Tampa insurance company picks up nearly $200M in Citizens policies

Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release.

Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice is HCI's largest subsidiary.

HCI says the policies amount to $196 million of in-force premiums. The assumption of coverage is effective Nov. 21, based upon an approval in September by the Florida Office of Insurance Regulation. More than 70% of policyholders assumed will see savings over the expected renewal offer from Citizens, HCI says.