Tailrow Reciprocal Exchange, an HCI Group Sponsored Insurer, Assumes Just Under 14,000 Policies from Citizens, Representing Approximately $35 Million in Premium
HCI Group announced that its sponsored reciprocal insurer, Tailrow Insurance Exchange, has successfully assumed nearly 14,000 policies from Citizens Property Insurance , Florida's state-backed insurance company. The assumed policies represent approximately $35 million of in-force premium.
Tailrow achieved a 76% acceptance rate, having been approved for 20,000 policies and making approximately 18,000 offers. The policy assumption became effective on February 18, 2025. The company operates as a reciprocal insurer, an unincorporated aggregation of policyholders operating through an attorney in fact, with policyholders essentially owning the company while management services are provided for a predetermined fee.
HCI Group ha annunciato che il suo assicuratore reciproco sponsorizzato, Tailrow Insurance Exchange, ha assunto con successo quasi 14.000 polizze da Citizens Property Insurance, la compagnia di assicurazione sostenuta dallo stato della Florida. Le polizze assunte rappresentano circa 35 milioni di dollari di premi attivi.
Tailrow ha raggiunto un tasso di accettazione del 76%, essendo stata approvata per 20.000 polizze e facendo circa 18.000 offerte. L'assunzione delle polizze è diventata effettiva il 18 febbraio 2025. L'azienda opera come assicuratore reciproco, un aggregato non incorporato di assicurati che opera attraverso un avvocato in realtà, con gli assicurati che possiedono essenzialmente l'azienda mentre i servizi di gestione sono forniti per una tariffa prestabilita.
HCI Group anunció que su aseguradora recíproca patrocinada, Tailrow Insurance Exchange, ha asumido con éxito casi 14,000 pólizas de Citizens Property Insurance, la compañía de seguros respaldada por el estado de Florida. Las pólizas asumidas representan aproximadamente 35 millones de dólares en primas vigentes.
Tailrow logró una tasa de aceptación del 76%, habiendo sido aprobada para 20,000 pólizas y realizando aproximadamente 18,000 ofertas. La asunción de pólizas se hizo efectiva el 18 de febrero de 2025. La empresa opera como un asegurador recíproco, una agregación no incorporada de asegurados que opera a través de un abogado en hecho, con los asegurados que esencialmente son propietarios de la empresa mientras que los servicios de gestión se proporcionan por una tarifa predeterminada.
HCI 그룹은 그들의 후원 상호 보험사인 Tailrow Insurance Exchange가 플로리다 주 정부가 지원하는 보험회사인 Citizens Property Insurance로부터 거의 14,000개의 보험 증권을 성공적으로 인수했다고 발표했습니다. 인수된 보험 증권은 약 3,500만 달러의 유효 보험료를 나타냅니다.
Tailrow는 20,000개의 보험 증권에 대해 승인을 받았고 약 18,000개의 제안을 하여 76%의 수용률을 달성했습니다. 보험 증권의 인수는 2025년 2월 18일부터 효력이 발생합니다. 이 회사는 상호 보험사로 운영되며, 사실상 보험 가입자들이 회사를 소유하고 관리 서비스는 미리 정해진 수수료로 제공됩니다.
HCI Group a annoncé que son assureur réciproque sponsorisé, Tailrow Insurance Exchange, a réussi à assumer près de 14 000 polices de Citizens Property Insurance, la compagnie d'assurance soutenue par l'État de Floride. Les polices assumées représentent environ 35 millions de dollars de primes en cours.
Tailrow a atteint un taux d'acceptation de 76%, ayant été approuvé pour 20 000 polices et ayant fait environ 18 000 offres. L'assumption des polices est entrée en vigueur le 18 février 2025. L'entreprise fonctionne en tant qu'assureur réciproque, une agrégation non incorporée de souscripteurs opérant par l'intermédiaire d'un avocat en fait, les souscripteurs possédant essentiellement l'entreprise tandis que les services de gestion sont fournis moyennant des frais prédéterminés.
