TypTap assumes $30 million of IFP from Citizens

HCI Group announced that its subsidiary TypTap Insurance Company has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

The number of policies assumed by TypTap is approximately 6,800 polices. The assumption, effective December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation.

TypTap expects to complete a second assumption of policies from Citizens in January 2024.

“TypTap has successfully completed the first of its two assumptions from Citizens. With this assumption of policies from Citizens, HCI reached a significant milestone of writing over $1 billion of in-force premium. This is a tremendous accomplishment as the company started 2023 with less than $740 million of in-force premium.” – Paresh Patel, HCI’s chairman and CEO.