HCI Group

UPC to transfer $130mn-premium Northeast personal lines business to HCI

United Insurance Holdings Corp (UPC) has announced a deal for its primary insurance subsidiary to transfer all its personal lines insurance business in Connecticut, New Jersey, Massachusetts and Rhode Island to fellow Florida-based carrier HCI Group in a move that will improve its capital position in a year of challenging weather losses.

TypTap expansion progresses after regulators green light move into six states

HCI Group’s technology-driven homeowners insurer TypTap has been given the sign off by regulators to start writing business in Indiana, Mississippi, Montana, South Carolina, South Dakota and Utah.

TypTap doubles revenues to $100mn ahead of national rollout

HCI Group’s tech-driven homeowners carrier TypTap has doubled its annual recurring revenue from $50mn a year ago to pass $100mn.

HCI shares up 10% in Friday trading as CEO outlines TypTap growth goals

HCI’s share price was trading up more than 10 percent in lunchtime trading on Friday as investors responded positively to the company’s third quarter results and bullish comments from CEO Paresh Patel on the growth prospects of technology-driven subsidiary TypTap Insurance Company.

HCI’s Homeowners Choice and TypTap units drive 20% GPW rise in Q3

HCI saw its third quarter 2020 gross premiums written (GPW) increase by 19.6 percent year on year to $116.5mn as both its Homeowners Choice and TypTap subsidiaries expanded during the period, while the business also benefited from a one-off $37mn payment due to the sale of its headquarters.

HCI estimates $18mn cat loss for Q3

Florida-based carrier HCI Group has issued a preliminary estimate for third quarter catastrophe losses of $17.7mn, all of which were sustained in its Homeowners Choice subsidiary.

HCI share price soars 27% after revealing ambitious growth plans

Investors have sent HCI’s share price soaring after the carrier reported strong growth in second quarter premiums and hyped the potential of its insurtech subsidiary TypTap.

HCI gross premiums grow 29% in Q2

HCI Group has reported its gross written premiums increased to $172mn in the second quarter from $133mn in the prior period, while its percentage of premiums earned that was ceded dropped.

HCI’s TypTap targets $5bn revenues by 2030 with nationwide expansion

HCI’s Florida-focused homeowners and flood insurtech TypTap Insurance has announced plans to expand nationwide, with a goal to generate $5bn in revenue by 2030.

HCI reveals Berkshire Hathaway among reinsurers on upsized cat cover

Florida carrier HCI Group has revealed its 2020/2021 reinsurance programme placed at 1 June provides 30 percent more coverage for all occurrences than its previous programme.

HCI reports 11.5 points improvement in CR to 88.8%

Florida homeowners carrier HCI Group reported a significant improvement in its first quarter underwriting performance with a combined ratio that was 11.5 points lower at 88.8 percent.

HCI’s differentiated platform and hurricane record find favour with analysts and reinsurers

Florida’s HCI Group, which is now pitching itself as an insurtech company with insurance operations, reported a solid fourth quarter as it returned to the black with an adjusted net profit of $5.9mn (Q4 2018: -$4.2mn).

Homeowners Choice agrees replacement deal for Anchor policyholders

Homeowners Choice Property & Casualty Insurance Company’s bid to acquire all of the insurance policies of its smaller Florida rival Anchor Property & Casualty Insurance Company has progressed with the latter set to cancel all of its policies on 1 April, 2020.

Florida’s HCI Group agrees to buy $69mn Anchor P&C book

Homeowners Choice Property & Casualty Insurance Company is set to buy all the insurance policies of its smaller Florida rival Anchor Property & Casualty Insurance Company in what is expected to be the first of a flurry of portfolio and M&A deals in the Sunshine State.

HCI’s insurtech transition accelerates with Q2 TypTap growth

HCI Group made progress with its goal of transforming its core insurance business to an insurtech insurance in the second quarter, with TypTap’s gross premiums more than doubling over the first quarter.

HCI places reinsurance programme with $1.48bn total limit

Florida insurer HCI Group has revealed that its 2019-2020 reinsurance programme provides coverage up to $901mn for catastrophic losses in a single event, excluding flood losses, with total limit for all occurrence of $1.48bn.

HCI shares trade down 6% on earnings miss

Shares in Florida homeowners insurer HCI Group were trading down almost 6 percent today (3 May) after it reported an earnings miss that included a combined ratio of 100.3 percent that was significantly higher than the 80.2 percent in the same period last year.

Hail losses add attritional cat pressure for Floridians

Analysts have been lowering earnings forecasts for Florida’s publicly traded carriers to reflect the impact of hailstorm losses in Brevard County late last month.

FedNat’s share price climbs on HCI’s merger offer

Florida insurer Federated National (FedNat) has seen its share price rise sharply today in early trading on NASDAQ following revelations yesterday evening that it had rebuffed a merger overture from rival HCI Group.

FedNat rebuffed HCI merger overtures: Patel

Federated National (FedNat) declined to engage with M&A interest from its Floridian peer HCI which was prompted by the latter’s belief that its proprietary tech could improve the company’s returns, HCI chief exec Paresh Patel has revealed.

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