HCI Group Insurance Subsidiary Assumes $30 Million of In-Force Premium from Citizens, Consolidated In-Force Premium Reaches $1 Billion

GlobeNewswire

TAMPA, Fla., Dec. 19, 2023 (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 majority owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company.

“TypTap has successfully completed the first of its two assumptions from Citizens. With this assumption of policies from Citizens, HCI reached a significant milestone of writing over $1 billion of in-force premium. This is a tremendous accomplishment as the company started 2023 with less than $740 million of in-force premium,” said Paresh Patel, HCI’s chairman and chief executive officer.

The number of policies assumed by TypTap is approximately 6,800 polices. The assumption, effective December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation.

TypTap expects to complete a second assumption of policies from Citizens Property Insurance Corporation in January 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.

Forward-Looking Statements
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “confident,” “prospects” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. For example, there is a risk that that TypTap will not have sufficient resources to complete a second assumption or that either assumption will generate the expected premium. Some of these risks and uncertainties are identified in the company’s filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company’s business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.