As the state of Florida begins to look a more attractive proposition for property insurance underwriting in the wake of the significant legislative reforms that are being enacted, HCI Group is looking to capitalise on the opportunity, with the launch of a new Florida domestic named Tailrow Insurance.Our sister publication Reinsurance News was first to report this morning that HCI Group is launching a new Florida domestic carrier, focused on the multi-peril homeowners line of insurance business.Tailrow Insurance Company looks set to operate as a Florida specialist, alongside HCI’s other insurance holdings, the already Florida licensed insurer Homeowners Choice, insurtech property and flood insurance specialist TypTap, and reinsurance focused unit Claddaugh.HCI Group is expected to be the sole shareholder of Tailrow Insurance Company, at least at its launch.

Around the middle of 2022, .The launch and establishment of Tailrow Insurance Company looks like the first move on that strategy for HCI, as it looks to capitalise on the current rate environment in Florida and the opportunity presented by a market that has seen its number of companies decline due to losses and surplus capital issues.Rates for Florida homeowners business are still rising, with players filing for increases all the time.

As we recently reported, .Given the continued rate trajectory, but now , the opportunity to capitalise on higher rates, at better protected legal terms, is perhaps as good as it has ever been right now.Hence, HCI Group looks to be readying an expansion of its capabilities to take advantage of the opportunity in Florida homeowners property insurance business, with Tailrow Insurance set to be its latest underwriting vehicle dedicated to this opportunity.

Paresh Patel, the CEO of HCI Group, will take the role of President of Tailrow Insurance, but no further details are available on a management team for the company are available yet.Get a ticket soon to ensure you can attend.