The Real Deal Miami

Citizens Property Insurance on the rise

June 14, 2010 01:30PM

In the wake of two competitors’ demise, Citizens Property Insurance has taken on 10.5 percent more new policies in the last four months, an unexpectedly rapid growth for the company, which is the largest property insurer in the state. Both Magnolia Insurance in Coconut Grove and Northern Capital Insurance in Miami have recently been liquidated by the state, giving way for Citizens’ exponential growth. The company had over 1.13 million policies on its roster as of June 11. But while the South Florida real estate market may still be in rocky shape, industry insiders say Citizens is poised to grow even more. State Farm insurance is expected to drop around 125,000 residential policies beginning in August, which some experts say could be a windfall for citizens. [Sun-Sentinel]