Here are a few analogies for HCI:

• Like a State Farm for Florida, but they also own and manage commercial real estate.
• An insurance company similar to Allstate, but with its own in-house tech division that builds software platforms for the insurance industry.

• Property and Casualty Insurance: Offers residential insurance products such as homeowners, fire, flood, and wind-only coverage to various property owners.
• Reinsurance Programs: Provides reinsurance programs to other insurance companies.
• Real Estate Investment and Operation: Owns and operates waterfront properties, retail shopping centers, an office building, and other commercial properties for investment.
• Information Technology Platforms: Designs and develops web-based applications including SAMS and Harmony for policy administration, ClaimColony for claims management, and AtlasViewer for mapping and data visualization.

HCI Group, Inc. serves a diverse customer base across its various business segments. While it sells directly to individuals for its core residential insurance products, it also has significant business-to-business (B2B) relationships through its reinsurance, real estate, and information technology operations. Given its origin as "Homeowners Choice, Inc." and its primary offering of residential insurance, it primarily serves individuals for its foundational business.

HCI Group, Inc. serves the following three major categories of customers:

1. Individual Policyholders: This category includes homeowners, condominium owners, and tenants who purchase residential insurance products such as homeowners, fire, flood, and wind-only insurance for their properties.
2. Commercial Tenants: These are businesses that lease space in HCI's real estate portfolio, which includes retail shopping centers, an office building, and other commercial properties.
3. Other Insurance Companies: This category comprises other insurance carriers that utilize HCI's reinsurance programs or purchase its specialized information technology platforms and products, such as SAMS, Harmony, ClaimColony, and AtlasViewer, for policy administration, claims management, and data visualization.

Paresh Patel, Chief Executive Officer and Chairman of the Board

Paresh Patel is the founder and Chief Executive Officer of HCI Group, Inc.. He co-founded the company, originally known as Homeowners Choice, Inc., in 2006. Mr. Patel also serves as Chairman of the Board for TypTap Insurance Company. He leveraged his extensive software development experience to design and continues to oversee HCI's policy administration systems. Previously, 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 president of Scorpio Systems, Inc., a software development company, and chairman of the board of First Home Bancorp, Inc.. He was also a director of customer care and billing with Global Crossing.

Mark Harmsworth, Chief Financial Officer

Mark Harmsworth is the Chief Financial Officer for HCI Group, Inc., having joined the company in 2016 as Senior Vice President of Finance and assuming the CFO role in May 2017. He is a certified public accountant. Prior to joining HCI Group, Mr. Harmsworth was a consultant to the CEO and Board of Directors for Stewart Information Services (NYSE: STC). His career also includes serving as chief financial officer of First American Title Insurance Company and senior executive vice president of First Canadian Title Insurance Company.

Karin Coleman, Chief Operating Officer, President of Homeowners Choice

Karin Coleman serves as the Chief Operating Officer of HCI Group, Inc. and is the President of Homeowners Choice. She is also a director for HCI Group, Inc..

Andrew L. Graham, General Counsel and Corporate Secretary

Andrew L. Graham is the General Counsel and Corporate Secretary for HCI Group, Inc., a position he has held since joining the company in 2008. Before HCI Group, he held various roles, including general counsel, at Trinsic, Inc., a Nasdaq-listed provider of telephone services. He also serves as a director for LM Funding America, Inc., a Nasdaq-listed specialty finance company.

Anthony Saravanos, President of Greenleaf Capital, LLC

Anthony Saravanos is the President of Greenleaf Capital, LLC, which is HCI's real estate subsidiary. He is also a Director for HCI Group, Inc.. He is a licensed real estate broker and a Certified Commercial Investment Member.

Here are the key risks to HCI Group, Inc.'s business:

1. Exposure to Catastrophic Events and Geographic Concentration in Florida: HCI Group's significant concentration in Florida, a region highly susceptible to hurricanes and other severe weather events, presents a major risk. This geographic focus exposes the company to substantial losses, leading to potential volatility in its earnings per share and book value. Climate change is also noted as a factor that could increase the frequency and severity of such events, further pressuring the company's financial performance. For instance, the company reported a net loss in Q1 2024 and in 2023 due to weather-related events.
2. Rising Reinsurance Costs and Availability: The escalating cost and tightening availability of reinsurance, particularly in the Florida market, pose a significant threat to HCI's financial stability and growth. Reinsurance is a crucial tool for managing risk from catastrophic events, but projected rate increases for property catastrophe risks directly translate into higher operational expenses, which can impact profitability if not fully passed on to policyholders. HCI's reliance on reinsurance means that fluctuations in its availability and cost directly affect the company's financial health.
3. High Litigation Frequency and Social Inflation in Florida: HCI Group faces challenges from the high frequency of litigation and "social inflation" in Florida, which drives up claims expenses. This persistent issue puts pressure on underwriting performance and can lead to unpredictable earnings.

