Florida clears two carriers to absorb 40,000 Citizens policies – Insurance Business

By Kenneth Araullo
The Florida Office of Insurance Regulation has cleared two property and casualty carriers to assume as many as 40,000 policies from Citizens Property Insurance Corp., extending the state's depopulation drive aimed at shrinking the size of its insurer of last resort.
Under a consent order, Mangrove Property Insurance Co. was approved to take out up to 10,000 personal residential multiperil policies and an additional 10,000 personal residential wind-only policies.
Mangrove is set to begin assuming the business on or around Aug. 18, with a second tranche scheduled for Sept. 15.
In a separate order, Florida Peninsula Insurance Co. was approved to assume as many as 20,000 personal residential multiperil policies, with takeouts staggered across Aug. 18, Sept. 15 and Oct. 20.
The approvals build on earlier action by the regulator in March, when four carriers received the green light to assume as many as 190,000 policies from Citizens' book.
They also follow a January 2026 round in which regulators cleared roughly 90,000 policies for transfer. American Integrity Insurance Co. was authorized to assume 29,756 residential multiperil policies by April 21, on top of a late-2025 approval covering up to 37,804 multiperil and 433 commercial residential wind-only policies.
Manatee Insurance Exchange received clearance for up to 60,000 personal residential multiperil and 5,000 wind-only policies in the same round, underscoring the cadence of takeout activity in the Florida market.
Citizens, the state's insurer of last resort, has seen its book contract sharply over the past year as private carriers have stepped up takeout activity in Florida's homeowners insurance market.
Read more: Florida’s Citizens reset could drive surge in private-market submissions
The insurer's in-force count has fallen from 819,027 policies at the end of May 2025 to 294,253 policies as of May 15, according to data published on Citizens' website. That represents a decline of roughly 64% in just under 12 months.
Industry executives expect the next phase of depopulation to broaden into commercial lines. Jencap's Lorey has put Citizens' commercial property portfolio at $50 billion to $60 billion in total insured value, with condo associations making up most of that exposure.
Lorey noted that pending Florida legislation could tighten eligibility and require policyholders to move to private coverage when a comparable offer falls within roughly 15% of Citizens' premium, a threshold that could accelerate the flow of business out of the state-backed insurer.
State officials have framed depopulation as a central pillar of efforts to stabilize Florida's insurance market, which has been pressured by hurricane losses, litigation costs and the withdrawal of several national carriers in recent years.
Citizens has historically grown during periods of private market stress before shedding policies once conditions improve and capacity returns.
Neither Mangrove nor Florida Peninsula disclosed financial terms or projected premium volumes tied to the latest assumptions of Citizens policies.

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