HCI Group announced that its majority owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30M of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. “TypTap has successfully completed the first of its two assumptions from Citizens. With this assumption of policies from Citizens, HCI reached a significant milestone of writing over $1B of in-force premium. This is a tremendous accomplishment as the company started 2023 with less than $740M of in-force premium,” said Paresh Patel, HCI’s chairman and chief executive officer. The number of policies assumed by TypTap is approximately 6,800 polices. The assumption, effective December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation.
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