HCI Group Provides Update on the Impact of Hurricane Idalia
06 Septiembre 2023 - 3:15PM
HCI Group, Inc. (NYSE: HCI), a
holding company with operations in homeowners insurance,
information technology services, real estate, and reinsurance, has
received claims from Hurricane Idalia which made landfall in Keaton
Beach, Florida as a Category 3 hurricane on August 30, 2023.
The company expects the pre-tax gross loss from
Hurricane Idalia to be within the reinsurance retention limits for
each of Homeowners Choice Property & Casualty Insurance Company
and TypTap Insurance Company. This storm is not expected to require
the company to utilize any of the capacity in either of its
reinsurance towers.
“Our thoughts go out to all who have been affected
by this hurricane. Our focus at this time is on our policyholders
and ensuring their claims are handled quickly and efficiently,”
said Paresh Patel, HCI’s chairman and chief executive officer.
About HCI Group, Inc.HCI Group,
Inc. owns subsidiaries engaged in diverse, yet complementary
business activities, including homeowners insurance, information
technology services, insurance management, real estate, and
reinsurance. HCI’s leading insurance operation, TypTap Insurance
Company, is a technology-driven homeowners insurance company.
TypTap’s operations are powered in large part by insurance-related
information technology developed by HCI’s software subsidiary,
Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice
Property & Casualty Insurance Company, Inc., provides
homeowners insurance primarily in Florida. HCI’s real estate
subsidiary, Greenleaf Capital, LLC, owns and operates multiple
properties in Florida, including office buildings, retail centers
and marinas.
The company's common shares trade on the New York
Stock Exchange under the ticker symbol "HCI" and are included in
the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc.
regularly publishes financial and other information in the Investor
Information section of the company’s website. For more information
about HCI Group and its subsidiaries, visit www.hcigroup.com.
Forward-Looking StatementsThis
news release may contain forward-looking statements made pursuant
to the Private Securities Litigation Reform Act of 1995. Words such
as "anticipate," "estimate," "expect," "intend," "plan,"
"confident," "prospects" and "project" and other similar words and
expressions are intended to signify forward-looking statements.
Forward-looking statements are not guarantees of future results and
conditions, but rather are subject to various risks and
uncertainties. For example, the estimation of losses and loss
adjustment expenses is an inherently imprecise process involving
many assumptions and considerable management judgment. Some of
these risks and uncertainties are identified in the company's
filings with the Securities and Exchange Commission. Should any
risks or uncertainties develop into actual events, these
developments could have material adverse effects on the company's
business, financial condition and results of operations. HCI Group,
Inc. disclaims all obligations to update any forward-looking
statements.
Company Contact:Bill Broomall, CFA
Investor RelationsHCI Group, Inc.Tel (813)
776-1012wbroomall@typtap.com
Investor Relations Contact:Matt
GloverGateway Group, Inc. Tel 949-574-3860HCI@gatewayir.com
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