TAMPA, Fla., June 22, 2017 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE:HCI) HCI announced today that it has begun the regulatory process to expand its flood insurance operations into nine additional states: Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, and Texas. Currently, the company offers flood insurance solely in Florida.
“A core part of our long-term strategic plan has been—and continues to be—expanding and diversifying our operations geographically. We believe expansion into additional markets will leverage our proven business mode, as well as our internally developed technology,” said Paresh Patel, HCI Group’s chairman and chief executive officer. “Our online platform for quoting and binding flood insurance policies—accessible from any internet capable device, including a mobile phone—provides a quote in seconds, a policy in minutes. We are changing the way people buy insurance.”
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners’ insurance, reinsurance, real estate, and information technology services. The company’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
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.
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “confident,” “prospects” and “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. There can be no assurance, for example, that the expansion of our flood insurance operations into new states will result in revenue growth or be profitable or that regulatory approvals will be obtained. Some of these risks and uncertainties are identified in the company’s filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company’s business, financial condition, and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
CONTACT: Company Contact: Kevin Mitchell, Vice President of Investor Relations HCI Group, Inc. Tel (813) 405-3603 [email protected] Investor Relations Contact: Matt Glover or Najim Mostamand Liolios Group, Inc. Tel (949) 574-3860 [email protected]