The Florida Office of Insurance Regulation (OIR) recently approved Tower Hill Preferred, Tower Hill Prime and Tower Hill Signature Insurance Companies, affiliates of Tower Hill Insurance Group (Tower Hill), to remove nearly 100,000 multi-peril policies from Citizens Property Insurance Corporation (Citizens).
Starting in November 2013, Tower Hill will offer homeowners insurance coverage to these customers.
Founded as a small independent agency in South Florida more than 40 years ago, today Tower Hill is Florida’s 4th largest writer of residential property insurance with a market share of 6 percent. Earlier this year another affiliate, Tower Hill Select, also participated in the Citizens depopulation program.
Tower Hill’s President Don Matz explained: “Tower Hill is committed to the Florida marketplace for the long term, as is evident from both our company’s history and financial strength. We look forward to the opportunity to participate in this takeout program and welcome new customers into the Tower Hill Family of Companies.”
Tower Hill is excited to offer additional Citizens customers the option to choose a private insurance carrier. Customers eligible for this takeout and their insurance agents on record will have the option to either remain with Citizens or transfer to one of the participating Tower Hill Companies. Those insurance agencies that do not currently have a relationship with Tower Hill will be offered a limited contract, so that they may continue to service this group of customers if they choose.