Florida-based Homeowners Choice Takes-out More Citizens Policies

Homeowners Choice Inc., a Clearwater, Florida-based homeowners’ insurer, announced that its wholly-owned insurance subsidiary, Homeowners Choice Property & Casualty Co. Inc., received approval from the Florida Office of Insurance Regulation to increase its policy takeout authorization from Citizens Property Insurance Corp. to 95,000 policies from 30,000 policies.

“We plan to use this authorization to assume additional policies over the next few months, provided they meet our stringent underwriting criteria,” said F.X. McCahill, chief executive officer of Homeowners Choice, Inc.

In July Homeowners Choice Inc. completed an $11.6 million initial public offering.

Florida has a take-out program that encourages private insurance companies to assume policies from Citizens to reduce the state’s risk exposure.

Source: Homeowners Choice Inc.
www.hcpci.com.