of United's customer base.
I have heard good things about this company and may call them for an home owner's insurance quotation.
5. SOUTHERN OAK INSURANCE CO., JACKSONVILLE
Takeout policies: 33,601
First licensed in Florida: 2004
Affiliate: Southern Oak Holding Co.
Capital and surplus: $6.3M
Financial status: Strong capital position relative to other takeout
companies.
More Citizens Takeout Homeowner's Insurance Companies