HCI Group assumes over 42,000 policies from Florida’s Citizens Property

HCI Group (HCI) announced that its insurance subsidiaries have successfully assumed over 42,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The policies assumed represent approximately $200M of in-force premium. “We successfully navigated a highly competitive Citizens’ depopulation process and exceeded our fourth quarter new business goal through the October assumption alone,” said Paresh Patel, HCI’s Chairman and Chief Executive Officer. “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.”Homeowners Choice was approved for 25,000 policies and assumed approximately 22,000 policies – an 88% acceptance rate. TypTap Insurance Company was approved for 25,000 policies and assumed approximately 20,000 policies – an 80% acceptance rate. The assumption of policies by both insurance subsidiaries is effective as of October 22..