TAMPA, Fla., Oct. 2, 2014 (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 69,000 policies from
Citizens Property Insurance Corporation, Florida’s state-operated
insurance company. Of those policies, 37,500 are slated to be
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 within 30 days
after the assumption and remain with Citizens.
“We minimize our underwriting risk by selecting from Citizens only
those policies that meet our strict policy selection guidelines,” said
Scott Wallace, president of Homeowners Choice.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary
business activities, including homeowners’ 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 property and casualty 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 S&P SmallCap 600 Index.
Its 8% Senior Notes trade on the New York Stock Exchange under the
ticker symbol “HCJ.” For more information about HCI Group, visit