Subsidiary assumes roughly $30 million of in-force premium
HCI Group has assumed round 6,800 insurance policies from Residents, Florida’s insurer of final resort.
The insurance policies quantity to roughly $30 million of in-force premium and have been taken on by the group’s majority-owned subsidiary, TypTap Insurance coverage firm.
Again in November, one other HCI subsidiary assumed some 53,000 insurance policies from Residents, equal to roughly $196 million of in-force premium.
With the belief of Residents’ insurance policies, HCI has been capable of attain a brand new milestone of writing over $1 billion of in-force premium, in response to Paresh Patel, chairman and CEO.
“This achievement is outstanding, contemplating the corporate’s start line in 2023 with lower than $740 million of in-force premium,” Patel stated in a information launch.
Typtap is slated to finish one other set of coverage assumptions in January. HCI initially obtained approval to imagine insurance policies from Residents in October.
Addressing Florida’s high officers, committee chair Sheldon Whitehouse requested for paperwork detailing how Residents will “handle elevated underwriting losses from climate-related excessive climate occasions.”
“Florida is on the entrance line of the local weather disaster, and it might take only one main hurricane to render Residents bancrupt,” Whitehouse stated in an announcement in regards to the committee’s investigation.
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