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

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

That’s based on Residents CEO and president Tim Cerio, who shared the main points to the Home Insurance coverage & Banking Subcommittee final week.

Cerio additionally famous that roughly 338,000 insurance policies will likely be transferred to non-public insurers over the course of the 12 months.

Residents at present holds a market share of round 18% and has been trying 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 major milestone of writing over $1 billion of in-force premium,” mentioned 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.”

What are your ideas on this story? Be at liberty to share your feedback beneath.