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 insurance company.
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.