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HCI Group subsidiary assuming 36,000 policies


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  • | 5:04 p.m. December 19, 2014
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  • Tampa Bay-Lakeland
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TAMPA — Homeowners Choice Property & Casualty Insurance Co. Inc., a property and casualty insurance subsidiary of Tampa-based HCI Group Inc., assumed roughly 36,000 homeowners' policies, including an estimated 30,000 wind-only policies, from Citizens Property Insurance Corp., the state-operated insurance company.

The Florida Office of Insurance Regulation approved the sale in October.

The policies were assumed under Florida's “take-out” program, designed to reduce the state's risk exposure by encouraging private insurance companies to assume policies from Citizens. Under the take-out rules, policyholders are able to opt-out and remain with Citizens within 30 days after their policy has been assumed by another company.

“This assumption increases our annualized gross premiums to approximately $430 million, an all-time high for the company,” Scott Wallace, president of Homeowners Choice, says in a press release.

 

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