Tampa insurer taking 34,000-plus policies from Citizens

TAMPA — Homeowners Choice Property & Casualty Insurance Company Inc., an insurance subsidiary of HCI Group Inc., has assumed more than 34,000 homeowners' policies from Florida's state-operated insurance company Citizens Property Insurance Corp.

The policies are being assumed under the state's “take-out” program, which is designed to reduce the state's risk exposure. Under the rules, individual policyholders are allowed to opt out of the transfer within 30 days after the assumption and return to Citizens.

Scott Wallace, president of Homeowners Choice, says the new policies increases the company's annualized gross premiums to around $400 million.