Florida-based Homeowners Choice Takes-out More Citizens Policies

Homeowners Choice Inc., a Clearwater, Florida-based homeowners’ insurer, announced that its wholly-owned insurance subsidiary, Homeowners Choice Property & Casualty Co. Inc., received approval from the Florida Office of Insurance Regulation to increase its policy takeout authorization from Citizens Property Insurance Corp. to 95,000 policies from 30,000 policies.

“We plan to use this authorization to assume additional policies over the next few months, provided they meet our stringent underwriting criteria,” said F.X. McCahill, chief executive officer of Homeowners Choice, Inc.

In July Homeowners Choice Inc. completed an $11.6 million initial public offering.

Florida has a take-out program that encourages private insurance companies to assume policies from Citizens to reduce the state’s risk exposure.

Source: Homeowners Choice Inc.
www.hcpci.com.

Latest Comments

• September 8, 2008 at 10:07 am

  Ratemaker says:

  The $128 per policy number also misses the premium that the new company presumably will receive from these policies.
• September 6, 2008 at 8:05 am

  NoOne says:

  Do you know that there is only one AM Best Rated company in FL writing Homeowners? There are also a couple of B++. The rest are not rated or in my opinion undercapitalized sta... read more
• September 5, 2008 at 3:24 am

  JR says:

  First let me say that I agree that the industry is not healthy and all these minimum capital carriers are dangerous. But $128 per policy would require all 90,000 policies to h... read more