HCI Group Offers Perspective on Hurricane Ian and Q3 Financial Impact

Rhea-AI Summary

HCI Group, Inc. (NYSE:HCI) has issued a presentation and video regarding the financial implications of Hurricane Ian on its Q3 results. The company emphasizes its commitment to policyholders, striving to expedite claims processing. HCI secured a robust reinsurance program earlier this year, involving four separate towers for enhanced protection in Florida and expansion states. The company operates in homeowners insurance, IT services, real estate, and reinsurance, with subsidiaries including TypTap Insurance Company and Homeowners Choice Property & Casualty Insurance Company.

Positive

• Secured a robust reinsurance program with four towers for enhanced protection.
• Strong focus on policyholders and efficient claims handling.

Negative

• Potential financial impacts from Hurricane Ian on Q3 results.

TAMPA, Fla., Oct. 10, 2022 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, has published a video and presentation on our website providing management’s initial view on Hurricane Ian and an assessment of the financial impact of this event on HCI’s third quarter financial results.

The video and presentation can be found at company’s website located at www.hcigroup.com.

“Our thoughts go out to all who have been affected by this hurricane. Our focus at this time is on our policyholders and ensuring their claims are handled quickly and efficiently,” said Paresh Patel, HCI’s chairman and chief executive officer. “Earlier this year we secured a robust reinsurance program with four separate reinsurance towers that provide HCI with significant protection in Florida and in our expansion states. Additionally, HCI maintains significant reinsurance protection for the remainder of the contract year.”

About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, reinsurance, real estate and information technology services. 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. For example, the estimation of losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. 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:
Simon Rosenberg
Investor Relations
HCI Group, Inc.
Tel (813) 405-5261
srosenberg@hcigroup.com

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

FAQ

What is HCI Group's response to Hurricane Ian?

HCI Group has published a video and presentation assessing Hurricane Ian's financial impact on its Q3 results, emphasizing a commitment to handle policyholder claims efficiently.

How did Hurricane Ian affect HCI Group's financial position?

HCI Group indicated that Hurricane Ian may have financial implications for its third quarter results, although specific details were not disclosed.

What reinsurance measures has HCI Group implemented?

Earlier this year, HCI secured a robust reinsurance program with four separate towers, providing significant protection for Florida and expansion states.

Where can I find more information about HCI Group?

Additional information about HCI Group and its subsidiaries can be found on their official website at www.hcigroup.com.