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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, a multi-faceted holding company, reported a net income of $1.4 million for Q4 2021, a drop from $2.7 million in Q4 2020. The adjusted net loss was $0.1 million, compared to an adjusted net income of $1.8 million a year earlier. Despite this, gross written premiums rose 35.9% to $189.3 million. For the full year, net income totaled $7.2 million, sharply down from $27.6 million in 2020, attributed to a prior one-time gain. However, gross written premiums increased 33.8% to $674.4 million.
HCI Group, Inc. (NYSE:HCI) reported a significant reduction in its 4.25% Convertible Senior Notes, lowering the outstanding balance to approximately $24 million from $139 million last year. No noteholders exercised their purchase option by the February 28 deadline. HCI Chairman Paresh Patel stated the company has improved its balance sheet, achieving a debt-to-capital ratio of 16% and maintaining over $100 million in liquidity for growth funding in 2022. HCI operates in homeowners insurance, information technology, real estate, and reinsurance.
HCI Group, Inc. (NYSE: HCI) will participate in the Bank of America Securities 2022 Insurance Conference on February 15, 2022. HCI's Chairman and CEO, Paresh Patel, is scheduled for a panel discussion at 10:15 a.m. Eastern time. Throughout the day, management will also engage in one-on-one meetings with institutional investors. HCI Group is known for its diverse operations in homeowners insurance, reinsurance, real estate, and information technology services, with its leading insurance operation, TypTap Insurance Company, expanding nationwide.
HCI Group, Inc. (NYSE:HCI), a diverse holding company based in Tampa, will hold a conference call on March 9, 2022, at 8:30 a.m. Eastern time to discuss its Q4 and full-year results for 2021. The results will be released after market hours on March 8, 2022. Interested parties can participate via telephone or by accessing the webcast through the Investor Information section of HCI's website. A replay will be available on the same day after 8:00 p.m. Eastern time until April 8, 2022.
The board of directors of HCI Group has declared a quarterly cash dividend of 40 cents per share for Q1 2022. This dividend will be paid on March 18, 2022, to shareholders recorded by the close of business on February 18, 2022. HCI Group operates in homeowners insurance, information technology services, real estate, and reinsurance sectors, with its insurance segment led by TypTap Insurance Company. The company trades under the ticker HCI on the NYSE.
HCI Group, Inc. (NYSE:HCI) has paused the initial public offering (IPO) of its subsidiary, TypTap Insurance Group, due to unfavorable market conditions. Chairman and CEO Paresh Patel stated that current market pricing does not reflect TypTap's value. HCI believes it can support TypTap's growth without IPO funding and will reassess conditions over the coming quarters for a potential future offering. A registration statement for the IPO has been filed but is not yet effective. HCI focuses on diverse business activities including homeowners insurance, reinsurance, and real estate.
HCI Group, Inc. (NYSE:HCI) has reached an agreement with United Insurance Holdings Corp. to transition its personal lines insurance business in Georgia, North Carolina, and South Carolina. This deal encompasses approximately $90 million in annual premiums. HCI will provide 85% quota share reinsurance for policies from December 31, 2021, to May 31, 2022, and pay a provisional ceding commission of 25% of premium earned. The transaction, effective until July 1, 2025, is subject to regulatory approvals and aims to enhance HCI's growth and market presence.
United Insurance Holdings Corp. (UIHC) has reached an agreement to transfer its personal lines business in Georgia, North Carolina, and South Carolina to HCI Group, Inc. (HCI). This transaction allows UIHC to focus capital on its growing commercial specialty property sector. HCI will provide 85% quota share reinsurance for UPC's policies in these states from December 31, 2021, to May 31, 2022, with estimated net ceding commissions of $8.3 million to $10.6 million. The deal also includes an upfront cash payment of $3.8 million from HCI to UIHC, with renewal rights granted until July 1, 2025.
HCI Group, Inc. (NYSE: HCI) announced that its subsidiary, TypTap Insurance Group, has filed a registration statement on Form S-1 for a proposed initial public offering (IPO). The number of shares and pricing details are undetermined, and the offering will depend on market conditions. JMP Securities LLC and Truist Securities, Inc. are the lead book-runners. The filing has been made with the SEC, but the registration has not yet become effective, preventing any sales of securities until that occurs.
HCI Group reported a net loss of $4.9 million or $0.72 per share for Q3 2021, down from a profit of $15.4 million in Q3 2020, which included a one-time gain of $37 million. Adjusted net loss was $3.5 million. Despite the loss, book value per share rose 16% to $30.39 due to the conversion of $82.8 million in convertible notes. Gross written premiums surged 49.6% to $174.3 million, driven by TypTap's growth. However, losses increased to $62.7 million, partly due to storm-related events. For the nine months ended September 30, 2021, net income was $5.8 million, down from $24.9 million in 2020.
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