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HCI Group, Inc. (NYSE: HCI) is a diversified holding company headquartered in Tampa, Florida. Founded in 2006, the company operates across several sectors, including property and casualty insurance, real estate, reinsurance, and information technology. HCI Group’s primary insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company (HCPCI) and TypTap Insurance Company, specialize in homeowners insurance, flood insurance, and wind-only insurance within Florida and other states.
Through its real estate subsidiary, Greenleaf Capital, LLC, HCI manages a portfolio of properties that include office buildings, retail centers, marinas, and vacant shopping centers for investment purposes. The company also owns and operates a full-service restaurant, enhancing its real estate footprint.
HCI’s technological edge is bolstered by its subsidiary, Exzeo USA, Inc., which develops web-based applications like SAMS and ClaimColony. These tools streamline insurance processes and enhance the company's operational efficiency.
Recently, HCI has taken significant steps to fortify its financial standing. By converting debts and simplifying its balance sheet, HCI has reduced its debt-to-capital ratio and enhanced liquidity, enabling the company to pursue future business opportunities.
One of HCI Group’s noteworthy achievements is the growth of TypTap Insurance Company, a technology-driven insurance provider. TypTap leverages data and technology to streamline underwriting and claims processes, setting a precedent in the insurance industry. This innovation is supported by robust reinsurance programs that the company secures annually, ensuring financial stability and risk management.
Financially, HCI has demonstrated strong performance. For instance, in the first quarter of 2024, HCI reported a net income of $57.0 million, a significant increase from the previous year’s $17.8 million. This growth is attributed to increased gross premiums and reduced reinsurance costs as a percentage of premiums earned.
The company’s common shares are traded 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. continues to publish financial data and other updates in the Investor Information section of its website.
For more details about HCI Group, Inc. and its subsidiaries, visit www.hcigroup.com.
HCI Group, Inc. (NYSE:HCI) will participate in the 2022 Goldman Sachs Insurtech Conference, a virtual event occurring on June 6, 2022, at 8:00 a.m. ET. Chairman and CEO Paresh Patel will engage in a fireside chat. The company, known for its diverse operations in homeowners insurance, IT services, real estate, and reinsurance, is expanding through its subsidiary TypTap Insurance Company. HCI's common shares are traded on the NYSE and included in the Russell 2000 and S&P SmallCap 600 Index.
HCI Group, Inc. (NYSE:HCI) will present at the Truist Securities Financial Services Conference on May 24, 2022. Chairman and CEO Paresh Patel, along with TypTap Insurance President Kevin Mitchell, will engage in one-on-one meetings with institutional investors. HCI Group operates in homeowners insurance, information technology, real estate, and reinsurance, with subsidiaries including TypTap Insurance, which offers technology-driven homeowners and flood insurance, and Homeowners Choice, focusing primarily on Florida. For more details, visit the investor website or contact Gateway Group.
HCI Group, Inc. (NYSE:HCI) announced a private placement offering of $150 million in 4.75% convertible senior notes, due 2042. Closing is expected on May 23, 2022. The company also granted an option for initial purchasers to buy an additional $22.5 million of the notes. The conversion price is approximately $80.54 per share, a 25% premium to HCI's closing price of $64.43 on May 18, 2022. About $60 million of proceeds will be used to repurchase common stock, with the remainder allocated for general corporate purposes.
TAMPA, Fla., May 18, 2022 (GLOBE NEWSWIRE) -- HCI Group (NYSE:HCI) plans to offer $150 million of convertible senior notes due 2042 in a private placement. An additional $22.5 million may be purchased by initial buyers. The notes will rank senior to future indebtedness and are convertible under specific conditions starting March 1, 2027. HCI intends to use 40% of proceeds for stock repurchase and the rest for corporate purposes. A prepaid forward with Société Générale is also planned, allowing HCI to repurchase shares that will be retired for corporate law purposes.
HCI Group, Inc. (NYSE:HCI) has announced the sale of 1.5 acres of right-of-way related to a road improvement project, expected to generate net proceeds of approximately $14.5 million, significantly surpassing the net book value of $1.1 million. The transaction is anticipated to close by the end of the third quarter of 2022. Following the sale, Greenleaf Capital will retain an office building on six acres and plans to lease it at higher rates than the current rent. CEO Paresh Patel stated this sale underscores the value embedded in the company's real estate assets.
HCI Group reported a net income of $2.8 million for Q1 2022, down from $6.8 million in Q1 2021. Diluted earnings per share decreased to $0.09 from $0.75. Adjusted net income, excluding unrealized gains, was $5.5 million or $0.34 per share, compared to $7.0 million or $0.77 a year earlier. Gross written premiums surged 40.9% to $177.3 million, driven by Homeowners Choice and TypTap growth. However, losses and loss adjustment expenses rose to $72.7 million, up from $45.8 million, largely due to weather-related claims in Florida.
HCI Group, Inc. (NYSE:HCI) has declared a quarterly cash dividend of 40 cents per common share, set to be paid on June 17, 2022, to shareholders of record by May 17, 2022. HCI operates in homeowners insurance, IT services, real estate, and reinsurance, with its key insurance subsidiary, TypTap Insurance Company, experiencing rapid expansion across the U.S. HCI Group is also included in the Russell 2000 and S&P SmallCap 600 Index, highlighting its market significance.
HCI Group, Inc. (NYSE:HCI) will host a conference call on May 5, 2022, at 8:30 a.m. ET to discuss its Q1 2022 financial results, set to be released on May 4. The call will be available via a listen-only number or through a webcast on the company’s investor website. HCI operates in homeowners insurance, reinsurance, real estate, and IT services, and its subsidiaries include TypTap Insurance Company and Homeowners Choice Property & Casualty Insurance Company, Inc. The company’s shares are part of the Russell 2000 and S&P SmallCap 600 Index.
HCI Group, Inc. (NYSE:HCI) will hold its Annual Meeting of Shareholders on June 2, 2022, at 3:00 p.m. at its Tampa headquarters. Shareholders on record by April 12, 2022, can vote on key proposals, including the election of Class B Directors, the ratification of external auditors, and advisory approval of executive compensation. HCI operates in homeowners insurance, IT services, real estate, and reinsurance, with subsidiaries like TypTap Insurance Company and Homeowners Choice Property & Casualty Insurance Company.
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.
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