Reinsurance News
HCI Group
HCI expands reinsurance coverage across subsidiaries at June renewal
31st May 2024
Florida-based insurtech HCI Group has increased its reinsurance coverage across both its reinsurance towers, securing over $2.7 billion in aggregate limit at the June 1 renewal. Similar to the previous year, HCI established two reinsurance towers for its insurance subsidiaries, Homeowners Choice and TypTap. Reinsurance Tower 1 covers all Homeowners Choice ... Read the full article
HCI Group reports Q1’24 gross premiums earned increase to $256.6m
9th May 2024
Florida-domiciled insurtech HCI Group, Inc., has reported that Q1 2024 consolidated gross premiums earned increased to $256.6 million from $180.1 million in the prior year quarter, which includes $67 million of premium from the assumption of policies from Citizens Property Insurance Corporation. The firm has reported pre-tax income of $77.4 million ... Read the full article
HCI announces five-year employment agreement with CEO Paresh Patel
25th April 2024
Florida-based insurtech HCI Group has announced a five-year Executive Employment Agreement with Paresh Patel, who serves as its Chairman and Chief Executive Officer (CEO). This new agreement includes a long-term equity incentive with a vesting threshold set at $200 per share. This represents a significant premium compared to HCI’s current share ... Read the full article
HCI Group’s net income climbs to $89.3m in 2023
8th March 2024
Florida-based insurtech HCI Group has reported a net income of $89.3 million for 2023, compared to a net loss of $54.6 million in 2022. Consolidated gross premiums earned in 2023 also increased to $765.5 million from $724.7 million in 2022. HCI explained that gross premiums earned for 2023 include $23 million of ... Read the full article
HCI Group targets increased operational and capital flexibility
29th January 2024
Florida-domiciled insurtech, HCI Group, Inc., along with its majority-owned subsidiary, TypTap Insurance Group, Inc., will be modifying its relationship with Centerbridge Partners L.P. as it eyes greater operational and capital flexibility to better position the company for future growth opportunities. One of the strategic steps taken by the company includes the ... Read the full article
HCI’s Condo Owners Reciprocal Exchange gets ‘A’ rating from Demotech
4th January 2024
HCI-sponsored reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), has secured a Financial Stability Rating of ‘A’, Exceptional, from Demotech. Paresh Patel, HCI’s chairman and CEO, commented, “HCI has had a positive long-term relationship with Demotech that extends back over 15 years when Demotech initially provided a rating to HCI insurance subsidiary, ... Read the full article
HCI’s TypTap assumes $30m of in-force premium from Citizens
20th December 2023
HCI has announced that its majority-owned subsidiary, TypTap Insurance Company, has successfully assumed approximately $30 million of in-force premium from Citizens Property Insurance Corporation, Florida’s state-backed insurance company. The assumption, effective from December 19, 2023, is based upon an approval in October 2023 by the Florida Office of Insurance Regulation. ... Read the full article
HCI Group closes public offering, raising $85 million
12th December 2023
Florida-based HCI Group, Inc. has closed the underwritten public offering of 1,150,000 shares of its common stock at $78 per share, before underwriting discounts and commissions. HCI confirms that this includes the underwriters' option to purchase up to an additional 150,000 shares of common stock in the offering, which was fully exercised. This ... Read the full article
HCI’s CORE receives approval to operate in Florida
1st December 2023
HCI Group, Inc. announced its sponsored reciprocal insurer, Condo Owners Reciprocal Exchange (CORE), obtains a certificate of authority from Florida regulators, allowing it to transact insurance in the state. The Florida-based holding company, with interests in homeowners insurance, IT services, real estate, and reinsurance, marks its entry into the commercial residential ... Read the full article
HCI Group approved to launch Condo Owners Reciprocal Exchange in Florida
22nd November 2023
The Florida Office of Insurance Regulation (OIR) has approved HCI Group's Condo Owners Reciprocal Exchange to form as a property and casualty reciprocal insurer in Florida. The OIR explained that this announcement marks the newest property and casualty insurer approved to operate in Florida following "extensive legislative reforms implemented to promote ... Read the full article
HCI Group subsidiary assumes more than 53,000 policies from Florida Citizens
22nd November 2023
The largest subsidiary of HCI Group, Inc., Homeowners Choice Property & Casualty Insurance Company, has successfully assumed approximately 53,750 policies from Citizens Property Insurance Corporation, Florida's state-backed insurer. These assumed policies total roughly $196 million of in-force premium. The assumption is effective from November 21st, 2023, and is based upon an approval ... Read the full article
HCI Group posts Q3’23 net income vs year-ago net loss
8th November 2023
Florida-based insurtech HCI Group has reported a net income of $15.7 million in the third quarter of 2023, compared to a net loss net loss of $51.5 million in the second quarter of 2022. Adjusted net income was $16.5 million for the quarter, compared to an adjusted net loss of $51.2 ... Read the full article
HCI’s TypTap approved to assume up to 25,000 policies from Florida Citizens
6th October 2023
TypTap Insurance Company, the homeowner's insurance subsidiary of HCI Group, Inc., has received approval from the Florida Office of Insurance Regulation to assume up to 25,000 policies from Citizens Property Insurance Corporation, the Florida state-backed insurer. The assumption falls under Florida’s legislatively mandated depopulation program designed to encourage private companies to ... Read the full article
HCI Group says Idalia not expected to result in reinsurance recoveries
11th September 2023
HCI Group, Inc. expects claims and resulting pre-tax gross losses from the impacts of Hurricane Idalia to be within the reinsurance retention limits for both Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company. Hurricane Idalia made landfall in Keaton Beach, Florida as a Category 3 storm on August ... Read the full article
HCI Group posts Q2’23 net income vs year-ago loss
9th August 2023
Florida-based insurtech HCI Group has reported a net income of $14.9 million in the second quarter of 2023, compared to a net loss of $8.5 million in the second quarter of 2022. Adjusted net income was $14.2 million for the quarter, compared to an adjusted net loss of $5.4 million in ... Read the full article
Getting your daily reinsurance news from Reinsurance News is a simple way to receive only the reinsurance industry news that matters, delivered directly to your email inbox.
