HCI subsidiary TypTap signs Assumption Agreement to assume policies from Florida's Citizens Property Insurance

HCI Group, Inc.

Agreement effective Oct 31, 2023, covers policy assumptions during calendar year 2023.
TypTap may assume policies from Florida's state-backed insurer under OIR-approved depopulation plan.
TypTap must offer coverage to each assumed policy for at least three years using approved rates and forms.
Office of Insurance Regulation issued consent order Sep 29, 2023, approving TypTap's assumption plan.
TypTap must remain licensed, comply with Florida statutes, and report regulatory or financial issues to Citizens.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HCI Group, Inc. entered into Assumption Agreement with Citizens Property Insurance Corporation valued at Term by which TypTap Insurance Company may assume policies from Citizens Property Insurance Corporat (effective 2023-10-31).

Action: entry
Counterparty: Citizens Property Insurance Corporation
Value: Term by which TypTap Insurance Company may assume policies from Citizens Property Insurance Corporat
Effective: 2023-10-31

Exact text from the filing

On October 31, 2023, our subsidiary, TypTap Insurance Company, entered into an Assumption Agreement with Citizens Property Insurance Corporation, an entity created by the Florida Legislature. The agreement sets forth the terms by which our insurance subsidiary may assume policies from Citizens when such assumptions are approved by the Florida Office of Insurance Regulation.

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HCI Group, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-059455

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