Here are a few analogies to describe HCI Group, Inc. (HCI):

• A smaller, Florida-focused Berkshire Hathaway.
• Progressive meets a commercial real estate developer.

• Property & Casualty Insurance: Underwrites and sells homeowners and other property and casualty insurance policies, primarily in Florida.
• Real Estate Services: Owns, develops, and manages a portfolio of commercial and residential real estate properties.
• Software Development: Develops and licenses technology solutions, predominantly for the insurance industry, through its subsidiary Exzeo.
• Venture Capital Investments: Engages in strategic investments in early-stage and growth companies across various sectors.

HCI Group, Inc. (symbol: HCI) primarily sells property and casualty insurance policies to individuals.

The company serves the following categories of individual customers:

• Owners of Single-Family Homes: Individuals seeking comprehensive property and casualty insurance policies for their primary residences or other standalone residential properties.
• Owners of Condominium Units: Individuals requiring specialized insurance coverage for their condominium units, which typically covers the interior structure and personal belongings.
• Individuals in Designated Flood Zones: Customers specifically seeking flood insurance policies, often as a standalone product or in addition to their standard property insurance, due to living in areas susceptible to flooding.

Paresh Patel, Chairman & Chief Executive Officer

Paresh Patel is the founder and Chief Executive Officer of HCI Group, Inc., co-founding the company (originally Homeowners Choice, Inc.) in 2006. He has held the role of CEO since 2011 and Chairman since 2007. Patel also serves as President of Homeowners Choice Property & Casualty Insurance Company, Inc. and President and Chairman of the Board of TypTap Insurance Company. He leveraged his extensive software development experience to design HCI's policy administration systems. Prior to HCI, he founded NorthStar Bank in Tampa, Florida, and was on the Board of Directors of its parent company, NorthStar Banking Corporation, from 2006 to 2011. He also served as Chairman of Oxbridge Re Holdings Limited from 2014 to 2018 and Chairman of First Home Bancorp, Inc. from 2011 to 2015. His earlier career included roles as Director of Customer Care and Billing at Global Crossing and as an independent software and systems consultant. He earned Bachelor's and Master's degrees in Electrical Engineering from the University of Cambridge. He also founded Whistle Group, Inc. and Exzeo Group, Inc..

Mark Harmsworth, Chief Financial Officer

Mark Harmsworth has served as the Chief Financial Officer of HCI Group since May 2017, joining the company in December 2016 as Senior Vice President of Finance. Before his tenure at HCI, he was the President of JMH Consultancy Group and Chief Strategy Officer for Stewart Information Services. His previous executive leadership experience includes serving as Chief Financial Officer of First American Title Insurance Company, Senior Executive Vice President of First Canadian Title Insurance Company, and Executive Vice President of RE/MAX Ontario-Atlantic Canada Inc..

Karin Coleman, Chief Operating Officer, President of Homeowners Choice Property & Casualty Insurance Co. and Director

Karin Coleman has been the Chief Operating Officer and a Director of HCI Group since 2021. She also holds the position of President of Homeowners Choice Property & Casualty Insurance Co.. Coleman joined HCI in 2009 as Vice President of Corporate Services. Prior to HCI, she spent nine years as Vice President of Strategic Alliances at Take Stock in Children. Earlier in her career, she held various corporate roles at Florida Progress Corporation (now part of Duke Energy) for thirteen years. She also served as President & CEO of Homeowners Choice Property & Casualty Insurance Co., Inc. from 2019.

Andrew L. Graham, General Counsel and Corporate Secretary

Andrew L. Graham has served as the Corporate Secretary and General Counsel for HCI Group since 2008.

Anthony Saravanos, President of Greenleaf Capital, LLC and Director

Anthony Saravanos has been a Director and President of Greenleaf Capital LLC since 2007. He is also a director of First Home Bank in St. Petersburg, Florida, and serves as Chairman of the Board of First Home Bancorp, Inc., Home Bank's holding company. Previously, he was Vice President of The Boardwalk Company. Saravanos is a certified commercial investment member (CCIM) and a certified development design and construction professional (CDP). He additionally manages thirteen personal commercial properties in Florida and New York.

The emergence of deeply integrated, embedded insurance solutions within broad consumer platforms (e.g., smart home ecosystems, major e-commerce platforms, financial super-apps) poses a clear emerging threat to HCI. This trend enables the seamless offering of insurance at the point of sale or within existing consumer services, potentially bypassing traditional insurance distribution channels, including direct digital models like HCI's TypTap. Such platforms leverage vast customer data and existing customer relationships to significantly reduce customer acquisition costs and potentially offer highly personalized products, fundamentally challenging the competitive landscape for property and casualty insurers.

HCI Group (NYSE: HCI) operates in several key markets, with its main products and services encompassing property and casualty insurance, technology solutions for the insurance industry (Insurtech), and real estate.

