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.