HCI Group Assumes Over 42,000 Policies from Citizens, Representing Approximately $200 Million in Premium
TAMPA, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that its insurance subsidiaries have successfully assumed over 42,000 policies from Citizens Property Insurance Corporation, Florida's state-backed insurance company. The policies assumed represent approximately $200 million of in-force premium.
"We successfully navigated a highly competitive Citizens' depopulation process and exceeded our fourth quarter new business goal through the October assumption alone," said Paresh Patel, HCI's Chairman and Chief Executive Officer. "Our technology, which enables us to select policies that best fit our underwriting and profitability criteria, combined with our strong rate of policyholder adoption, allows us to forgo additional assumptions for the balance of the year."
Homeowners Choice was approved for 25,000 policies and assumed approximately 22,000 policies – an 88% acceptance rate. TypTap Insurance Company was approved for 25,000 policies and assumed approximately 20,000 policies – an 80% acceptance rate. The assumption of policies by both insurance subsidiaries is effective as of October 22, 2024.
About HCI Group, Inc.
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 leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap's operations are powered in large part by insurance-related information technology developed by HCI's software subsidiary, Exzeo USA, Inc. HCI's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI's real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company's website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.
Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
[email protected]
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
[email protected]
