HCI Group Insurance Subsidiary Assumes Over 53,000 Policies From Citizens
20 Novembre 2023 - 10:15PM
HCI Group, Inc. (NYSE: HCI), a
holding company with operations in homeowners insurance,
information technology services, real estate, and reinsurance,
announced today that its largest subsidiary, Homeowners Choice
Property & Casualty Insurance Company, has successfully assumed
approximately 53,750 policies from Citizens Property Insurance
Corporation, Florida’s state-backed insurance company.
The policies assumed amount to approximately $196 million of
in-force premium. The assumption, effective November 21, 2023, is
based upon an approval in September 2023 by the Florida Office of
Insurance Regulation.
More than 70% of policyholders assumed will see savings over the
expected renewal offer from Citizens.
Homeowners Choice was approved for 75,000 policies, made 72,958
offers and assumed 53,750 policies – a 74% acceptance rate.
“Homeowners Choice has successfully completed the transition of
a significant number of policies that were previously identified by
our technology as attractive policies for assumption. The strong
acceptance rate was the result of Homeowners Choice offering
policyholders a competitively priced renewal policy and expanded
coverage compared with their existing Citizens policy,” said Paresh
Patel, HCI’s chairman and chief executive officer.
HCI Group’s other subsidiary, TypTap Insurance Company, is
expected to assume policies from Citizens Property Insurance
Corporation in December 2023 and January 2024.
About HCI Group, Inc.HCI Group, Inc. owns
subsidiaries engaged in diverse, yet complementary business
activities, including homeowners insurance, information technology
services, insurance management, real estate, and reinsurance. HCI’s
leading insurance operation, TypTap Insurance Company, is a
technology-driven homeowners insurance company. TypTap’s operations
are powered in large part by insurance-related information
technology developed by HCI’s software subsidiary, Exzeo USA, Inc.
HCI’s largest subsidiary, Homeowners Choice Property & Casualty
Insurance Company, Inc., provides homeowners insurance primarily in
Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns
and operates multiple properties in Florida, including office
buildings, retail centers and marinas.
The company's common shares trade on the New York Stock Exchange
under the ticker symbol "HCI" and are included in the Russell 2000
and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes
financial and other information in the Investor Information section
of the company’s website. For more information about HCI Group and
its subsidiaries, visit www.hcigroup.com.
Company Contact:Bill Broomall, CFA Investor
RelationsHCI Group, Inc.Tel (813) 776-1012wbroomall@typtap.com
Investor Relations Contact:Matt GloverGateway
Group, Inc. Tel 949-574-3860HCI@gatewayir.com
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