TypTap Receives Approval to Write Homeowners Insurance in Massachusetts as Part of Company’s Nationwide Expansion Plan
TypTap Insurance Group, a subsidiary of HCI Group, Inc. (NYSE: HCI), has received regulatory approval to offer homeowners insurance in Massachusetts. This marks a crucial step in TypTap's strategy to expand nationwide, following its approvals in 13 states outside Florida since August 2020. Founded in 2016, TypTap focuses on utilizing technology and data analytics to improve the insurance experience, offering homeowners and flood insurance primarily in Florida. This growth underscores HCI Group's commitment to leveraging technology for enhanced insurance services.
- Regulatory approval to write homeowners insurance in Massachusetts, expanding TypTap's market presence.
- TypTap has achieved approvals in 13 states, indicating successful expansion efforts.
- Utilization of advanced technology and AI for efficient policy management, enhancing profitability and risk mitigation.
- None.
TAMPA, Fla., May 21, 2021 (GLOBE NEWSWIRE) -- TypTap Insurance Group, Inc. (TypTap), a rapidly growing, technology-driven insurance company and a subsidiary of HCI Group, Inc. (NYSE: HCI), has received regulatory approval to write homeowners insurance in Massachusetts.
The approval is part of TypTap’s planned nationwide expansion announced in August of 2020. TypTap has received approvals in 13 states outside of Florida.
About TypTap Insurance Group, Inc.
Funded by HCI Group, Inc. (NYSE:HCI), TypTap was founded in 2016 with the mission of utilizing technology, data, and data analytics to simplify the insurance experience. TypTap is a rapidly growing, technology-driven insurance company that provides homeowners and flood insurance in Florida with plans to expand its operations nationwide. TypTap uses its innovative, proprietary, online platform to quote and bind policies quickly and efficiently. It also has powerful algorithms, enabled by artificial intelligence, designed to identify policies that deliver profitable results while mitigating risk.
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:
Jordan Schmidt, Managing Director
Gateway Group
Tel (949) 386-6332
TypTap@gatewayir.com
HCI Company Contact:
Rachel Swansiger, Esq.
HCI Group, Inc.
Tel (813) 405-3206
rswansiger@hcigroup.com
HCI Investor Relations Contact:
Matt Glover
Gateway Group
Tel (949) 574-3860
HCI@gatewayir.com
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