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.
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. There can be no assurance, for example, that actual premium revenues will reach the same level as annualized premiums. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
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Source:HCI Group, Inc.