19 Dec HCI Group Subsidiary Homeowners Choice Approved to Write Flood Insurance in Pennsylvania
Flood Insurance Approved For Pennsylvania
This month, it was announced by HCI Group that the insurance subsidy they wholly own will soon be writing flood insurance in the state of Pennsylvania.
The subsidy, Homeowners Choice Property and Casualty Insurance Company received the regulatory approval to write flood insurance for homeowners throughout the state.
Once the regulators approve the forms and rates, they will be able to start selling the flood insurance right away.
Who Is HCI Group, Inc.?
This company owns many different subsidiaries in diverse areas such as in real estate, homeowner’s insurance, information technology services and reinsurance. Their largest subsidiary is Homeowners Choice Property and Casualty Insurance. They are the leader in casualty and property insurance in Florida. The company has common shares which are traded in the stock exchange under the ticker symbol “HCI”. The group also regularly has information published for investors in the Investor Information area of their website.
HCI is the leader in healthcare IT consulting. They are headquartered in Jacksonville, Florida and their international headquarters is located in the United Kingdom. They are providers of a broad spectrum of IT solutions for healthcare in more than ten countries around the world including Europe, North America, Asia Pacific and the Middle East. Their services include many enterprise-wide advisory services. They focus these services on implementation and training of IT systems. Additionally, they have specialties in testing, integration, clinical adoption, go-live, HIMSS EMRAM consulting, optimization and cyber security of IT systems.
Smarter Approach To Healthcare IT
HCI prides themselves on making healthcare systems more successful. So many leading healthcare systems and providers rely on the help from HCI Group to help them offer their customers a more easy and accessible approach to healthcare IT. Some of their other service lines for their clients include staff augmentation, data migration, reporting, legacy support, revenue cycle and integrated testing and applications. The mission of HCI Group is to help their clients fulfill their goals and be successful.
Proposed Rates For Flood Insurance
While the insurance company was already approved to offer flood insurance, they will still need to wait for the rates to be approved. The re/insurers rates that are proposed and the forms needing to be submitted are all still awaiting approval from the State’s regulators. This needs to be done before HCI will be able to expand their new insurance proposals into all of the Pennsylvania market.
Last month, the re/insurer did announce plans that they will begin the process of regulations in order to expand the ability of offering flood insurance from its Florida insurance market into other states. The other states which are considered include California, Arkansas, North Carolina, Maryland, Ohio, Pennsylvania, New Jersey, Texas and South Carolina.
Comments From HCI Chairman Suggest Fast Policy Signups
The chairman for HCI Group is suggesting that the company wants to change the way that people buy their insurance policies. He says that the online platform for HCI will make it easy for people to get quotes from all types of internet-enabled devices including mobile phones and tablets in minutes. The ability to sign up for insurance policies through HCI will be quick and simple for their customers. HCI’s leading subsidiary is the main provider for casualty and property insurance in Florida and they want to expand that to many other states. This proposed expansion is the first time that HCI has considered stepping outside of the state to offer any type of primary insurance premiums to flood exposed properties. The company is a typically big user of reinsurance capacity in which they underpin their business to protect themselves against large losses from floods.