News & Media
TALLAHASSEE, Fla. – Regulators this week approved proposals by two private insurers to take up to 156,040 policies from the state’s Citizens Property Insurance Corp. in April.
Florida Insurance Commissioner Michael Yaworsky signed orders Wednesday that will allow Mangrove Property Insurance Co. to assume up to 81,040 Citizens policies and Slide Insurance Co. to assume up to 75,000, according to documents posted on the Office of Insurance Regulation website.
While the actual numbers of policies leaving Citizens likely will not be that high, the approvals are part of an ongoing “depopulation” program aimed at shifting Citizens customers to private carriers.
Citizens was created as an insurer of last resort, but it became the state’s largest property insurer in recent years amid financial problems in the private market. Citizens grew to 1.4 million policies in 2023, but its policy count has steadily declined because of the depopulation program and improvements in the overall market.
As of last week, Citizens had 936,943 policies, according to data posted on its website. Citizens President and CEO Tim Cerio told a Senate committee this week that Citizens forecasts it will end 2025 with about 771,000 policies.
©2025 The News Service of Florida. All rights reserved
Author fschmuff