Addressable Markets:

• Homeowners Insurance: The addressable market for homeowners insurance in the U.S. is estimated to be $144.0 billion in 2025. HCI's insurance operations, including subsidiaries like Homeowners Choice and TypTap, primarily serve Florida, with TypTap expanding to 13 states.
• Insurtech: The U.S. Insurtech market, which includes technology solutions for the insurance industry offered by HCI's subsidiary Exzeo, is valued at approximately USD 310.2 billion in 2025. This market is projected to grow to USD 466.4 billion by 2030.
• Reinsurance: The global reinsurance market, where HCI also has operations, was valued at USD 581.3 billion in 2024 and is projected to reach USD 1,165.7 billion by 2033.
• Commercial Real Estate: For HCI's real estate segment, which involves owning, managing, and developing commercial properties in Florida, the U.S. commercial real estate market size is estimated to be USD 1.70 trillion in 2025 and is forecast to reach USD 1.94 trillion by 2030.

Expected Drivers of Future Revenue Growth for HCI Group Inc. (HCI)

HCI Group Inc. (HCI) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its diversified business segments:

1. Expansion of Insurance Portfolio: HCI plans to continue expanding its insurance policy volume, particularly through ongoing participation in Florida's Citizens depopulation program, which has historically been a significant contributor to increased gross premiums. The company also aims for organic expansion and additional policy assumptions by leveraging its strong capital position.
2. Commercialization and Broader Adoption of Exzeo Technology Platform: The planned tax-free spin-off and initial public offering (IPO) of Exzeo, HCI's proprietary technology segment, by the end of 2025 is anticipated to unlock significant value and expand its reach. This initiative is expected to generate new fee income streams by offering Exzeo's advanced insurance technology solutions to other carriers and in new geographic markets. HCI will remain a significant shareholder in Exzeo.
3. Growth in Real Estate Operations: HCI's real estate division, Greenleaf Capital, is contributing to revenue growth through strategic acquisitions and successful leasing of properties. Recent achievements include a fully leased three-building campus in Tampa and the acquisition of a new complex in Pinellas County, Florida, diversifying HCI's revenue streams beyond insurance.
4. Geographical Market Expansion and Diversification: HCI identifies opportunities to expand its market reach beyond its current primary market in Florida. This strategic expansion, achievable through organic growth or acquisitions, aims to tap into new customer segments and diversify the company's risk profile, reducing reliance on a single geographic region.
5. New Product Development: The company intends to capitalize on evolving trends in the insurance industry by developing and launching new products. This includes offerings such as cyber insurance or climate change-related coverage, which are designed to address emerging consumer needs, drive growth, and enhance customer retention.

Share Repurchases

• HCI Group's board of directors authorized a new share buyback program of $20 million in March 2022 for the year 2022.
• A previous share repurchase program expired in 2020, under which HCI bought back and retired 129,142 shares.

Share Issuance

• In November 2025, $172.5 million of 4.75% convertible senior notes were converted into 2,187,063 common shares, significantly reducing long-term debt and increasing stockholders' equity.
• As part of an acquisition completed on January 18, 2021, HCI Group provided United Property & Casualty Insurance Company, Inc. with 100,000 shares of HCI common stock.
• Prior to February 2022, HCI's subsidiary TypTap issued 10,000,000 shares of Series A Preferred Stock and HCI issued warrants to purchase 750,000 shares of HCI common stock to a fund associated with Centerbridge Partners, L.P., generating proceeds of $100,000,000.

Inbound Investments

• HCI Group's subsidiary, TypTap Insurance Company, received a capital investment of $100,000,000 from a fund associated with Centerbridge Partners, L.P. This transaction involved the issuance of 10,000,000 shares of Series A Preferred Stock by TypTap and warrants to purchase 750,000 shares of HCI common stock.

Outbound Investments

• HCI Group completed the acquisition of the personal lines insurance business of United Property & Casualty Insurance Company, Inc. in Connecticut, New Jersey, Massachusetts, and Rhode Island on January 18, 2021. This acquisition included providing 100,000 shares of HCI common stock and a cash payment of up to $3.1 million.
• In December 2021, HCI Group agreed to acquire the personal lines insurance business of United Insurance Holdings Corp. in Georgia, North Carolina, and South Carolina, expected to add approximately $90 million in annual premiums.
• During the fourth quarter of 2023, Core Risk Managers, LLC, a wholly owned subsidiary of HCI, entered into an attorney-in-fact agreement with Condo Owners Reciprocal Exchange (CORE) to manage CORE's daily operations.

Capital Expenditures

• HCI Group continues to invest in its real estate subsidiary, Greenleaf Capital, LLC, which owns and operates office buildings, retail centers, and marinas in Florida.
• In 2023, Greenleaf sold two real estate properties, resulting in an $8.9 million gain.
• The company's operational improvements and financial results in 2023 were significantly supported by investments made in Exzeo, its technology subsidiary.