TypTap Insurance Company Launches Phase One of Nationwide Expansion
HCI Group's subsidiary, TypTap Insurance Company, has initiated Phase One of a nationwide expansion to provide homeowners insurance in 20 new states. The states include Arkansas, Colorado, Georgia, and more. TypTap is currently seeking regulatory approval, with expectations for significant progress by early next year. The company has reported a remarkable 2,202% increase in premiums since 2019, reaching over $75 million in total premiums in-force, with projections to surpass $100 million by year-end.
- TypTap's total premiums in-force exceeded $75 million, up 2,202% since 2019.
- Plans to expand into 20 new states, indicating significant growth potential.
- Management projects total premiums in-force to reach $100 million by year-end.
- Regulatory approvals for expansion are uncertain and may delay growth.
- Potential competition and regulation risks could impact profitability.
TAMPA, Fla., Oct. 05, 2020 (GLOBE NEWSWIRE) -- TypTap Insurance Company, a rapidly growing, technology-driven insurance company and a subsidiary of HCI Group, Inc. (NYSE: HCI), has launched Phase One of its planned nationwide expansion, which the company first announced in early August.
According to the company, Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida: Arkansas, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Maine, Massachusetts, Michigan, Mississippi, Montana, Nevada, New Mexico, South Carolina, South Dakota, Tennessee, Utah, West Virginia and Wisconsin.
“We’re working with regulators in those states,” said TypTap President Kevin Mitchell, “and expect to gain significant approvals by early next year. We look forward to introducing agents and prospective policyholders to TypTap and our quick, easy-to-use technologies.”
About TypTap Insurance Company
Funded by HCI Group, Inc. (NYSE:HCI), TypTap’s mission is to utilize technology, data and data analytics to simplify the insurance experience. TypTap uses its innovative, proprietary, online platform to quote and bind policies quickly and efficiently. It also has powerful algorithms, enabled by artificial intelligence and designed to identify policies that deliver profitable results while mitigating risk. TypTap has experienced rapid organic growth, industry-leading performance ratios, and consistent profitability. Since the beginning of 2019, TypTap’s premiums in-force for homeowners insurance, its flagship product, increased 2,
About HCI Group, Inc.
HCI Group, Inc. is an InsurTech company with operations in insurance, software development and real estate. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company founded in 2016, which provides homeowners’ insurance and flood insurance primarily in Florida. 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. There can be no assurance, for example, that state regulation and competition will not inhibit the company’s ability to grow and to operate profitably in various jurisdictions. Regulators may not approve rates and forms submitted by the company. 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.
TypTap Company Contact:
Kevin Mitchell, President
TypTap Insurance Company
Tel (813) 405-3603
kmitchell@typtap.com
TypTap Media Contact:
Amber Brinkley
Kippen Communications
Tel (727) 466-7695
amber@kippencommunications.com
HCI Company Contact:
Rachel Swansiger, Esq.
HCI Group, Inc.
Tel (813) 405-3206
rswansiger@hcigroup.com
HCI Investor Relations Contact:
Matt Glover
Gateway Investor Relations
Tel (949) 574-3860
HCI@gatewayir.com
FAQ
What new states is HCI Group expanding TypTap Insurance to?
What is the growth rate of TypTap Insurance's premiums?
When does TypTap expect to gain regulatory approvals for its expansion?
What are TypTap Insurance's total premiums in-force projected to reach by year-end?
What risks does HCI Group face with TypTap's expansion?
