200K policyholders may move from Fla. insurer

Published On: Sep 20 2013 05:32:26 PM EDT
TALLAHASSEE, Fla. -

More customers of Citizens Property Insurance may be shifted out of the state-created corporation.

Barry Gilway, the president and CEO of Citizens, told his board on Friday that as many as 200,000 additional customers could be moved over to eight private insurers in December.

State regulators last month quietly signed off on a plan to let 10 different insurance companies absorb nearly 400,000 Citizens policyholders this November.

Customers are automatically shifted to a new insurer unless they object.

Citizens is currently the state's largest residential property insurer in the state with 1.2 million policyholders.

The insurer is getting private companies to absorb policies without paying them even though earlier this year it agreed to pay millions to get a start-up company to take up as many as 60,000 policies.

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