Tampa insurance firm picks up Citizens policies worth $200M

HCI Group, a Tampa-based holding company, recently acquired 42,000 policies from Citizens Property Insurance through two of its subsidiaries.

Homeowners Choice was approved for 25,000 policies and assumed approximately 22,000 policies — an 88% acceptance rate. TypTap Insurance Company was approved for 25,000 policies and assumed approximately 20,000 policies — an 80% acceptance rate. The policies assumed represent approximately $200 million of in-force premium, according to a statement.

The assumption of policies by both insurance subsidiaries is effective as of Oct. 22.