HCI assumes 50,000 policies from Citizens

Homeowners Choice Property & Casualty Insurance Company has been approved to assume 50,000 policies from Citizens Property Insurance Corporation, the Florida not-for-profit insurer.

Of those policies, 27,000 are slated to be wind-only.

The policies are assumable under Florida's take-out programme, designed to reduce the state's risk exposure by encouraging private insurance companies to assume policies from Citizens.

"While we have been approved for 50,000 policies, it is unclear how many policies will ultimately be assumed," said Scott Wallace, president of HCI. "We are well positioned to pursue additional accretive growth opportunities in 2015."