HCI Group Authorizes $20 Million Stock Repurchase Program for 2022

Rhea-AI Summary

The board of directors of HCI Group (NYSE: HCI) has authorized a share repurchase plan of up to $20 million in 2022. This plan allows for periodic buybacks in open market purchases, block transactions, and private negotiations under applicable federal laws. The plan may be modified or terminated at any time without prior notice. HCI Group operates mainly in homeowners insurance, and its subsidiaries include TypTap Insurance Company and Homeowners Choice Property & Casualty Insurance Company, providing insurance and real estate services.

Positive

• Authorization of a $20 million share repurchase plan, potentially enhancing shareholder value.
• Share buyback may positively impact EPS as fewer shares are outstanding.

Negative

• Market conditions could affect the execution of the buyback plan, impacting shareholder expectations.

TAMPA, Fla., March 14, 2022 (GLOBE NEWSWIRE) -- The board of directors of HCI Group, Inc. (NYSE:HCI), a holding company primarily engaged in homeowners insurance, with additional operations in reinsurance, real estate and information technology, has authorized a plan to repurchase up to $20 million of the company’s common shares during 2022, subject to market conditions.

The plan permits the company to periodically repurchase shares for cash in open market purchases, block transactions and privately negotiated transactions in accordance with applicable federal securities laws. Moreover, the share repurchase plan may be modified, suspended, terminated or extended by the company any time without prior notice.

About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company that is expanding nationwide to provide homeowners and flood insurance. 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. There can be no assurance, for example, changes in the trading price of the company’s securities may impact the ability or willingness of HCI Group to repurchase shares. 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.

Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gatewayir.com

FAQ

What is HCI Group's share repurchase plan for 2022?

HCI Group has authorized a plan to repurchase up to $20 million of its common shares in 2022, subject to market conditions.

How might the share buyback affect HCI's stock price?

The share buyback could potentially enhance HCI's stock price by reducing the number of shares outstanding, leading to improved earnings per share.

What are the terms of the HCI share buyback?

The buyback plan allows HCI Group to repurchase shares in the open market, block transactions, or privately negotiated transactions, and can be modified or suspended at any time.

When did HCI Group announce the share repurchase plan?

The share repurchase plan was announced on March 14, 2022.