Tampa Bay insurer gets state approval to pick up $75M in policies

HCI says Condo Owners Reciprocal Exchange, an HCI-sponsored reciprocal insurer with plans to write commercial residential policies, received approval from Florida insurance regulators to transact insurance in the Sunshine State.

A reciprocal insurer is an unincorporated aggregation of at least 25 policyholders operating through an attorney in fact to provide insurance among themselves. A reciprocal insurer is essentially owned by its policyholders, but its operations, such as underwriting, claims and management services, are provided by an attorney-in-fact for a predetermined management fee, HCI says.

HCI says Condo Owners Reciprocal Exchange, or CORE, plans to commence operations in February 2024 by assuming thousands of policies representing approximately $75 million of in-force premium from Citizens Property Insurance Corp., Florida’s state-backed insurance company.