Condo Owners Reciprocal Exchange, an HCI Group Sponsored Insurer, Secures ‘A’, Exceptional Rating From Demotech
02 Enero 2024 - 3:15PM
HCI Group, Inc. (NYSE: HCI), a
holding company with operations in homeowners insurance,
information technology services, real estate, and reinsurance,
announced today that Condo Owners Reciprocal Exchange, an
HCI-sponsored reciprocal insurer with plans to write commercial
residential policies, secured a Financial Stability Rating of ‘A’,
Exceptional, from Demotech.
“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, Homeowners Choice Property
& Casualty Insurance Company, before it launched operations in
Florida in 2007. We appreciate the continued support we’ve received
from Demotech each time we’ve formed a new carrier, including the
latest formation of CORE. Each of the three carriers we’ve formed
are currently rated ‘A’, Exceptional by Demotech,” said Paresh
Patel, HCI’s chairman and chief executive officer.
A “reciprocal insurer” is an unincorporated aggregation of at
least 25 policyholders operating through an attorney in fact to
provide insurance among themselves. A reciprocal insurer is
essentially owned by its policyholders, but its operations such as
underwriting, claims and management services are provided by an
attorney-in-fact for a predetermined management fee.
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.
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@gateway-grp.com
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