TAMPA, Fla., April 12, 2018 (GLOBE NEWSWIRE) -- HCI Group, Inc. (HCI) announced today that TypTap Insurance Company, HCI’s technology focused insurance subsidiary, has surpassed $10 million in gross written premiums.
TypTap, which provides residential flood insurance in Florida, features HCI’s internally developed, online quoting and binding platform. Accessible from any internet capable device, the platform provides a quote in seconds, and a bound policy in minutes. It uses a process the company calls “positive underwriting” to streamline the underwriting and sales process. Positive underwriting also enables the company to target its marketing efforts.
“In a short period of time TypTap has established itself as a leading alternative to the Federal government’s National Flood Insurance Program,” said Paresh Patel, HCI’s chairman and chief executive officer. “TypTap’s growing success demonstrates the efficacy and power of our InsurTech platform which we expect will be an important driver of future growth. We are working now to expand the platform beyond flood insurance to include homeowners insurance and other insurance products,” he said.
HCI has previously announced its intention to expand into additional states, including Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas.
HCI’s InsurTech is developed internally by its Exzeo technology division.
For more information on TypTap, please visit www.typtap.com.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners’ insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 Index and the 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.
Kevin Mitchell, Vice President of Investor Relations
HCI Group, Inc.
Tel (813) 405-3603
Investor Relations Contact:
Matt Glover or Najim Mostamand, CFA
Liolios Group, Inc.
Tel (949) 574-3860