HCI unit signs agreement to assume policies from Florida's Citizens Property Insurance

HCI Group, Inc.

Homeowners Choice Property & Casualty entered an Assumption Agreement with Citizens Property Insurance Corp. to assume policies under Florida's depopulation program.
Agreement effective Sept. 26, 2023, covers Assumptions from Jan. 1, 2023, through Dec. 31, 2023; Insurer must offer coverage for at least three years.
Assumptions require approval from the Florida Office of Insurance Regulation; Insurer must maintain compliance with all conditions.
If Insurer default occurs (e.g., regulatory action), Citizens may prohibit further Assumptions; Insurer bears costs of audits.
Insurer must appoint or have limited servicing agreements with agents of record for selected policies and pay commissions per Florida law.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.75

HCI Group, Inc. entered into Assumption Agreement with Citizens Property Insurance Corporation (effective 2023-09-26).

Action: entry
Counterparty: Citizens Property Insurance Corporation
Effective: 2023-09-26

Exact text from the filing

On September 26, 2023, our subsidiary Homeowners Choice Property & Casualty Insurance Company, Inc. entered into an Assumption Agreement with Citizens Property Insurance Corporation, an entity created by the Florida Legislature.

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HCI Group, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-051149

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