Citizens depopulation drives HCI growth

Floridian home insurer HCI Group grew its top line by 16.7 percent
in the third quarter driven by assumptions of around 36,000
policies from state-backed carrier Citizens.
The assumption of the 6,000 homeowner's multi-peril policies
and 30,000 wind-only risks pushed the carrier's gross written
premium to $103.8mn, up from $88.9mn for the same period last
year.
Nevertheless, income available to common shareholders reduced to
$7.4mn for the quarter, almost half of the $14.1mn the carrier
reported