TAMPA, Fla., February 24, 2025 – HCI Group, Inc. (NYSE: HCI), a holding company involved in homeowners insurance, information technology services, real estate, and reinsurance, announced today a significant milestone for its new reciprocal insurer, Tailrow Insurance Exchange. Tailrow, designed to offer personal residential policies, has successfully assumed just under 14,000 policies from Citizens Property Insurance Corporation, Florida’s state-backed insurance provider. These policies represent approximately $35 million of in-force premium.
“We are excited to complete this assumption and officially commence operations at Tailrow,” said Paresh Patel, HCI’s chairman and chief executive officer. “The technology we’ve built and our management expertise enabled us to identify attractive policies at Citizens for assumption and achieve a high adoption rate by policyholders.”
Tailrow was approved for 20,000 policies, made approximately 18,000 offers and ultimately assumed just under 14,000 policies, resulting in a 76% acceptance rate. The policy assumption became effective on February 18, 2025.
A reciprocal insurer is a unique structure where at least 25 policyholders band together, operating through an ‘attorney in fact’ to offer insurance among themselves. Essentially owned by its policyholders, a reciprocal insurer outsources operations like underwriting and claims management to an attorney in fact, who receives a predetermined fee.
About HCI Group, Inc.
HCI Group, Inc. owns several subsidiaries engaged in a variety of business activities that complement each other. These include homeowners insurance, information technology services, insurance management, real estate, and reinsurance. TypTap Insurance Company, HCI’s leading insurance operation, is a technology-driven homeowners insurance company. TypTap’s operations are largely powered by insurance-related information technology developed by Exzeo USA, Inc., HCI’s software subsidiary. Homeowners Choice Property & Casualty Insurance Company, Inc., HCI’s largest subsidiary, primarily provides homeowners insurance in Florida. Furthermore, 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: www.hcigroup.com.
For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.
Company 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]
