HCI subsidiaries assume approximately $200m of in-force premium from Citizens

Florida-domiciled insurtech, HCI Group, Inc.’s insurance subsidiaries have successfully assumed over 42,000 policies totalling approximately $200 million of in-force premium from Florida’s state-backed insurance company, Citizens Property Insurance Corporation.

HCI confirms the assumption of policies by the two insurance subsidiaries became effective on October 22nd, 2024.

HCI’s subsidiary, Homeowners Choice Property & Casualty Insurance Company was approved for 25,000 policies and assumed approximately 22,000 policies, an 88% acceptance rate.

TypTap Insurance Company has an acceptance rate of 80%, it was approved for 25,000 policies and has assumed approximately 20,000 policies.

Paresh Patel, HCI’s Chairman and Chief Executive Officer, commented, “We successfully navigated a highly competitive Citizens’ depopulation process and exceeded our fourth quarter new business goal through the October assumption alone.

“Our technology, which enables us to select policies that best fit our underwriting and profitability criteria, combined with our strong rate of policyholder adoption, allows us to forgo additional assumptions for the balance of the year.”

In December 2023, TypTap Insurance Company assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation.

Back in November 2023, Homeowners Choice assumed approximately 53,750 policies from Citizens, which totalled roughly $196 million of in-force premium.

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