HCI has announced that its majority-owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.
The assumption, effective from December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation. The number of policies assumed by TypTap is approximately 6,800 polices.
TypTap noted that it expects to complete a second assumption of policies from Citizens in January 2024.
Paresh Patel, HCI’s chairman and CEO, commented, “TypTap has successfully completed the first of its two assumptions from Citizens.
“With this assumption of policies from Citizens, HCI reached a significant milestone of writing over $1 billion of in-force premium. This is a tremendous accomplishment as the company started 2023 with less than $740 million of in-force premium.”
Back in November, the largest subsidiary of HCI, Homeowners Choice Property & Casualty Insurance Company, successfully assumed approximately 53,750 policies from Citizens. These assumed policies totalled roughly $196 million of in-force premium.
That same month, the Florida Office of Insurance Regulation approved HCI Group’s Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida, which solidified HCI’s entry into the commercial residential insurance space and opened a new avenue of growth for the firm.
