TypTap Insurance Company Receives Approval to Write Homeowners Insurance in New Mexico as Part of Company’s Nationwide Expansion Plan
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.
Sentiment and the balance of points
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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.
Details
News Market Reaction – HCI
The recorded move for HCI in the trading session of this news was -1.41%.
Data tracked by StockTitan Argus. Session date unavailable.
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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
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