HCI Group, Inc. announced that its insurance subsidiaries successfully assumed over 42,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. These assumed policies represent approximately $200 million of in-force premium, significantly boosting the company's portfolio.
Homeowners Choice Property & Casualty Insurance Company assumed approximately 22,000 policies, achieving an 88% acceptance rate. TypTap Insurance Company assumed approximately 20,000 policies, with an 80% acceptance rate, demonstrating strong policyholder adoption.
Paresh Patel, HCI’s Chairman and CEO, stated that this October assumption alone exceeded the company's fourth-quarter new business goal. As a result, HCI will forgo additional policy assumptions for the remainder of the year, focusing on integrating the new business.
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