TAMPA, Fla., Oct. 05, 2020 (GLOBE NEWSWIRE) — TypTap Insurance Company, a rapidly growing, technology-driven insurance company and a subsidiary of HCI Group, Inc. (NYSE: HCI), has launched Phase One of its planned nationwide expansion, which the company first announced in early August.
According to the company, Phase One involves applying to state insurance regulators to write homeowners insurance in 20 states outside of Florida: Arkansas, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Maine, Massachusetts, Michigan, Mississippi, Montana, Nevada, New Mexico, South Carolina, South Dakota, Tennessee, Utah, West Virginia and Wisconsin.
“We’re working with regulators in those states,” said TypTap President Kevin Mitchell, “and expect to gain significant approvals by early next year. We look forward to introducing agents and prospective policyholders to TypTap and our quick, easy-to-use technologies.”
About TypTap Insurance Company
Funded by HCI Group, Inc. (NYSE:HCI), TypTap’s mission is to utilize technology, data and data analytics to simplify the insurance experience. TypTap uses its innovative, proprietary, online platform to quote and bind policies quickly and efficiently. It also has powerful algorithms, enabled by artificial intelligence and designed to identify policies that deliver profitable results while mitigating risk. TypTap has experienced rapid organic growth, industry-leading performance ratios, and consistent profitability. Since the beginning of 2019, TypTap’s premiums in-force for homeowners insurance, its flagship product, increased 2,202%. Total premiums in-force for the company recently surpassed $75 million at the end of Q2 2020. Management currently expects TypTap’s total premiums in-force will reach $100 million before year end.
About HCI Group, Inc.
HCI Group, Inc. is an InsurTech company with operations in insurance, software development and real estate. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company founded in 2016, which provides homeowners’ insurance and flood insurance primarily in Florida. 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.
This 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. There can be no assurance, for example, that state regulation and competition will not inhibit the company’s ability to grow and to operate profitably in various jurisdictions. Regulators may not approve rates and forms submitted by the company. 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.
TypTap Company Contact:
Kevin Mitchell, President
TypTap Insurance Company
Tel (813) 405-3603
TypTap Media Contact:
Tel (727) 466-7695
HCI Company Contact:
Rachel Swansiger, Esq.
HCI Group, Inc.
Tel (813) 405-3206
HCI Investor Relations Contact:
Gateway Investor Relations
Tel (949) 574-3860