Premiums in force at technology-driven insurer TypTap Insurance Company, which is a subsidiary of HCI Group, Inc., have now exceeded the $50 million mark.
According to an announcement, TypTap Insurance Company’s operations are made possible by insurance-related information technology that is developed by HCI’s software subsidiary, Exzeo USA, Inc.
Speaking during HCI’s second-quarter 2019 earnings call, the firm’s Chairman and Chief Executive Officer (CEO), Paresh Patel, forecasted that TypTap would have more than $50 million in premiums by the end of 2019.
The Chairman and CEO followed up on this during the firm’s Q3 2019 earnings call, stating that premiums in force at TypTap would exceed the $50 million threshold by Thanksgiving, on Thursday November 28th, 2019.
Commenting on the fact that TypTap has now reached and surpassed the $50 million mark, Patel said: “Gross written premiums at TypTap have grown more than fourfold since the third quarter of 2018. This rapid growth is organic and, most important, profitable. We’re not sacrificing margins for the sake of growth.”
