HCI Group’s Tailrow Insurance Exchange Expands Operations with Policy Acquisition
HCI Group, Inc. (NYSE: HCI), a company involved in homeowners insurance and other areas, is proud to announce that Tailrow Insurance Exchange, a reciprocal insurer backed by HCI, has taken over almost 14,000 policies from Citizens Property Insurance Corporation, Florida’s state-supported insurer. This transfer represents about $35 million in current premiums.
Paresh Patel, HCI’s chairman and chief executive officer, expressed excitement about the successful completion of this acquisition. He noted that the company’s tech and leadership helped them find good policies at Citizens and ensure a high acceptance rate from policyholders.
Tailrow Insurance Exchange was approved for the acquisition of up to 20,000 policies. Approximately 18,000 offers were extended, and the result was the assumption of nearly 14,000 policies, indicating a 76% acceptance rate. Policy assumption began on February 18, 2025.
A reciprocal insurer is a group of at least 25 policyholders working through a representative to provide insurance among themselves. Effectively, the policyholders own the reciprocal insurer. An attorney in fact handles operations like underwriting, claims, and management for a set fee.
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About HCI Group, Inc.: HCI Group, Inc. owns different businesses that complement each other, including homeowners insurance, IT services, insurance management, property, and reinsurance. TypTap Insurance Company, a technology-focused homeowners insurance company, is HCI’s top insurance operation. The operations of TypTap depend heavily on insurance IT developed by Exzeo USA, Inc., HCI’s software subsidiary. Homeowners Choice Property & Casualty Insurance Company, Inc., HCI’s largest subsidiary, provides homeowners insurance mainly in Florida. Greenleaf Capital, LLC, HCI’s real estate subsidiary, manages properties in Florida, like office buildings, shopping areas, and marinas.
HCI shares are traded on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. For financial and other information, visit the Investor Information section of the company’s website. For additional information about HCI Group and its subsidiaries, explore www.hcigroup.com.
Contact: Bill Broomall, CFA Investor Relations HCI Group, Inc. Tel (813) 776-1012 [email protected]
Investor Relations Contact: Matt Glover Gateway Group, Inc. Tel 949-574-3860 [email protected]
