Karin Coleman, Chief Operating Officer (COO) at HCI Group, described the environment in Florida as a healthy one, stating that the company is well-positioned in a competitive market with strong capital, as well as “the people and the technology to make the right decisions.”
“The more competitive market is already here. Look at the 2023 takeout process, that was somewhat competitive. In 2024, even more so. But even with that, we got more policies than we thought we would get. The attrition of those policies has been less than what we thought and the loss ratio has been lower than we thought,” said Coleman.
She added, “So, we believe we’re well positioned in a competitive market. We have multiple underwriters that can pursue different strategies. We have a strong capital position. And as I mentioned earlier, we have the people and the technology to make the right decisions.”
HCI’s subsidiaries—Homeowners Choice, TypTap, and Tailrow—have each been approved for Citizens Property Insurance Corporation’s Depopulation Program in October. This program matches Citizens policyholders with insurance companies interested in removing their policy from Citizens and providing private-market coverage for their policy.
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Speaking on this during the call, Coleman said, “The three carriers I mentioned earlier, Homeowners Choice, TypTap and Tailrow, each have been approved for 25,000 policies in October. And we’ll leverage our technology as we’ve done in the past to identify those greenhouses that you know that we focus on. So, there’ll be some that we want, and we’ll be able to select those given our underwriting criteria.”
As a reminder, in February 2025, HCI announced that Tailrow successfully assumed just under 14,000 policies, totalling approximately $35 million in in-force premium from Citizens.
In October 2024, HCI’s insurance subsidiaries assumed over 42,000 policies, totalling approximately $200 million of in-force premium from Citizens.
Prior to that, in December 2023, TypTap assumed approximately $30 million of in-force premiums.
In November 2023, Homeowners Choice assumed approximately 53,750 policies from Citizens, totalling roughly $196 million of in-force premium.
It’s clear that legislative reforms designed to stabilise Florida’s property insurance market have had a positive impact, with more companies entering the space and participating in the Citizens depopulation program.
Citizens’ policy count as of June 20th, 2025, stood at 777,592, which is down 36% from a year earlier and 44.9% below its peak of 1.41 million policies in October 2023.
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