TypTap Insurance Company Surpasses $100 Million in Annual Recurring Revenue

Rhea-AI Summary

TypTap Insurance Company, a subsidiary of HCI Group, reported that its annual recurring revenue has surpassed $100 million. The company, which specializes in homeowners and flood insurance primarily in Florida, employs proprietary technologies and data analytics for efficient underwriting and risk management.

TypTap’s growth aligns with the increasing acceptance of its products and technology platform, allowing it to achieve this milestone ahead of schedule, according to President Kevin Mitchell.

Positive

• Annual recurring revenue surpassed $100 million.
• Strong growth in homeowners and flood insurance markets.

Negative

• None.

TAMPA, Fla., Dec. 02, 2020 (GLOBE NEWSWIRE) -- TypTap Insurance Company, a rapidly growing, technology-driven insurance company and a wholly owned subsidiary of HCI Group, Inc. (NYSE: HCI), announced today that annual recurring revenue surpassed $100 million.

TypTap provides homeowners insurance and flood insurance primarily in Florida. It uses proprietary technologies and data analytics to make quick and smart underwriting decisions and reduce risks. Most of its insurance services are sold through independent insurance agents.

“The growing acceptance of our products and technology platform has enabled TypTap to reach this major milestone ahead of schedule,” said TypTap President Kevin Mitchell.

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, 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.

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 is TypTap Insurance Company's latest revenue milestone?

TypTap Insurance Company reported that its annual recurring revenue has surpassed $100 million.

What types of insurance does TypTap provide?

TypTap provides homeowners insurance and flood insurance primarily in Florida.

How does TypTap use technology in its operations?

TypTap uses proprietary technologies and data analytics to make quick underwriting decisions and reduce risks.

Who is the president of TypTap Insurance Company?

The president of TypTap Insurance Company is Kevin Mitchell.

Under which ticker symbol does HCI Group trade?

HCI Group trades under the ticker symbol 'HCI'.