Florida insurtech and subsidiary of HCI Group, TypTap Insurance Company, has received regulatory approval to write homeowners insurance in New Mexico.
The company, which provides homeowners and flood insurance, has planned a nationwide expansion which was announced last year.
Since the beginning of 2019, TypTap’s premiums in-force for home-owners insurance, its flagship product, increased 2,202%.
Total premiums in-force for the company recently surpassed $75 million.
TypTap’s goal is to generate more than $5 billion in revenue with a 10% operating margin by 2030.
TypTap President Kevin Mitchell commented: “TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the U.S.”
“We intend to duplicate that success nationwide. Our expansion plans will increase our total addressable market from approximately $11 billion within Florida to over $105 billion.”
