The Florida Office of Insurance Regulation (OIR) has approved HCI Group’s Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida.
The OIR explained that this announcement marks the newest property and casualty insurer approved to operate in Florida following “extensive legislative reforms implemented to promote continued market stabilization.”
Condo Owners Reciprocal Exchange solidifies HCI’s entry into the commercial residential insurance space and opens a new avenue of growth for the firm.
Commissioner Michael Yaworsky, said, “OIR is pleased to see more companies, jobs and capital coming into Florida’s insurance market this year.
“This announcement is further indication that the reforms are having the intended impacts on our market and further expanding the choices for consumers.”
HCI’s Condo Owners Reciprocal Exchange is to be a Florida-based, domestic property and casualty insurer and applied to receive its permit and subsequent Certificate of Authority pursuant to Section 629, Florida Statutes.
The OIR noted that it is seeing greater participation and interest in the Citizens Depopulation program, having approved insurers to assume 650,399 policies from Citizens Property Insurance Corporation (Citizens) during 2023, a more than 800% increase from the previous year.
The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, recently successfully assumed approximately 53,750 policies from Citizens.
Another subsidiary of HCI, TypTap Insurance Company, an insurtech underwriter, was also recently approved to assume policies from Citizens.
