HCI Group announced its begun the regulatory process to expand flood insurance from its sole Florida market into nine additional states including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas.
Paresh Patel, HCI Group’s chairman and chief executive officer, said; “A core part of our long-term strategic plan has been—and continues to be—expanding and diversifying our operations geographically.
“We believe expansion into additional markets will leverage our proven business mode, as well as our internally developed technology.”
“Our online platform for quoting and binding flood insurance policies—accessible from any internet capable device, including a mobile phone—provides a quote in seconds, a policy in minutes. We are changing the way people buy insurance.”
HCI Group, Inc. owns subsidiaries in homeowners’ insurance and reinsurance, with the largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., being a leading provider of property and casualty insurance in the state of Florida.
This expansion marks the first time it has stepped outside of the state in search of primary flood exposed property insurance premiums.