The Florida Office of Insurance Regulation has issued Certificates of Authority to two new insurance companies, Gulfstream Property and Casualty Insurance Company, and Southern Oak Insurance Company. Both companies will write homeowners policies across Florida.
Florida Insurance Commis-sioner Kevin McCarty welcomed the new companies into the Florida residential insurance market.
“In the wake of this year’s unprecedented string of catastrophic hurricanes it is particularly gratifying to see not only the commitment to Florida from our present insurance companies, but also the interest from new players, ” McCarty said.
As part of their business plan, both com-panies intend to assume policies from Citizens Property Insurance Corporation. Florida policymakers encourage private companies to assume policies from Citizens, Florida’s insurer of last resort.
Gulfstream intends to take out about 70,000 policies from Citizens while Southern Oak intends to take out approximately 40,000 policies. A number of other insurers are expected to enter the homeowners market.
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