Citizens Property Insurance Corporation

Demotech, Inc. assigns Financial Stability Rating® to Manatee Insurance Exchange

Retrieved on: 
Thursday, March 7, 2024
Citizens Property Insurance Corporation, Insurance, Policy

COLUMBUS, Ohio, March 7, 2024 /PRNewswire/ -- Demotech, Inc., the first company to rate independent, regional and specialty insurers (1989) advises that it has assigned a Financial Stability Rating® of A, Exceptional, to Manatee Insurance Exchange (Manatee).

Key Points: 
  • COLUMBUS, Ohio, March 7, 2024 /PRNewswire/ -- Demotech, Inc., the first company to rate independent, regional and specialty insurers (1989) advises that it has assigned a Financial Stability Rating® of A, Exceptional, to Manatee Insurance Exchange (Manatee).
  • Manatee is Safepoint Group's newest carrier, a reciprocal exchange, formed to focus on providing insurance solutions to Florida homeowners and business owners.
  • Although Manatee is a start-up, its senior management team are experienced, battle-tested veterans of the residential property insurance marketplace."
  • Safepoint Insurance Company, an established carrier within the Safepoint Group, will transfer all existing Florida business to Manatee as Manatee also offers voluntary new business, and participates in the depopulation of Citizens Property Insurance Corporation.

Nancy Staff Joins Florida Peninsula Insurance as Director of Corporate Compliance

Retrieved on: 
Thursday, February 22, 2024
University, Growth, Risk, BOCA, General counsel, Employment, Privacy, Florida Department, Citizens Property Insurance Corporation, Insurance

BOCA RATON, Fla., Feb. 22, 2024 /PRNewswire/ -- Florida Peninsula Insurance Company proudly announced that Nancy Staff has joined its team as Director of Corporate Compliance.

Key Points: 
  • BOCA RATON, Fla., Feb. 22, 2024 /PRNewswire/ -- Florida Peninsula Insurance Company proudly announced that Nancy Staff has joined its team as Director of Corporate Compliance.
  • Prior to joining Florida Peninsula Insurance, Staff was the Director of Ethics and Compliance Officer for Citizens Property Insurance Corporation since 2016.
  • Staff also previously served as General Counsel, Risk and Compliance Committee Chair, and Ethics Officer for the Florida Department of Revenue.
  • "It's been wonderful to be welcomed with open arms by the team members at Florida Peninsula Insurance, an insurance provider with such an impressive reputation in the industry.

HCI Group Insurance Subsidiary Assumes $30 Million of In-Force Premium from Citizens, Consolidated In-Force Premium Reaches $1 Billion

Retrieved on: 
Tuesday, December 19, 2023
HCI, Insurance, Citizens Property Insurance Corporation

TAMPA, Fla., Dec. 19, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its majority owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

Key Points: 
  • TAMPA, Fla., Dec. 19, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its majority owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million 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 $1 billion of in-force premium.
  • The assumption, effective December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation.

HCI Group Announces Closing of Public Offering Including Full Exercise of the Underwriters’ Option to Purchase Additional Shares

Retrieved on: 
Monday, December 11, 2023
Telephone, Suite, Montgomery Street, Sale, Oppenheimer Holdings, Prospectus, HCI, Security (finance), ATTN:, Citizens Property Insurance Corporation, Exercise

This includes the exercise in full by the underwriters of their option to purchase up to an additional 150,000 shares of common stock in the offering, resulting in additional net proceeds to the company of approximately $11.1 million, after deducting underwriting discounts and commissions and estimated offering expenses.

Key Points: 
  • This includes the exercise in full by the underwriters of their option to purchase up to an additional 150,000 shares of common stock in the offering, resulting in additional net proceeds to the company of approximately $11.1 million, after deducting underwriting discounts and commissions and estimated offering expenses.
  • Total net proceeds to the company were approximately $85 million, after deducting underwriting discounts and commissions and estimated offering expenses.
  • HCI Group intends to use the net proceeds from the offering, including the proceeds received in connection with the exercise of the underwriters’ option, for general corporate purposes, including the continued assumption of policies from Citizens Property Insurance Corporation.
  • JMP Securities, a Citizens Company, acted as lead book-running manager for the offering, and Truist Securities acted as joint book-running manager.

HCI Group Announces Pricing of Underwritten Public Offering of Common Stock

Retrieved on: 
Thursday, December 7, 2023
Telephone, Suite, Montgomery Street, Sale, Oppenheimer Holdings, Prospectus, HCI, Security (finance), ATTN:, Citizens Property Insurance Corporation

TAMPA, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today the pricing of its underwritten public offering of 1,000,000 shares of its common stock at a public offering price of $78 per share, for total gross proceeds of approximately $78 million, before deducting underwriting discounts and commissions and other offering expenses payable by HCI Group.

Key Points: 
  • TAMPA, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today the pricing of its underwritten public offering of 1,000,000 shares of its common stock at a public offering price of $78 per share, for total gross proceeds of approximately $78 million, before deducting underwriting discounts and commissions and other offering expenses payable by HCI Group.
  • All of the shares in the offering are being sold by HCI Group.
  • In addition, HCI Group has granted the underwriters a 30-day option to purchase up to 150,000 additional shares of its common stock at the public offering price, less the underwriting discounts and commissions.
  • HCI Group intends to use the net proceeds from the offering, if completed, for general corporate purposes, including the continued assumption of policies from Citizens Property Insurance Corporation.

