American Keystone Insurance Company has received approval from the Florida Office of Insurance Regulation and Citizens Property Insurance Corporation to assume as many as 718 policies from the Commercial Residential Account.
American Keystone Insurance Company (AKIC) has already assumed 446 policies from Citizens. AKIC plans to assume an additional 272 policies from Citizens by the end of 2008. These assumptions are substantial as premiums per policy average over $20,000 each. Reinsurance protection for the transaction was secured by King’s Bay Reinsurance Intermediaries.
AKIC is in the process of contracting with its current personal lines agencies to expand into commercial property and is seeking new commercial agencies for voluntary business in selected areas of the state.
Bruce Howson, president of AKIC, said: We are pleased to have successfully concluded this transaction with the Office of Insurance Regulation and Citizens, which is a major step in the full development of our company as a private sector solution to the growth and recovery of the property insurance market in Florida.