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HCI Group, Inc. announces a new five-year Executive Employment Agreement with Chairman and CEO Paresh Patel, securing his leadership for the future. The agreement includes a long-term equity incentive with a vesting threshold of $200 per share, highlighting Patel's commitment to the company's goals and objectives. Patel's proven success has driven HCI Group to over $1 billion in annual premium, showing best-in-class performance in the industry.
HCI Group, Inc. annuncia un nuovo contratto di lavoro esecutivo quinquennale con il Presidente e CEO Paresh Patel, garantendo così la sua leadership per il futuro. Il contratto include un incentivo azionario a lungo termine con una soglia di maturazione di 200 dollari per azione, evidenziando l'impegno di Patel verso gli obiettivi e le finalità dell'azienda. Il successo comprovato di Patel ha portato HCI Group a superare 1 miliardo di dollari in premi annuali, dimostrando prestazioni di prim'ordine nel settore.
HCI Group, Inc. anuncia un nuevo Acuerdo de Empleo Ejecutivo de cinco años con el Presidente y CEO Paresh Patel, asegurando su liderazgo para el futuro. El acuerdo incluye un incentivo de capital a largo plazo con un umbral de adquisición de $200 por acción, destacando el compromiso de Patel con los objetivos y metas de la compañía. El éxito comprobado de Patel ha llevado a HCI Group a superar los $1 mil millones en primas anuales, mostrando un rendimiento de primera clase en la industria.
HCI Group, Inc.는 이사회 의장이자 CEO인 Paresh Patel과 새로운 5년 임원 고용 계약을 발표하여 그의 리더십을 미래에 확보하게 되었습니다. 계약에는 주당 $200의 기준에 도달해야 하는 장기 주식 인센티브가 포함되어 있어, Patel의 회사 목표와 목적에 대한 헌신을 강조합니다. Patel의 입증된 성공은 HCI Group을 연간 보험료 $10억을 넘게 이끌었으며, 업계에서 최고 수준의 성과를 보여주었습니다.
HCI Group, Inc. annonce un nouvel Accord d'Emploi Exécutif de cinq ans avec le Président et CEO Paresh Patel, sécurisant ainsi son leadership pour l'avenir. L'accord comprend une incitation à l'équité à long terme avec un seuil de vesting de 200 dollars par action, mettant en évidence l'engagement de Patel envers les objectifs et les buts de l'entreprise. Le succès éprouvé de Patel a mené HCI Group à dépasser 1 milliard de dollars en primes annuelles, affichant une performance de premier ordre dans l'industrie.
HCI Group, Inc. kündigt einen neuen fünfjährigen Executive Arbeitsvertrag mit dem Vorsitzenden und CEO Paresh Patel an, der seine Führung für die Zukunft sichert. Der Vertrag beinhaltet einen langfristigen Aktienanreiz mit einer Vestingschwelle von 200 Dollar pro Aktie, was Patels Engagement für die Ziele und Absichten des Unternehmens unterstreicht. Patels bewährter Erfolg hat HCI Group dazu gebracht, mehr als 1 Milliarde Dollar an jährlichen Prämien zu übertreffen, was eine branchenführende Leistung zeigt.
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TAMPA, Fla., April 23, 2024 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that it has entered into a new Executive Employment Agreement with its Chairman and Chief Executive Officer, Paresh Patel. The new agreement secures Mr. Patel’s leadership for at least an additional five years.
Mr. Patel’s proven success over HCI’s 17-year history has seen the Company grow to over $1 billion in annual premium, with best-in-class performance in the industry. The new Employment Agreement includes a long-term equity incentive with a vesting threshold of $200 per share, representing a significant premium to HCI’s current share price, assuring Mr. Patel remains highly incentivized to execute on the Company’s strategic objectives and goals. Mr. Patel’s base salary is unchanged.
“We are fortunate to have Paresh continue to lead HCI Group. As a co-founder and key architect of the company’s technology ecosystem, the Board thought it was important to formalize an agreement that keeps Paresh at HCI for the foreseeable future. Throughout his time leading the company, Paresh has developed an excellent track record as a visionary, insightful leader, and has delivered strong returns for shareholders,” said Gregory Politis, HCI’s lead independent director.
More information is available in the Company’s Form 8-K, filed today with the U.S. Securities and Exchange Commission.
About HCI Group, Inc. HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. 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.
Company Contact: Bill Broomall, CFA Investor Relations HCI Group, Inc. Tel (813) 776-1012 wbroomall@typtap.com
Investor Relations Contact: Matt Glover Gateway Group, Inc. Tel 949-574-3860 HCI@gateway-grp.com
FAQ
What did HCI Group announce regarding the Chief Executive Officer in the press release?
HCI Group announced a new five-year Executive Employment Agreement with its Chairman and Chief Executive Officer, Paresh Patel.
What is the vesting threshold of the long-term equity incentive included in the agreement?
The vesting threshold of the long-term equity incentive is $200 per share.
How has Mr. Patel contributed to HCI Group's growth?
Mr. Patel's leadership has driven HCI Group to over $1 billion in annual premium, showcasing best-in-class industry performance.
Who commented on the importance of Paresh Patel's continued leadership at HCI Group?
Gregory Politis, HCI's lead independent director, highlighted the importance of Paresh Patel's continued leadership at HCI Group.
Where can more information about the new Employment Agreement be found?
More information about the new Employment Agreement can be found in HCI Group's Form 8-K, filed with the U.S. Securities and Exchange Commission.
hci group, inc. engages in the property and casualty insurance, reinsurance, real estate, and information technology businesses in florida. it provides residential insurance products, such as homeowners insurance, flood insurance, and wind-only insurance to homeowners, condominium owners, and tenants, as well as offers reinsurance programs. the company also owns and operates one full-service restaurant, marinas, waterfront property, retail shopping centres, office building, and vacant shopping centre for investment purposes. in addition, it designs and develops web-based applications and products for mobile devices, including sams and claimcolony applications. the company was formerly known as homeowners choice, inc. and changed its name to hci group, inc. in may 2013. hci group, inc. was founded in 2006 and is headquartered in tampa, florida.
