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Capitol Preferred Insurance Co., one of the top writers of homeowners insurance in Florida, has received approval from the state’s insurance regulator to shed 23,800 policies just weeks before the start of hurricane season.

In a March 12 consent order, the Florida Office of Insurance Regulation found that the early cancellation of the Capitol Preferred policies was necessary based on its magnitude of losses in 2017, 2018, and 2019, the increased cost of reinsurance and “to protect the best interests of the public and policyholders,” according to an OIR spokesperson.

Please enjoy the full article below;

https://www.insurancejournal.com/news/southeast/2020/05/15/568657.htm