HCI Group
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HCI is offering one million common stock shares priced at $78 per share. -
CORE plans to commence operations in February 2024 by assuming policies representing approximately $75mn of in-force premium from state-backed insurer Citizens.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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The Inside P&C news team runs you through the earnings results for the day.
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Awaiting Floir approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
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HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The company had assumed 200,000 policies by the end of Q2 and will now “resume growth to a higher number in the future”, Patel told analysts.
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The Inside P&C news team runs you through the earnings results for the day.
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Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
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The carrier is obligated to use the RAP program and upped its ceded premiums.
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The stock price went as high as $60.60 per share at midday Wednesday, compared to yesterday’s close at $50.48 per share.
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