Loading
TAMPA — Homeowners Choice Inc. will assume 71,000 policies from the state-owned Citizens Property Insurance Corp. in November, which could allow it to create as many as 40 new jobs, the company says.
Through wholly owned subsidiary Homeowners Choice Property & Casualty Insurance Co., the company will take over the policies under Citizens' Non-Bonus Take-out Program. The program aims to move policies from Citizens to private companies to reduce Citizens' risk exposure. Although it was supposed to be an insurer of last resort, Citizens has grown as the state increased legislation on private insurers.
In a release, Homeowners Choices says it has already identified policies to assume, and the policyholders have up to 30 days to opt out and stay with Citizens. Homeowners Choice estimates between 55,000 to 65,000 of the policies will stay with it, the release says.
"Not only will this takeout reduce Citizens' exposure statewide, but we also anticipate adding approximately 40 new jobs to our growing work force," Paresh Patel, chairman and CEO of Homeowners Choice, says in a release.
Tampa-based Homeowners Choice Inc. provides homeowners', condominium owners' and tenants' insurance for about 110,000 policyholders in Florida. Its policies total about $220 million in annualized premiums.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