Here are the addressable market sizes for HCI Group, Inc.'s main products and services:

Property and Casualty Insurance

• The direct premiums for the property and casualty insurance market in Florida totaled approximately $71 billion in 2024. The entire U.S. property and casualty industry recorded direct premiums earned of $780 billion in 2024.
• The Property, Casualty and Direct Insurance industry in Florida has experienced an average annual growth rate of 3.7% from 2020 to 2025.
• As of Q4 2023, there were approximately 7.45 million residential insurance policies in force in the Florida property market.

Reinsurance Programs

• The U.S. reinsurance market was valued at approximately USD 220.05 billion in 2024 and is projected to reach USD 630.10 billion by 2034.
• Globally, the reinsurance market size was valued at USD 711.75 billion in 2024 and is projected to reach USD 2000.08 billion by 2034.
• North America contributed more than 44% of the global reinsurance market's revenue share in 2024. The U.S. alone accounted for approximately USD 137.7 billion in revenue in 2025, dominating the North American reinsurance market with about a 91% share.

Real Estate

• **Commercial Real Estate (Florida):** Total commercial sales across Southeast Florida reached $16.0 billion in 2025. The Florida commercial real estate market is noted for outperforming national averages.
• **Retail Real Estate (Florida):** Florida's retail property market is thriving in 2025, with over 1.3 billion square feet of retail inventory. In South Florida, the regional retail vacancy rate has been remarkably low, ranging between 3.2% and 3.5%. In Miami, the retail market's total asset value was $66.1 billion with a 12-month sales volume of $1.2 billion as of Q4 2023.
• **Office Real Estate (Florida):** Sales of regional office buildings in South Florida totaled nearly $2 billion between January and September 2025. The Miami office market is recognized as a national leader in terms of low vacancy rates and high rent growth as of mid-2025.

Information Technology Products

• **Policy Administration Platforms (SAMS, Harmony):** The global Insurance Policy Administration Systems Software Market was valued at USD 2.84 billion in 2024 and is projected to reach USD 5.79 billion by 2032.
• **Claims Management Platform (ClaimColony):** The claims processing software market size was approximately $45.44 billion in 2025 and is expected to grow to $70.41 billion in 2030. North America was the largest region in this market in 2025, holding approximately 45% of the global market share.
• **Data Visualization Platform (AtlasViewer):** The global enterprise data visualization platform market was valued at USD 8.8 billion in 2024. In 2024, the U.S. market within North America for enterprise data visualization platforms generated approximately USD 10.5 billion in revenue, holding around 81.3% market share.

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

Share Repurchases

• HCI Group, Inc. authorized an $80 million share repurchase program on March 3, 2026, which is valid for one year.
• The program permits repurchases through various methods, including open market purchases, block transactions, and privately negotiated transactions.
• The timing and amount of repurchases are at management's discretion, subject to market and business conditions.

Share Issuance

• In December 2023, HCI Group announced the pricing of a public secondary offering of 1 million shares of its common stock at $78 per share, with HCI Group being the seller of these shares.
• HCI Group's subsidiary, Exzeo Group, Inc., launched an initial public offering (IPO) in October 2025, offering 8 million shares.
• HCI Group retained a majority ownership of 82% in Exzeo post-IPO, representing an approximate $1.2 billion stake.

Outbound Investments

• In December 2021, HCI Group reached an agreement to acquire United Insurance Holdings Corp.'s personal lines insurance business in Georgia, North Carolina, and South Carolina, representing approximately $90 million of annual premiums.
• As part of this transaction, HCI provided 85% quota share reinsurance and paid provisional ceding commissions.
• HCI Group is actively exploring new growth opportunities through both organic expansion and strategic acquisitions for 2026.