Homeowners Choice, a Florida-based insurance holding company, said its wholly owned insurance subsidiary, Homeowners Choice Property & Casualty Insurance Co., acquired the Florida policies of HomeWise Insurance Co.

Following a rejection by 21st Century Holding Co. on a possible merger, Homeowners Choice, a Clearwater, Fla., property-casualty insurer, has dropped its bid for the company, but has not ruled out a “hostile acquisition” in the future.

Claiming an offer by a fellow Florida property-casualty insurer “substantially undervalues” its assets and earnings potential, 21st Century Holding Co. has rejected a proposal for a merger that could have netted a reported $42.5 million.