HCI Group Insurance Subsidiary TypTap Was Approved To Assume Up To 25,000 Policies From Citizens Property Insurance Corporation
- TypTap Insurance Company has the opportunity to supplement its existing business through the Citizens depopulation program.
- None.
TAMPA, Fla., Oct. 05, 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 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 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, 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 Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gatewayir.com
FAQ
What is HCI Group's subsidiary, TypTap Insurance Company, receiving approval for?
What is the purpose of Florida's depopulation program?
When will the number of policies to be assumed be finalized?
Can Citizens policyholders reject the assumption?
