TAMPA, Fla., Aug. 29, 2013 (GLOBE NEWSWIRE) — Homeowners Choice
Property & Casualty Insurance Company, Inc., a wholly-owned insurance
subsidiary of HCI Group, Inc. (NYSE:HCI), has been approved by the
Florida Office of Insurance Regulation to assume 50,373 policies from
Citizens Property Insurance Corporation, Florida’s state-operated
The policies are assumable under Florida’s “take-out” program, designed
to reduce the state’s risk exposure by encouraging private insurance
companies to assume policies from Citizens. Under the take-out rules,
affected policyholders are entitled to opt-out before or after the
assumption and remain with Citizens.
“Policy assumptions from Citizens allow us to hand-select the highest
quality policies,” said Scott Wallace, president of Homeowners Choice.
“We remain committed to adding policies that satisfy our strict
underwriting guidelines. While a small amount of attrition from
opt-outs related to the assumption is inevitable, this assumption will
allow for balanced growth.”
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary
business activities, including property and casualty insurance,
reinsurance, real estate and information technology services. The
company’s largest subsidiary, Homeowners Choice Property & Casualty
Insurance Company, Inc., is a leading provider of homeowners insurance
in the state of Florida.
The company’s common shares trade on the New York Stock Exchange under
the ticker symbol “HCI” and are included in the Russell 2000 Index. Its
8% Senior Notes trade on the New York Stock Exchange under the ticker
symbol “HCJ.” Its 7% Series A, cumulative redeemable preferred shares
trade on the NASDAQ Capital Market under the ticker symbol “HCIIP.” For
more information about HCI Group, visit www.hcigroup.com.