With more than a dozen property insurance companies facing ratings downgrades that would compel lenders to force-place homeowners with mortgages into new insurers, Florida regulators have moved to shore up the struggling companies with a new source of reinsurance: Citizens Property Insurance Corporation.
La Oficina de Regulación de Seguros is creating a “temporary reinsurance arrangement” where Citizens would pay the outstanding claims of companies that are downgraded and later go insolvent.
The move was triggered by Demotech, an Ohio-based ratings agency, which gave notice to at least 17 insurers on July 19 that it would lower their rating from “A” to “S”
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