HomeHome InsuranceHCI Group assuming 53,750 Citizens policies. More takeouts await.

HCI Group assuming 53,750 Citizens policies. More takeouts await.

HCI Group, owners of Homeowners Choice Property & Casualty Insurance Co., says that 53,750 customers of state-owned Citizens Property Insurance Corp. — most of them in the South Florida’s tricounty region — have accepted its takeout offers.

Combined with takeouts by other companies and approval of six new insurers to operate in the state, HCI’s announcement was greeted as a further sign that Florida’s insurance market is improving.

In a news release, the company said that more than 70% of the customers who accepted would save money compared to Citizens’ projected renewal rates.

The company was authorized by the state Office of Insurance Regulation in September to assume 75,000 Citizens policies as part of Citizens’ renewed push to depopulate its book of business. HCI said it made 72,958 offers and achieved a 74% acceptance rate.

In an interview, HCI chairman and CEO Paresh Patel said the company’s technology “helped us select policies that make sense for us to take.”

Of the 53,750 policies that accepted the offer, 34,000 are in Broward, Miami-Dade and Palm Beach counties, he said.

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