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

Rhea-AI Summary

TAMPA, Fla., Feb. 11, 2021 - TypTap Insurance Company, owned by HCI Group, Inc. (NYSE: HCI), has received regulatory approval to offer homeowners insurance in New Mexico. This marks a key milestone in TypTap's expansion strategy, as it aims to broaden its footprint across the U.S. The company has now obtained approvals in ten states outside of Florida, supporting its growth as a technology-driven insurer. HCI Group operates across insurance, software development, and real estate, with TypTap primarily focused on homeowners and flood insurance.

Positive

• Regulatory approval to write homeowners insurance in New Mexico enhances TypTap's market reach.
• TypTap has received approvals in ten states outside Florida, indicating strong expansion efforts.

Negative

• None.

TAMPA, Fla., Feb. 11, 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 New Mexico.

The approval is part of TypTap’s planned nationwide expansion announced in August of 2020. TypTap has received approvals in ten 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, is a rapidly growing, technology-driven insurance company that is expanding nationwide to provide homeowners and flood insurance. 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?

TypTap Insurance Company received regulatory approval to write homeowners insurance in New Mexico.

How many states has TypTap Insurance Company obtained approvals in?

TypTap has received approvals in ten states outside of Florida.

What is HCI Group's focus in the insurance market?

HCI Group, through TypTap, focuses on providing homeowners and flood insurance.

When was the announcement about TypTap's expansion made?

The expansion was announced in August 2020.

What does TypTap's growth indicate for HCI Group investors?

TypTap's growth and expansion into new states suggest potential for increased revenue and market share for HCI Group.