Homeowners Choice Property & Casualty Insurance Co. Inc., a wholly owned subsidiary of HCI Group Inc., has assumed approximately 36,000 homeowners policies from Florida’s Citizens Property Insurance Corp., including an estimated 30,000 wind-only policies.

The policies were assumed under Florida’s “take-out” program, designed to reduce the state’s risk exposure by encouraging private insurance companies to assume policies from the state-run Citizens. Affected policyholders have 30 days to opt-out and choose to remain with Citizens.

“This assumption increases our annualized gross premiums to approximately $430 million, an all-time high for the company,” said Scott Wallace, president of Homeowners Choice.