Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Instagram Outage Disrupts Thousands of U.S. Users 
Nvidia, ByteDance, and the U.S.-China AI Chip Standoff Over H200 Exports 
Ford and Geely Explore Strategic Manufacturing Partnership in Europe 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
TAMPA, Fla., Oct. 19, 2016 -- Homeowners Choice Property & Casualty Insurance Company, Inc., which is a wholly-owned subsidiary of HCI Group, Inc. (NYSE:HCI) and a leading provider of homeowners insurance in Florida, has been approved by the Florida Office of Insurance Regulation to assume approximately 27,000 policies from Citizens Property Insurance Corporation, Florida's state-operated insurance company.
The policies are assumable under Florida's “take-out” program, designed to reduce the state's risk exposure by encouraging private insurance companies to assume policies from Citizens. Under the take-out rules, affected policyholders are entitled to opt-out before or within 30 days after the assumption and remain with Citizens. HCI Group expects to send out approximately 17,000 assumption letters on selected policies.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners' insurance, reinsurance, real estate and information technology. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." For more information about HCI Group, visit www.hcigroup.com.
Forward-Looking Statements
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. There can be no assurance, for example, that competition from other insurance companies, opt-outs or other factors will not diminish the number of policies to be assumed from Citizens or that the company’s assessment of the underwriting risks will be accurate. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
Company Contact: Kevin Mitchell, Vice President of Investor Relations HCI Group, Inc. Tel (813) 405-3603 [email protected] Investor Relations Contact: Michael Koehler Liolios Group, Inc. Tel (949) 574-3860 [email protected]
