Reinsurance News

HCI’s TypTap begins first phase of US expansion

6th October 2020 - Author: Matt Sheehan

Florida insurtech insurer and subsidiary of HCI Group, TypTap Insurance Company, has launched Phase One of its planned nationwide expansion in the US, which the company first announced in early August.

HCITypTap’s Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida.

The full list of these states is: Arkansas, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Maine, Massachusetts, Michigan, Mississippi, Montana, Nevada, New Mexico, South Carolina, South Dakota, Tennessee, Utah, West Virginia and Wisconsin.

“We’re working with regulators in those states,” said TypTap President Kevin Mitchell, “and expect to gain significant approvals by early next year. We look forward to introducing agents and prospective policyholders to TypTap and our quick, easy-to-use technologies.”

Since the beginning of 2019, TypTap’s premiums in-force for homeowners insurance, its flagship product, increased 2,202%.

Total premiums in-force for the company recently surpassed $75 million.

According to Mitchell, TypTap’s goal is to generate more than $5 billion in revenue with a 10% operating margin by 2030.

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