HCI Group
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The tech subsidiary applied to list its common stock on the New York Stock Exchange under the ticker symbol “XZO”. -
Sources said they expect the carrier’s listing to raise about $100mn.
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Sources said that the carrier’s listing is expected to raise around ~$100mn.
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Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
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Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.
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The Insurance Insider US news team runs you through the earnings results for the day.
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HCI secured three towers with $3.5bn in XoL coverage.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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The Insurance Insider US news team runs you through the earnings results for the day.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The policies represent approximately $35mn of in-force premium.
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Executives have said that the carrier’s conservative reinsurance program made losses sustainable.
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The CEO said his company is in good shape despite the landfall of three storms this year.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The policies assumed represent $200mn of in-force premium.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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Shares gained after Hurricane Milton did less damage than anticipated.
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Milton threatens to make landfall in Florida shortly after Helene.
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Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Floridian secured $2.7bn in aggregate limit across two towers.
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The loss ratio in the business that HCI assumed was also better than anticipated.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Estimates were revised from $845mn to $740mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The company announced it is undertaking several strategic steps designed to increase operational and capital flexibility and to better position it for future growth opportunities.
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The assumption brings TypTap’s total in-force premium to $1bn.
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HCI sold a total of 1.15 million shares of its common stock at a public offering price of $78 per share, before underwriting discounts and commissions.
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HCI is offering one million common stock shares priced at $78 per share.
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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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HCI was modelling a decrease in claim frequency of about 15% to 20% and in litigation frequency of about 3%.
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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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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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HCI will own all its stock, launching it with 2.5 million shares valued at $1 per share.
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The carrier reported a Q4 consolidated loss ratio of 39.4%, down one point on the year as claims frequency declined while severity stabilized towards the end of the year.
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The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
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The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
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As the loss numbers for Hurricane Ian begin to come into focus, three topics to watch are impact from demand surge, litigation trends, and rate activity.
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Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
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If current forecasts prove accurate, this will be a pivotal moment for the already off-balance Florida cohort and could result in a new market landscape.
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With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
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The company sees and opportunity to grow market share in the state.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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The US P&C carrier is putting more premium through its captive.
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Excessive litigation costs and continued losses threaten the Sunshine state’s market.
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Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
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The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