HCI Group Announces Proposed Public Offering of Common Stock

Retrieved on: 
Wednesday, December 6, 2023
Telephone, Suite, Montgomery Street, Sale, Prospectus, HCI, Security (finance), ATTN:, Citizens Property Insurance Corporation, Property management

TAMPA, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that it has commenced an underwritten public offering of 1,000,000 shares of its common stock.

Key Points: 
  • TAMPA, Fla., Dec. 06, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that it has commenced an underwritten public offering of 1,000,000 shares of its common stock.
  • All of the shares are being offered by HCI Group.
  • In addition, HCI Group expects to grant the underwriters a 30-day option to purchase up to an additional 150,000 shares of its common stock sold in the public offering at the public offering price, less underwriting discounts and commissions.
  • HCI Group intends to use the net proceeds from the offering, if completed, for general corporate purposes, including the continued assumption of policies from Citizens Property Insurance Corporation.

HCI Group Receives Approval for New Carrier and Citizens Assumption

Retrieved on: 
Thursday, November 30, 2023
Insurance, HCI, Citizens Property Insurance Corporation

Condo Owners Reciprocal Exchange, or CORE, plans to commence operations in February 2024 by assuming policies representing approximately $75 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

Key Points: 
  • Condo Owners Reciprocal Exchange, or CORE, plans to commence operations in February 2024 by assuming policies representing approximately $75 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.
  • “The launch of CORE marks HCI’s entrance into the commercial residential insurance market in Florida.
  • The technology we’ve built and our management expertise enabled us to identify attractive policies at Citizens for assumption and begin operations quickly,” said Paresh Patel, HCI’s chairman and chief executive officer.
  • We expect CORE will offer select Citizens policyholders terms similar to their existing Citizens policies.”
    A “reciprocal insurer” is an unincorporated aggregation of at least 25 policyholders operating through an attorney in fact to provide insurance among themselves.

HCI Group Insurance Subsidiary Assumes Over 53,000 Policies From Citizens

Retrieved on: 
Monday, November 20, 2023
Policy, Insurance, Home insurance, HCI, Citizens Property Insurance Corporation

TAMPA, Fla., Nov. 20, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

Key Points: 
  • TAMPA, Fla., Nov. 20, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.
  • The assumption, effective November 21, 2023, is based upon an approval in September 2023 by the Florida Office of Insurance Regulation.
  • Homeowners Choice was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
  • HCI Group’s other subsidiary, TypTap Insurance Company, is expected to assume policies from Citizens Property Insurance Corporation in December 2023 and January 2024.

Citizens Adopts Aerial Imagery Analytics from Verisk to Improve Underwriting In Florida Market

Retrieved on: 
Tuesday, November 7, 2023
P&C, VRSK, Citizens Property Insurance Corporation, Risk, Risk assessment, Surveying, Verisk Analytics, Citizenship

Verisk submitted a proposal to provide the service to Citizens, which evaluated the solution against competing vendors for analytic breadth and accuracy.

Key Points: 
  • Verisk submitted a proposal to provide the service to Citizens, which evaluated the solution against competing vendors for analytic breadth and accuracy.
  • “Leveraging aerial imagery from Verisk in our underwriting process will help us make more informed decisions about risk selection for property inspections.”
    Verisk collaborates with Vexcel Data Program, the world’s largest aerial imagery program, to source imagery and elevation models and then Verisk applies computer vision machine learning to derive its library of imagery analytics for P&C insurers.
  • "We’re confident in Citizens’ ability to implement Aerial Imagery Analytics from Verisk’s broad line of solutions that support insurers at each step of the insurance value chain to significantly improve its underwriting process," said Doug Caccese, president of risk assessment at Verisk.
  • "Our solution is designed to provide the accuracy and breadth of analytics needed for more precise underwriting.”
    In addition to Aerial Imagery Analytics, Citizens is also licensing Roof Age, Homeowner Data, and Property History Solutions from Verisk.

HCI Group Insurance Subsidiary TypTap Was Approved To Assume Up To 25,000 Policies From Citizens Property Insurance Corporation

Retrieved on: 
Thursday, October 5, 2023
Insurance, HCI, NYSE, Citizens Property Insurance Corporation, Citizenship

TAMPA, Fla., Oct. 05, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its subsidiary, TypTap Insurance Company, has received approval by the Florida Office of Insurance Regulation to assume up to 25,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

Key Points: 
  • TAMPA, Fla., Oct. 05, 2023 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its subsidiary, TypTap Insurance Company, has received approval by the Florida Office of Insurance Regulation to assume up to 25,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.
  • The assumption would be under Florida’s legislatively mandated depopulation program, which is designed to encourage private companies to assume policies from Citizens.
  • The number of policies to be assumed from Citizens is expected to be finalized in December.
  • Citizens policyholders are entitled to reject the assumption in some cases or move their business to another company.