HCI Group
-
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.
-
Sources said that the carrier’s listing is expected to raise around ~$100mn.
-
Floir has greenlit at least 14 new companies for operation in Florida in the last few years, contributing to the competition.
-
Despite being hailed as an asset, executives said the current situation is not ideal for either valuation or competitive purposes.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
HCI secured three towers with $3.5bn in XoL coverage.
-
With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
HCI will now consist of two operating units – the other being its four underwriting entities.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The policies represent approximately $35mn of in-force premium.
-
Executives have said that the carrier’s conservative reinsurance program made losses sustainable.
-
The CEO said his company is in good shape despite the landfall of three storms this year.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The policies assumed represent $200mn of in-force premium.
-
HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
-
Shares gained after Hurricane Milton did less damage than anticipated.
-
Milton threatens to make landfall in Florida shortly after Helene.
-
Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The Floridian secured $2.7bn in aggregate limit across two towers.
-
The loss ratio in the business that HCI assumed was also better than anticipated.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
-
Estimates were revised from $845mn to $740mn.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
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.
-
The assumption brings TypTap’s total in-force premium to $1bn.
-
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.
-
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.
-
The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Awaiting Floir approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
-
HCI subsidiary TypTap Insurance Company has received approval from Floir to assume up to 25,000 policies from Florida’s state-owned insurance company.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
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.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Forecasts for “near-normal” activity may mean the chance at a reprieve for the Florida market, but a history of underestimates warrants caution.
-
The carrier is obligated to use the RAP program and upped its ceded premiums.
-
The stock price went as high as $60.60 per share at midday Wednesday, compared to yesterday’s close at $50.48 per share.
-
HCI was modelling a decrease in claim frequency of about 15% to 20% and in litigation frequency of about 3%.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
HCI will own all its stock, launching it with 2.5 million shares valued at $1 per share.
-
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.
-
The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
-
The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
-
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.
-
Hurricane Ian’s total effect is still unknown, but lessons from Hurricane Irma give insight into potential outcomes.
-
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.
-
With the most active hurricane month just a week away, the moment of truth has finally come for the already strained Floridians.
-
The company sees and opportunity to grow market share in the state.
-
The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
-
The US P&C carrier is putting more premium through its captive.
-
Excessive litigation costs and continued losses threaten the Sunshine state’s market.
-
Forecasters have again predicted an active season for storm activity, with the Florida market particularly vulnerable to high cat activity.
-
The chunky deal comes as many reinsurers are heavily cutting their Florida cat books.
-
Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.
-
The Florida carrier has yet to finalise its programs as it awaits potential reforms.
-
The company’s convertible notes now have $24mn outstanding.
-
Investors are taking a second look at private valuations, as they realize that an IPO or a SPAC exit is no longer an attractive option in the short term.
-
The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
-
Stock prices fluctuated, and InsurTech short-sellers took some profits.
-
InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.
-
The Inside P&C research team looks forward to the big issues of the new year.
-
Lemonade, Root, and Metromile remain the focus of short sellers, as most firms see little short interest change.
-
The deal follows a similar transaction on northeast business in January.
-
Lemonade and Root remain the focal points of short sellers, while Metromile’s stock loan fee rate increases (pending acquisition).
-
Short interest fell in InsurTechs, but not enough to ease the pressure on the sector.
-
Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
-
Monday’s disclosure showed the company had $78.8mn of gross premiums earned in 2020, and $119.4mn earned in the nine months ended 30 September 2021.
-
Root and Lemonade remain the highest-shorted stocks covered, as short interest in most firms remains flat in anticipation of earnings.
-
The private equity-backed retail brokers have lessons to teach the sector’s tech start-ups.
-
Inside P&C's Research team looks at the prospects of Florida's wave of new arrivals.
-
Without any major catalysts, the short interest for the industry was muted, with movement centering around InsurTechs once again.
-
Pressure on Root cools following stock price dips, but persistent short interest in InsurTechs suggests that prices haven’t bottomed out yet.
-
The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
-
Pressure on the InsurTechs – specifically Root and Lemonade – is intensifying.
-
InsurTech short interest dwarfs legacy insurers as they come under pressure to produce profits.
-
The insurer had a record quarter for earned premiums, linking the boost to the growth of TypTap, which recorded $39mn in earned premiums.
-
The move follows a $100mn capital raise in February from private equity house Centerbridge Partners that valued the InsurTech at $850mn.
-
Its reinsurance premiums ceded are expected to reach $207mn, up from $175mn a year earlier.
-
Changes in short interest were muted despite large stock moves, including big rises at HCI and Lemonade.
-
Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
-
Management should examine the relationship between company strategy, broader market cycles and short interest.
-
The Floridian reported a higher loss ratio after making recent portfolio acquisitions but benefited from premium growth.
-
Senator Jeff Brandes and local insurance law experts tell this publication that the state’s insurance market will be hugely vulnerable without reform.
-
Short interest as a percent of float is a great indicator of current market sentiment.
-
-
After launching as a flood underwriter, now more than 85% of TypTap’s book is homeowners’ business.
-
HCI reported diluted earnings per share of $1.60 in Q3, compared to $1.02 a year earlier.
-
The tally surpassed its $16mn retention, but this was the first hurricane of 2020 for which it pre-announced a loss.
-
The company increased non-cat reserves by $26mn in the second quarter.
