HCI Group Insurance Subsidiary TypTap Was Approved To Assume Up To 25,000 Policies From Citizens Property Insurance Corporation
05 Octobre 2023 - 10:15PM
HCI Group, Inc. (NYSE: HCI), a
holding company with operations in homeowners insurance,
information technology services, real estate, and reinsurance,
announced today that its subsidiary, TypTap Insurance Company, has
received approval by the Florida Office of Insurance Regulation to
assume up to 25,000 policies from Citizens Property Insurance
Corporation, Florida’s state-backed insurance company. The
assumption would be under Florida’s legislatively mandated
depopulation program, which is designed to encourage private
companies to assume policies from Citizens.
“TypTap has leveraged internally developed technology enabling
it to grow organically in Florida. With the operating environment
improving in Florida, we see an opportunity to supplement TypTap’s
existing business through the Citizens depopulation program,” said
Paresh Patel, HCI’s chairman and chief executive officer.
The number of policies to be assumed from Citizens is expected
to be finalized in December. Citizens policyholders are entitled to
reject the assumption in some cases or move their business to
another company.
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 StatementsThis 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,
statements relating to future access to the capital markets are
forward-looking statements. 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.
Company Contact:Bill Broomall, CFA Investor
RelationsHCI Group, Inc.Tel (813) 776-1012wbroomall@typtap.com
Investor Relations Contact:Matt GloverGateway
Group, Inc. Tel 949-574-3860HCI@gatewayir.com
HCI (NYSE:HCI)
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