4 March 2016 Insurance

HCI Group results boosted by Citizens growth

Re/insurer HCI Group posted a profit of $65.9 million in 2015, up from $62.7 million in 2014.

The group’s gross premiums earned in 2015 also increased by 15.8 percent to $423.1 million from $365.5 million in 2014. This increase was primarily due to premiums assumed from its subsidiary, Citizens Property Insurance, in December 2014.

Investment income during 2015 did decrease to $3.4 million however, compared with $9.6 million in 2014 which included $4.7 million of net realised gains from investment sales. The decline was primarily due to net losses related to the company’s limited partnership investments.

Additionally, the company recognised net non-cash charges of $4.7 million during 2015 and $0.1 million during 2014 due to declines in the fair value of securities determined to be other than temporary.

The company’s combined ratio fared well at 63.6 percent last year, compared with 65.5 percent for 2014.

Paresh Patel, chairman and chief executive officer, HCI Group, said: “2015 was a solid year for HCI with record earnings per share and our eighth consecutive year of profitability.

“We are particularly pleased with these results as the environment in which we and other insurance companies operate has become more challenging.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk