TypTap Insurance Company Receives Approval to Write Homeowners Insurance in Michigan as Part of Company’s Nationwide Expansion Plan

Rhea-AI Summary

TypTap Insurance Company, a technology-driven insurance company wholly owned by HCI Group, Inc. (NYSE: HCI), has received regulatory approval to sell homeowners insurance in Michigan. This marks a significant step in TypTap’s expansion strategy, which was unveiled in August 2020, and follows prior approvals in eight states outside of Florida. HCI Group operates in insurance, software development, and real estate, with TypTap providing homeowners and flood insurance primarily in Florida. HCI is publicly traded under the ticker "HCI" and included in the Russell 2000 and S&P SmallCap 600 Index.

Positive

• Regulatory approval to write homeowners insurance in Michigan enhances market presence.
• Part of TypTap's planned nationwide expansion strategy.
• TypTap has already received approvals in eight states outside Florida, indicating growth potential.

Negative

• None.

TAMPA, Fla., Jan. 20, 2021 (GLOBE NEWSWIRE) -- TypTap Insurance Company, a rapidly growing, technology-driven insurance company wholly owned by HCI Group, Inc. (NYSE: HCI), has received regulatory approval to write homeowners insurance in Michigan.

The approval is part of TypTap’s planned nationwide expansion announced in August of 2020. TypTap has received approvals in eight states outside of Florida.

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, currently provides homeowners insurance and flood insurance 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.

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 recent approval did HCI Group receive for TypTap Insurance?

HCI Group's TypTap Insurance Company received regulatory approval to write homeowners insurance in Michigan.

How many states has TypTap Insurance been approved to operate in?

TypTap Insurance has received approvals in eight states outside of Florida.

What is the ticker symbol for HCI Group?

HCI Group trades under the ticker symbol 'HCI' on the New York Stock Exchange.

When was TypTap's nationwide expansion announced?

TypTap's nationwide expansion plan was announced in August 2020.

What type of insurance does TypTap primarily provide?

TypTap primarily provides homeowners insurance and flood insurance.