The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurer.
These assumed policies total roughly $196 million of in-force premium.
The assumption is effective from November 21st, 2023, and is based upon an approval in September 2023 by the Florida Office of Insurance Regulation.
All in all, over 70% of policyholders assumed will see savings over the expected renewal offer from Citizens.
HCI notes that its subsidiary was actually approved for 75,000 policies, made 72,958 offers, and assumed 53,750 policies with a 74% acceptance rate.
Paresh Patel, HCI’s Chairman and Chief Executive Officer, commented, “Homeowners Choice has successfully completed the transition of a significant number of policies that were previously identified by our technology as attractive policies for assumption.
“The strong acceptance rate was the result of Homeowners Choice offering policyholders a competitively priced renewal policy and expanded coverage compared with their existing Citizens policy.”
Another subsidiary of HCI Group, TypTap Insurance Company, was also recently approved to assume policies from Citizens.
