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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.
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.
HCI Group, Inc. (NYSE:HCI) will hold a conference call on November 9, 2021, at 8:30 a.m. Eastern time to discuss its third-quarter results ending September 30, 2021. A press release with financial results will precede the call. The call can be accessed via toll-free or international numbers with an entry code. HCI Group's operations include homeowners insurance and real estate, with TypTap Insurance Company as its main subsidiary. HCI’s shares are listed in the Russell 2000 and S&P SmallCap 600 Index.
HCI Group, Inc. (NYSE:HCI) has declared a quarterly cash dividend of 40 cents per common share for Q4 2021, payable on December 17, 2021. Shareholders of record by the close of business on November 19, 2021 will receive this dividend. The company operates in homeowners insurance, IT services, real estate, and reinsurance. Notably, its subsidiary TypTap Insurance Company is expanding its footprint in the insurance sector, driven by advanced technology from its software subsidiary, Exzeo USA, Inc.
HCI Group, Inc. (NYSE:HCI) reported a net income of $3.8 million for Q2 2021, a decline from $8.9 million in Q2 2020, translating to $0.24 diluted EPS versus $1.08. Adjusted net income also fell to $2.7 million, down from $6.8 million year-over-year. Consolidated gross written premiums increased 7.6% to $185.0 million, attributed to growth in TypTap and a quota share arrangement with United. Net investment income rose to $2.6 million. Losses and loss adjustment expenses jumped to $55.9 million, up from $39.8 million in Q2 2020. For 6 months, net income was $10.7 million, up from $9.5 million in 2020.
HCI Group, Inc. (NYSE:HCI) announced that its subsidiary, TypTap Insurance Group, has confidentially filed a draft registration statement on Form S-1 with the SEC for a proposed initial public offering (IPO) of TypTap's common stock. The size and pricing of the offering remain undetermined, and the IPO is contingent on the SEC review process and market conditions. There is no guarantee that the IPO will be completed.
The board of directors of HCI Group has declared a quarterly cash dividend of 40 cents per common share for Q3 2021. The dividend is set to be paid on September 17, 2021 to shareholders on record as of August 20, 2021. HCI operates in homeowners insurance and real estate, with subsidiaries like TypTap Insurance Company and Homeowners Choice Property & Casualty Insurance Company, focusing on technology-driven solutions for homeowners and flood insurance.
HCI Group, Inc. (NYSE:HCI) will host a conference call on August 5, 2021, at 4:45 p.m. Eastern to discuss its second-quarter 2021 financial results, which will be released after market close that day. Interested parties can participate via a dedicated toll-free number or through the company's website. HCI operates in homeowners insurance and real estate, with subsidiaries including TypTap Insurance Company and Homeowners Choice Property & Casualty Insurance Company. The call will be followed by a Q&A session, and a replay will be available post-call.
HCI Group, Inc. has announced that its 4.25% Convertible Senior Notes Due 2037 will become convertible starting July 1, 2021. This follows the company’s common shares trading above 130% of the Conversion Price for 20 out of the last 30 trading days. Holders can convert their notes until September 30, 2021, with HCI opting for Physical Settlement for conversions received by July 16, translating to about 16.46 shares per $1,000 of Notes. HCI operates in homeowners' insurance, reinsurance, real estate, and IT services, primarily through its subsidiaries.
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