HCI Group gab bekannt, dass sein unterstützender reziproker Versicherer, Tailrow Insurance Exchange, erfolgreich fast 14.000 Policen von Citizens Property Insurance, der staatlich unterstützten Versicherungsgesellschaft von Florida, übernommen hat. Die übernommenen Policen repräsentieren etwa 35 Millionen Dollar an aktiven Prämien.
Tailrow erreichte eine Akzeptanzrate von 76%, nachdem es für 20.000 Policen genehmigt wurde und etwa 18.000 Angebote gemacht hat. Die Policenübernahme trat am 18. Februar 2025 in Kraft. Das Unternehmen agiert als reziproker Versicherer, eine nicht eingetragene Zusammenstellung von Versicherungsnehmern, die durch einen Bevollmächtigten operiert, wobei die Versicherungsnehmer im Wesentlichen das Unternehmen besitzen, während die Verwaltungsdienste gegen eine vorher festgelegte Gebühr bereitgestellt werden.
- Successfully assumed 14,000 new policies worth $35M in premium
- High acceptance rate of 76% from policy offers made
- Expansion of business operations through new insurance subsidiary
- None.
Insights
The successful assumption of 14,000 policies by HCI Group's Tailrow Exchange marks a strategic expansion that goes beyond simple premium growth. The
The deployment of proprietary technology for policy selection demonstrates HCI's sophisticated approach to risk assessment. This tech-enabled targeting likely contributed to the high acceptance rate and suggests careful risk selection rather than indiscriminate growth. The focus on 'attractive policies' indicates a strategic approach to building a profitable portfolio rather than mere volume acquisition.
The choice of a reciprocal insurance model is particularly noteworthy in Florida's challenging property insurance market. This structure aligns policyholder interests with operational outcomes, potentially leading to better risk management and lower loss ratios. The predetermined management fee model also provides HCI with a stable revenue stream while limiting downside exposure - a important advantage in a hurricane-prone state.
Two key metrics validate the execution success: First, the gap between approved policies (20,000) and actual assumptions (14,000) shows disciplined implementation rather than aggressive growth at any cost. Second, the high conversion rate from offers (18,000) to assumptions (14,000) suggests effective targeting and competitive pricing.
This transaction positions HCI to capture market share from Citizens, Florida's largest property insurer, while maintaining underwriting discipline. The technology-driven approach to policy selection, combined with the innovative reciprocal structure, creates a scalable platform for future growth while potentially reducing the risk profile typically associated with Florida property insurance.
TAMPA, Fla., Feb. 24, 2025 (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 Tailrow Insurance Exchange, an HCI-sponsored reciprocal insurer with plans to write personal residential policies, has successfully assumed just under 14,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The policies assumed represent approximately
“We are excited to complete this assumption and officially commence operations at Tailrow. The technology we’ve built and our management expertise enabled us to identify attractive policies at Citizens for assumption and achieve a high adoption rate by policyholders,” said Paresh Patel, HCI’s chairman and chief executive officer.
Tailrow was approved for 20,000 policies, made approximately 18,000 offers and assumed just under 14,000 policies – a
A “reciprocal insurer” is an unincorporated aggregation of at least 25 policyholders operating through an attorney in fact to provide insurance among themselves. A reciprocal insurer is essentially owned by its policyholders, but its operations such as underwriting, claims and management services are provided by an attorney in fact for a predetermined management fee.
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@gateway-grp.com
FAQ
How many policies did Tailrow Insurance Exchange assume from Citizens in February 2025?
What is the total premium value of policies assumed by HCI's Tailrow from Citizens?
What was Tailrow's policy acceptance rate in the Citizens assumption?
When did Tailrow's assumption of Citizens policies become effective?
How many policies was Tailrow Insurance Exchange initially approved to assume?
