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Louisiana Citizens transferring more than 10,000 policies to 5 private insurers

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Louisiana Citizens transferring more than 10,000 policies to 5 private insurers

Louisiana Citizens Property Insurance Corp. is transferring 10,072 residential policies to five private insurers in its latest round of depopulation.

The five private insurers are Access Home Insurance Co., Maison Insurance Co., Ocean Harbor Casualty Insurance Co., Safepoint Insurance Co. and Spinnaker Insurance Co. Citizens will have an estimated 0.5% of the state's homeowners market after this round of depopulation, down from 9.8% in 2008. The residential policies count for the state's insurer of last resort will drop to about 39,000 residential policies.

Additionally, Safepoint is authorized to receive 161 commercial lines policies. Citizens' total policy count, including commercial policies, will fall to 40,800 policies in 2018 from 174,000 policies in 2008.

Policyholders have until Feb. 28, 2018, to opt out of moving to a private company and choose to stay with Louisiana Citizens.

Louisiana Citizens also announced the retirement of COO Vijay Ramachandran and CFO Steve Cottrell. Gov. Jon Edwards also has appointed Denise Gardner to Louisiana Citizens' board. Gardner recently retired from the Louisiana Department of Insurance.