HCI - HCI Group InsurTech Subsidiary TypTap Insurance Company Surpasses $50 Million in Premium
TAMPA, Fla., Nov. 22, 2019 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI) announced today that premiums in force at its technology-driven insurance subsidiary, TypTap Insurance Company, have surpassed $50 million.
During HCI Group’s second quarter 2019 earnings call in August, Chairman and Chief Executive Paresh Patel projected that TypTap would have over $50 million of premiums in force by year end. Patel updated that guidance on the company’s third quarter 2019 earnings call on November 5, projecting TypTap’s premiums in force would exceed $50 million by Thanksgiving.
“Gross written premiums at TypTap have grown more than fourfold since the third quarter of 2018,” commented Patel. “This rapid growth is organic and, most important, profitable. We’re not sacrificing margins for the sake of growth.”
TypTap’s operations are made possible by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc.
About HCI Group, Inc.
HCI Group, Inc. is an InsurTech company with operations in insurance, software development and real estate. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company, which provides homeowners’ insurance and flood insurance primarily in Florida. 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:
Kevin Mitchell, Senior Vice President of Investor Relations
HCI Group, Inc.
Tel (813) 405-3603
kmitchell@hcigroup.com
Investor Relations Contact:
Matt Glover
Gateway Investor Relations
Tel (949) 574-3860
HCI@gatewayir.com
Media Contact:
Amber Brinkley
Kippen Communications
Tel (727) 466-7695
amber@kippencommunications.com