Hci Group Stock Price, News & Analysis

HCI Group (NYSE: HCI) has reached an agreement to acquire United Insurance's personal lines insurance business across Connecticut, New Jersey, Massachusetts, and Rhode Island, valued at approximately $130 million in annual premiums. Under the deal, HCI will provide 69.5% quota share reinsurance on in-force policies until May 31, 2021, while paying United $4.4 million for catastrophe reinsurance and a cash payment up to $3.1 million based on transitioned premiums. This move supports HCI's national expansion strategy and includes a non-compete clause for United until July 2024.

Tamapa, Fla., Dec. 16, 2020 - TypTap Insurance Company, owned by HCI Group (NYSE: HCI), has received regulatory approval to offer homeowners insurance in six states: Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah. This approval is part of TypTap's strategic nationwide expansion plan that was previously announced in August 2020. HCI Group operates in insurance, software development, and real estate, with TypTap primarily providing homeowners and flood insurance, especially in Florida.

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.

HCI Group, Inc. reported robust financial results for Q3 and the first nine months of 2020. Net income for Q3 reached $15.4 million or $1.70 per diluted share, up from $5.9 million in 2019. Adjusted net income was $14.4 million, a significant rise year-over-year. Consolidated gross written premiums surged 19.6% to $116.5 million. The company also noted a one-time gain of $37.0 million from the sale of headquarters. However, losses and loss adjustment expenses increased to $51.7 million, indicating challenges amidst growth.

HCI Group, Inc. (NYSE:HCI) has reported an initial estimate of $17.7 million in catastrophic losses for Q3 2020, primarily due to Hurricane Sally, which impacted its homeowners and flood insurance operations in Florida. The net after-tax impact is projected at approximately $12.5 million. Importantly, HCI's subsidiary, TypTap Insurance Company, reported no losses from this event. HCI Group continues to operate in insurance, software development, and real estate, maintaining its presence in the Russell 2000 and S&P SmallCap 600 Index.

HCI Group, Inc. (NYSE:HCI) has declared a quarterly cash dividend of 40 cents per common share for Q4 2020. This dividend will be paid on December 18, 2020, to shareholders recorded as of the close on November 20, 2020. HCI Group operates in InsurTech, focusing on insurance, software development, and real estate. Its major subsidiary, TypTap Insurance Group, offers homeowners and flood insurance mainly in Florida, leveraging technology for efficient policy management. The stock trades on the NYSE and is part of the Russell 2000 and S&P SmallCap 600 Index.

HCI Group, Inc. (NYSE:HCI), an InsurTech company, is set to hold a conference call on November 5, 2020, at 4:45 p.m. ET to discuss their third-quarter financial results for the period ending September 30, 2020. The results will be publicly available through a press release after market close on the same day. HCI Group operates in insurance, software development, and real estate, featuring subsidiaries like TypTap Insurance Company and Greenleaf Capital LLC, and is included in the Russell 2000 and S&P SmallCap 600 Index.

HCI Group, Inc. (NYSE:HCI) has appointed Gitanjali Clark and Bob Lopes to its Board Observer Program for the 2020-2021 year. This initiative, launched in 2018, aims to train individuals in public company board governance and enhance diversity on boards. Clark, a litigation attorney, and Lopes, an HR executive, will participate in board meetings and access all materials, though they lack voting rights. HCI, a leading InsurTech firm, operates TypTap Insurance Company and is engaged in software development and real estate across Florida.

HCI Group's subsidiary, TypTap Insurance Company, has initiated Phase One of a nationwide expansion to provide homeowners insurance in 20 new states. The states include Arkansas, Colorado, Georgia, and more. TypTap is currently seeking regulatory approval, with expectations for significant progress by early next year. The company has reported a remarkable 2,202% increase in premiums since 2019, reaching over $75 million in total premiums in-force, with projections to surpass $100 million by year-end.