The Florida Office of Insurance Regulation (OIR) recently approved Tower Hill Select Insurance Company, an affiliate of Tower Hill Insurance Group, to remove 43,836 policies from Citizens Property Insurance Corporation (Citizens).
Tower Hill Select will offer homeowners insurance coverage to these customers starting in June 2013.
Tower Hill is excited to participate in the Citizens takeout program, which offers customers the option of purchasing their policy through a private insurance carrier. As Tower Hill’s President, Don Matz explained, “Since our company’s founding in 1972, more than 1.6 million Florida customers have chosen Tower Hill to protect their home. We understand the marketplace and the unique needs of homeowners in this state.”
Over the last four decades, Tower Hill Insurance Group has grown into one of Florida’s largest writers of residential property insurance. We currently hold the fourth largest market share in the state based on 2012 results.
The insurance agents on record for this group of customers do not currently have a relationship with Tower Hill; however, they will be offered a limited contract so that they may continue to serve this group of customers if they choose. Both these customers and insurance agencies have the opportunity to decide whether they will remain with Citizens or transfer to Tower Hill Select.