Condo Owners Reciprocal Exchange, an HCI Group Sponsored Insurer, Secures ‘A’, Exceptional Rating From Demotech
TAMPA, Fla., Jan. 02, 2024 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that Condo Owners Reciprocal Exchange, an HCI-sponsored reciprocal insurer with plans to write commercial residential policies, secured a Financial Stability Rating of ‘A’, Exceptional, from Demotech.
“HCI has had a positive long-term relationship with Demotech that extends back over 15-years when Demotech initially provided a rating to HCI insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, before it launched operations in Florida in 2007. We appreciate the continued support we’ve received from Demotech each time we’ve formed a new carrier, including the latest formation of CORE. Each of the three carriers we’ve formed are currently rated ‘A’, Exceptional by Demotech,” said Paresh Patel, HCI’s chairman and chief executive officer.
A “reciprocal insurer” is an unincorporated aggregation of at least 25 policyholders operating through an attorney in fact to provide insurance among themselves. A reciprocal insurer is essentially owned by its policyholders, but its operations such as underwriting, claims and management services are provided by an attorney-in-fact for a predetermined management fee.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. 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.
Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gateway-grp.com
