HCI Group Insurance Subsidiary Assumes Over 53,000 Policies From Citizens

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HCI Group, Inc. (NYSE: HCI) announced that its subsidiary, Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, totaling around $196 million in in-force premium. The assumption, effective November 21, 2023, follows approval by the Florida Office of Insurance Regulation. More than 70% of policyholders assumed will see savings over the expected renewal offer from Citizens. HCI's other subsidiary, TypTap Insurance Company, is expected to assume policies from Citizens in December 2023 and January 2024.

TAMPA, Fla., Nov. 20, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

The policies assumed amount to approximately $196 million of in-force premium. The assumption, effective November 21, 2023, is based upon an approval in September 2023 by the Florida Office of Insurance Regulation.

More than 70% of policyholders assumed will see savings over the expected renewal offer from Citizens.

Homeowners Choice was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.

“Homeowners Choice has successfully completed the transition of a significant number of policies that were previously identified by our technology as attractive policies for assumption. The strong acceptance rate was the result of Homeowners Choice offering policyholders a competitively priced renewal policy and expanded coverage compared with their existing Citizens policy,” said Paresh Patel, HCI’s chairman and chief executive officer.

HCI Group’s other subsidiary, TypTap Insurance Company, is expected to assume policies from Citizens Property Insurance Corporation in December 2023 and January 2024.

About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.

The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com

Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gatewayir.com

FAQ

What is the latest announcement from HCI Group, Inc. (NYSE: HCI)?

HCI Group, Inc. (NYSE: HCI) announced that its subsidiary, Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, totaling around $196 million in in-force premium.

How many policies did Homeowners Choice Property & Casualty Insurance Company assume from Citizens Property Insurance Corporation?

Homeowners Choice Property & Casualty Insurance Company assumed approximately 53,750 policies from Citizens Property Insurance Corporation.

What percentage of policyholders assumed will see savings over the expected renewal offer from Citizens?

More than 70% of policyholders assumed will see savings over the expected renewal offer from Citizens.

What is expected for HCI Group's other subsidiary, TypTap Insurance Company?

TypTap Insurance Company is expected to assume policies from Citizens Property Insurance Corporation in December 2023 and January 2024.