HCI has introduced that its majority-owned subsidiary, TypTap Insurance coverage Firm, has efficiently assumed roughly $30 million of in-force premium from Residents Property Insurance coverage Company, Florida’s state-backed insurance coverage firm.

The idea, efficient from December 19, 2023, is predicated upon an approval in October 2023 by the Florida Workplace of Insurance coverage Regulation. The variety of insurance policies assumed by TypTap is roughly 6,800 polices.

TypTap famous that it expects to finish a second assumption of insurance policies from Residents in January 2024.

Paresh Patel, HCI’s chairman and CEO, commented, “TypTap has efficiently accomplished the primary of its two assumptions from Residents.

“With this assumption of insurance policies from Residents, HCI reached a major milestone of writing over $1 billion of in-force premium. This can be a great accomplishment as the corporate began 2023 with lower than $740 million of in-force premium.”

Again in November, the biggest subsidiary of HCI, Owners Selection Property & Casualty Insurance coverage Firm, efficiently assumed roughly 53,750 insurance policies from Residents. These assumed insurance policies totalled roughly $196 million of in-force premium.

That very same month, the Florida Workplace of Insurance coverage Regulation accredited HCI Group’s Rental Homeowners Reciprocal Alternate to kind as a property and casualty reciprocal insurer in Florida, which solidified HCI’s entry into the business residential insurance coverage house and opened a brand new avenue of development for the agency.