HCI Group
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The Florida carrier reported a 103.5% combined ratio in Q3. -
The policies assumed represent $200mn of in-force premium.
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HCI is estimated to incur a net expense of $125mn for Milton in Q4 2024.
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Subsidiaries Core and Typtap have applied to participate in the November Citizens policies assumption.
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The Floridian secured $2.7bn in aggregate limit across two towers.
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Estimates were revised from $845mn to $740mn.
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HCI is offering one million common stock shares priced at $78 per share.
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The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
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Awaiting FLOIR approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
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The insurance company had set out plans last summer to expand its market share in Florida.
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The group is looking to grow in Florida and has applied for a November take-out of 75,000 policies from Florida Citizens.
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The carrier is obligated to use the RAP program and upped its ceded premiums.
