Consolidated In-Force Premium Hits $1 Billion as HCI Group Insurance Subsidiary Accepts $30 Million in In-Force Premium from Citizens
consolidated marksheet: Accepts Premium Hits $1 Billion.
December 19, 2023, TAMPA, Florida (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company that operates in the real estate, homeowners insurance, reinsurance, and information technology services sectors, announced today that Typ Tap Insurance
Company, its majority owned subsidiary, has successfully taken over approximately $30 million in in-force premium from Florida’s state-backed insurance provider, Citizens Property Insurance Corporation.
“TypTap has effectively fulfilled the first of its two citizen assumptions. By taking over Citizens’ policies, HCI accomplished a noteworthy accomplishment of writing more than $1 billion in in-force premium.
Given that the company began 2023 with less than $740 million in in-force premium, this is a huge accomplishment, Paresh said.
Chief Executive Officer and Chairman Patel of HCI.
There are roughly 6,800 policies that Typ Tap has taken on. The assumption is based on a Florida Office of Insurance Regulation approval from October 2023 and goes into effect on December 19, 2023.
In January 2024, Typ Tap anticipates finishing up a second assumption of policies from Citizens Property Insurance Corporation.
Concerning HCI Group, Inc.
The subsidiaries of HCI Group, Inc. are involved in a variety of complementary yet diverse business activities, such as reinsurance, real estate, homeowners insurance, information technology services, and insurance management.
Typ Tap Insurance Company, the top insurance division of HCI, is a technologically advanced homeowners insurance provider. Exzeo USA, Inc., a software subsidiary of HCI, developed insurance-related information technology, powers Typ Tap’s operations in major part.
Homeowners Choice Property & Casualty Insurance Company, the biggest subsidiary of HCI,
Inc. mainly offers homeowners insurance in Florida. Greenleaf Capital, LLC, the real estate division of HCI, is the owner and operator of numerous properties in Florida, including marinas, retail establishments, and office buildings.
The company’s common shares are part of the Russell 2000 and S&P Small Cap 600 Indexes and are traded on the New York Stock Exchange under the ticker symbol “HCI”. Financial and other data is routinely released by HCI Group, Inc. in the
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