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.
“These policies meet our strict underwriting guidelines and should further strengthen our long-term growth prospects,” Wallace says in a press release.
HCI Group Inc. owns subsidiaries that provide homeowners' insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company Inc., is offers property and casualty insurance statewide.