HCI Group, Inc.: management transactions · United States · SEC (Form 4)

About HCI Group, Inc.

HCI Group, Inc. is a U.S.-listed insurance holding company traded on the NYSE under the ticker HCI. The company was incorporated in Florida in 2006 and has built its franchise around property and casualty insurance, with a strong concentration in homeowners coverage and a primary market in Florida, while also serving selected states in the Northeast and Southeast of the United States. For international investors, HCI is best viewed as a specialized, catastrophe-exposed insurer that combines underwriting, insurance services, technology, and real estate assets within one corporate platform. At its core, HCI underwrites and services homeowners property and casualty insurance products. Its operating subsidiaries include Homeowners Choice Property & Casualty Insurance Company and TypTap Insurance Company, which serve residential policyholders and address risks such as wind, fire, and, in certain cases, flood-related exposure through tailored offerings. The group also provides attorney-in-fact services to reciprocal insurance exchanges, including Condo Owners Reciprocal Exchange (CORE) and Tailrow Insurance Exchange, which are policyholder-owned structures consolidated by HCI as the primary beneficiary. In parallel, the company maintains a commercial real estate arm focused on developing and operating properties for investment or internal use. A key differentiator is Exzeo Group, HCI’s majority-owned technology subsidiary. Exzeo provides turn-key insurance technology and operations solutions through proprietary software and data analytics designed specifically for the property and casualty insurance ecosystem. In practical terms, this allows HCI to improve risk selection, streamline claims handling, and support operational efficiency across its own insurance businesses and, potentially, third-party carriers. Exzeo’s growth also underscores HCI’s ambition to be more than a pure-play insurer. In November 2025, Exzeo completed an IPO on the NYSE under the symbol XZO, while HCI retained majority ownership. From a competitive standpoint, HCI occupies a niche but important position in the Florida homeowners market, where underwriting discipline, reinsurance access, and catastrophe management are decisive. The company benefits from a technology-enabled model and a vertically integrated insurance structure, but its earnings profile remains highly sensitive to hurricane activity, regulatory conditions, and the pricing of catastrophe reinsurance. HCI purchases reinsurance annually, with coverage structures designed around its exposure, probable maximum loss estimates, retention levels, and the Florida Hurricane Catastrophe Fund. That makes the company operationally sophisticated, but also inherently volatile. Recent developments have been notable. CORE began operations in February 2024, Tailrow Insurance Exchange launched in February 2025, and HCI completed its 2025–2026 catastrophe reinsurance program in mid-2025. The company’s 2025 results, reported in early 2026, reflected higher policy volumes and sizable reinsurance-related adjustments tied to hurricanes Milton, Helene, and Ian. Overall, HCI Group is a Florida-centric, technology-enabled property insurer listed on the NYSE in the United States, combining specialty underwriting, software-driven insurance operations, reciprocal exchange services, and real estate exposure in a single investment case.