Homeowners Choice Property & Casualty Insurance Company, Inc. is set to assume 71,000 policies from Citizens Property Insurance Corporation, Florida’s state-owned insurance company, in November of this year.
The policies have been identified and are assumable under Citizens’ Non-Bonus Take-out Program, which encourages private insurance companies to assume policies from Citizens to reduce its risk exposure. Once informed of the assumption, the affected policyholders will have up to 30 days to opt out and stay with Citizens. After opt outs, Homeowners Choice expects to retain between 55, 000 to 65,000 of the assumed policies.
“Not only will this takeout reduce Citizens’ exposure statewide, but we also anticipate adding approximately 40 new jobs to our growing workforce,” said Paresh Patel, chairman of the board and chief executive officer of Homeowners Choice. The positions will be based in the Tampa Bay, Fla. area.
Source: Homeowners Choice
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