TAMPA, Fla., Dec. 18, 2014 (GLOBE NEWSWIRE) — Homeowners Choice
Property & Casualty Insurance Company, Inc., a wholly-owned subsidiary
of HCI Group, Inc. (NYSE:HCI), has assumed approximately thirty-six
thousand homeowners’ policies, including an estimated thirty thousand
wind-only policies, from Citizens Property Insurance Corporation,
Florida’s state-operated insurance company.
The assumption, effective December 16, 2014, is based upon an approval
in October 2014 by the Florida Office of Insurance Regulation.
The policies were assumed 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.
“This assumption increases our annualized gross premiums to
approximately $430 million, an all-time high for the company,” 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 Russell 2000 Index and
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 www.hcigroup.com.