To assume up to 60,000 additional Citizens policies
Homeowners Choice’s wholly-owned insurance subsidiary, Homeowners Choice Property & Casualty Insurance, has been authorised by the Florida Office of Insurance Regulation to assume an additional 60,000 homeowners’ policies from Citizens Property Insurance Corporation, Florida’s state-owned insurance company.
The authorisation is subject to a maximum assumption of 30,000 policies in December 2009.
The policies are assumable under Florida’s take-out program, which encourages private insurance companies to assume policies from Citizens to reduce the state’s risk exposure.
F. McCahill, chief executive officer of Homeowners Choice, said: This additional takeout authorisation by the Florida OIR reflects our solid financials and capitaliation as well as our successful track record assuming policies from Citizens. With the current infrastructure we have in place, we are well equipped to assume the maximum 30,000 policies before the end of 2009, provided they meet our stringent underwriting criteria.