HCI Group
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The Florida carrier said ceded premiums will rise slightly to $106mn in Q3. -
HCI secured three towers with $3.5bn in XoL coverage.
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With plenty of reinsurance capacity, CEO Patel said it’s been a “boring year” for treaty negotiations.
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HCI will now consist of two operating units – the other being its four underwriting entities.
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The Florida carrier reported a 103.5% combined ratio in Q3.
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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.
