HCI Group
-
Estimates were revised from $845mn to $740mn.
-
HCI is offering one million common stock shares priced at $78 per share.
-
The Floridian was approved for 75,000 policies, made 72,958 offers and assumed 53,750 policies – a 74% acceptance rate.
-
Awaiting FLOIR approval, the move will mark the Floridian’s entry into the commercial residential insurance space, CEO Paresh Patel told analysts Tuesday.
-
The insurance company had set out plans last summer to expand its market share in Florida.
-
The group is looking to grow in Florida and has applied for a November take-out of 75,000 policies from Florida Citizens.
-
The carrier is obligated to use the RAP program and upped its ceded premiums.
-
HCI is modelling a decrease in claim frequency of about 15%-20% and in litigation frequency of about 3% owing to Florida legal reforms.
-
The company is confident it has sufficient additional reinsurance capacity should claims begin to develop outside of initial expectations.
-
The Florida carrier suggested that Ian will not exhaust the state’s reinsurance Cat Fund.
-
The company sees and opportunity to grow market share in the state.
-
The ceded premium ratio declined by 2.1 points to 31%.
Most Recent
-
ILS managers can differentiate on ESG factors: panel
26 April 2024 -
Cyber ILS market 'yet to be tested’: panel
26 April 2024