Citizens To Cut 110,000 Policies

By RUSSELL RAY | rray@tampatrib.com
Published: November 15, 2008

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TAMPA --

Private insurers are taking another 110,000 homeowners policies out of state-run Citizens Property Insurance Corp., state insurance regulators announced late Thursday.

Six companies have been authorized by the Florida Office of Insurance Regulation and began assuming policies Friday.

The companies are: American Integrity Insurance Co.; Florida Peninsula Insurance Co.; HomeWise Preferred Insurance Co.; Southern Oak Insurance Co.; Northern Capital Insurance Co.; and Magnolia Insurance Co.

Policyholders can refuse the takeout offer and remain with Citizens.

"We have heard a lot of concerns about Citizens growing too large," said Insurance Commissioner Kevin McCarty. "I am pleased to see so many Citizens policies being moved into the private market."

Reporter Russell Ray can be reached at (813) 259-7870.