TAMPA, Fla., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Florida InsurTech insurance provider, TypTap Insurance Company, plans to expand nationwide. The company, which provides homeowners and flood insurance, has asked Florida insurance regulators for approval of its expansion plans. With that approval, TypTap can then seek approvals from regulators in other states and expand its operations across the nation.
TypTap’s Florida operations have grown rapidly. 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.
“TypTap and its technologies have proven successful in Florida, one of the most challenging markets in the U.S.,” said TypTap President Kevin Mitchell. “We intend to duplicate that success nationwide. Our expansion plans will increase our total addressable market from approximately $11 billion within Florida to over $105 billion,” he said. According to Mitchell, TypTap’s goal is to generate more than $5 billion in revenue with a 10% operating margin by 2030.
Funded by HCI Group, Inc. (NYSE:HCI), TypTap was founded in 2016 with the mission of utilizing 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, designed to identify policies that deliver profitable results while mitigating risk. Consequently, TypTap has had rapid organic growth, industry-leading performance ratios, and consistent profitability.
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, 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