Increases its policy count by 44% to 52,000 policies
Florida-based insurance holding company Homeowners Choice said that its insurance subsidiary Homeowners Choice Property & Casualty Insurance Company, has assumed 23,000 homeowners’ insurance policies from Florida’s state-owned insurance firm Citizens Property Insurance.
The company said that the assumption represents a 44% increase from the approximately 52,000 policies on the company’s books.
According to Homeowners, the 23,000 policies are assumable under Florida’s take-out program, which encourages private insurance companies to assume policies from Citizens Property Insurance to reduce the state’s risk exposure.
The company said that it has received authorisation by the Florida Office of Insurance Regulation to assume an additional 60,000 homeowners’ policies from Citizens, subject to a maximum assumption of 30,000 policies in December 2009.
McCahill, chief executive officer of Homeowners Choice, said: We are pleased to announce this significant addition to our policy base. This shows a real vote of confidence in Homeowners Choice on the part of the Florida Office of Insurance Regulation as well as Florida consumers. We look forward to serving our new customers and continuing to add policies from Citizens in the new year.
Homeowners Choice provides property and casualty homeowners’ insurance, condominium owners’ insurance and tenants’ insurance solely to Florida property owners.