Homeowners Choice Property & Casualty Insurance Company, Inc., a wholly-owned insurance subsidiary of HCI Group, Inc. has assumed more than 34,000 homeowners’ policies from Citizens Property Insurance Corporation, Florida’s state-operated insurance company.

The policies assumable under the state’s “take-out” program are 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 within 30 days after the assumption and return to Citizens.

“This assumption increases our annualized gross premiums to approximately $400 million,” said Scott Wallace, president of Homeowners Choice. “These policies meet our strict underwriting guidelines and should further strengthen our long-term growth prospects.”