When the Florida insurance world heard that a newly formed homeowners’ insurance carrier was stepping into the troubled Florida waters, reactions ranged from cynical to apoplectic.

VYRD, a new insurance company serving homeowners in Florida, has today launched as a joint venture between SiriusPoint Ltd. (“SiriusPoint” | NYSE: SPNT), a specialty insurer and reinsurer; and insurtech company bolt.

According to a report, the new carrier will be selecting up to 42,045 customers of state-owned Citizens Property Insurance Corp., who will receive an offer to join the new company.

Is your home insured by state-owned Citizens Property Insurance Corp., the so-called insurer of last resort?