Condo Owners Reciprocal Exchange (CORE) is an admitted insurance company focused on commercial residential policies in Florida. CORE is a newly formed insurance company that was sponsored by HCI Group, a publicly traded company (NYSE: HCI) formed in 2006 and a top writer of property insurance in Florida.
HCI Group has the technology, expertise and infrastructure to execute a successful Citizens takeout to jumpstart CORE
CORE is a policyholder-owned reciprocal insurer that is rated A, Exceptional by Demotech. CORE has received approval for policy assumption from Citizens Property Insurance Corporation in February 2024.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s primary operations include two successful homeowners insurance companies in Florida, Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company.
HCI recently entered the commercial residential market through the formation of Core Risk Mangers, LLC, which will manage the day-to-day operations of Condo Owners Reciprocal Exchange, including managing the assumption of commercial residential policies from Citizens. Since HCI’s inception in 2006, the company has successfully completed over fifteen assumptions from Citizens. In addition to its insurance operations, HCI owns a real estate subsidiary, Greenleaf Capital, LLC, which owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.
