Florida’s insurer of final resort to proceed offloading insurance policies in 2024

Residents, Florida’s insurer of final resort, has projected that will probably be transferring round 76,000 insurance policies to varied non-public insurance coverage corporations this month.

That’s in line with Residents CEO and president Tim Cerio, who shared the small print to the Home Insurance coverage & Banking Subcommittee final week.

Cerio additionally famous that roughly 338,000 insurance policies shall be transferred to non-public insurers over the course of the yr.

Residents at the moment holds a market share of round 18% and has been seeking to shed insurance policies amid threats of insolvency. 

Residents now holds 1.24 million insurance policies, the Information Service of Florida reported, down from 1.41 million within the fall of 2023.

As a part of Residents’ depopulation program, regulators have permitted seven insurance coverage corporations to tackle as much as 200,000 insurance policies from the insurer.

“With this assumption of insurance policies from Residents, HCI reached a big milestone of writing over $1 billion of in-force premium,” stated Paresh Patel, HCI’s chairman and CEO. “This can be a large accomplishment as the corporate began 2023 with lower than $740 million of in-force premium.”

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