HCI Group Insurtech subsidiary surpasses $50 million in premiums

Insurtech company HCI Group’s premiums in force at its technology-driven insurance subsidiary, TypTap Insurance Company, have surpassed $50 million.

During HCI Group’s second quarter 2019 earnings call in August, chairman and chief executive Paresh Patel projected that TypTap would have over $50 million of premiums in force by year end. Patel updated that guidance on the company’s third quarter 2019 earnings call on November 5, projecting TypTap’s premiums in force would exceed $50 million by Thanksgiving.

“Gross written premiums at TypTap have grown more than fourfold since the third quarter of 2018,” commented Patel. “This rapid growth is organic and, most important, profitable. We’re not sacrificing margins for the sake of growth.”

TypTap Insurance Company 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.

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