TAMPA, Fla., Nov. 5, 2013 (GLOBE NEWSWIRE) -- Homeowners Choice Property & Casualty Insurance Company, Inc., a wholly-owned insurance subsidiary of HCI Group, Inc. (NYSE:HCI), has assumed more than 34,000 homeowners' policies from Citizens Property Insurance Corporation, Florida's state-operated insurance company.
The policies assumable under the state's "take-out" program are 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 within 30 days after the assumption and return to Citizens.
"This assumption increases our annualized gross premiums to approximately $400 million," said Scott Wallace, president of Homeowners Choice. "These policies meet our strict underwriting guidelines and should further strengthen our long-term growth prospects."
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." Its 7% Series A, cumulative redeemable preferred shares trade on the NASDAQ Capital Market under the ticker symbol "HCIIP." 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" 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 and are subject to various risks and uncertainties. For example, HCI Group, Inc. can give no assurance that annualized gross premiums will approach actual gross premiums earned or that the assumed policies will strengthen the company's long-term growth prospects. Some of these risks and uncertainties are identified in HCI Group, Inc.'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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