Homeowners Choice Property & Casualty Insurance Co. Inc. said it has assumed 36,000 policies from Florida’s Citizens Property Insurance Corp., of which an estimated 30,000 are wind-only.
The assumptions, effective Dec. 16, 2014, are based upon an approval in October by the Florida Office of Insurance Regulation for the company to assume up to 69,000 policies.
Florida’s “take-out” program is designed to reduce the state’s risk exposure by encouraging private insurance companies to assume policies from the state-run property insurer, 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.
This latest assumption increases the insurer’s annualized gross premiums to approximately $430 million, an all-time high for the company, according to Scott Wallace, president of Homeowners Choice.
Earlier this month, the company was approved to take out up to a 50,000 additional policies from Citizens.
Homeowners Choice is the largest subsidiary of HCI Group Inc., which also owns firms engaged in reinsurance, real estate and information technology services
Topics Florida Homeowners
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