HCI Group receives approval for new carrier and Citizens assumption

HCI Group, a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced that Condo Owners Reciprocal Exchange, an HCI-sponsored reciprocal insurer with plans to write commercial residential policies, has received from Florida insurance regulators a certificate of authority to transact insurance in Florida.

CORE plans to commence operations in February 2024 by assuming policies representing approximately $75 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

“The launch of CORE marks HCI’s entrance into the commercial residential insurance market in Florida. The technology we’ve built and our management expertise enabled us to identify attractive policies at Citizens for assumption and begin operations quickly. We appreciate the dedicated efforts by the Florida Office of Insurance Regulation to approve the formation of CORE and help bring additional customer choice to Florida. We expect CORE will offer select Citizens policyholders terms similar to their existing Citizens policies.” – Paresh Patel, HCI’s chairman and CEO.