Homeowners Choice Property & Casualty Insurance Company, a wholly-owned subsidiary of HCI Group, has been approved by the Florida Office of Insurance Regulation to assume 50,000 policies from Citizens Property Insurance, Florida's state-operated insurance company. Of those policies, 27,000 are slated to be wind-only.
The policies are assumable under Florida’s "take-out" program, designed to reduce the state’s risk exposure by encouraging private insurance companies to assume policies from Citizens.
Under the take-out rules, affected policyholders are entitled to opt-out before or within 30 days after the assumption and remain with Citizens.
"While we have been approved for 50,000 policies, it is unclear how many policies will ultimately be assumed," said Scott Wallace, president of Homeowners Choice. "We are well positioned to pursue additional accretive growth opportunities in 2015."
HCI Group owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners’ insurance, reinsurance, real estate and information technology services.
The company’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.