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    HCI (HCI)

    Market Price (11/12/2026): $190.17 | Market Cap: $2.4 BilSector: Financials | Industry: Property & Casualty Insurance

    HCI (HCI)

    Market Price (11/12/2026): $190.17
    Market Cap: $2.4 Bil
    Sector: Financials
    Industry: Property & Casualty Insurance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 20%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%

    Low stock price volatility
    Vol 12M is 28%

    Megatrend and thematic drivers
    Megatrends include Artificial Intelligence, AI in Financial Services, and Digital Transformation in Financial Services. Themes include AI Software Platforms, Show more.

    Key risks
    HCI key risks include [1] significant exposure to catastrophic losses from its concentration of insured properties in Florida and [2] the escalating cost and potential unavailability of reinsurance to manage this concentrated risk.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 15%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.8%, FCF Yield is 20%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -33%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 47%
    3 Low stock price volatility
    Vol 12M is 28%
    4 Megatrend and thematic drivers
    Megatrends include Artificial Intelligence, AI in Financial Services, and Digital Transformation in Financial Services. Themes include AI Software Platforms, Show more.
    5 Key risks
    HCI key risks include [1] significant exposure to catastrophic losses from its concentration of insured properties in Florida and [2] the escalating cost and potential unavailability of reinsurance to manage this concentrated risk.

    HCI in ETFs

    Weight = HCI's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.08%
    IJR0.11%
    IJT0.24%
    SLYG0.24%
    AVUV0.24%
    IWN0.14%
    +6 more covered ETFs

    Valuation & Metrics

    FYE: 12/31HCI [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$980.9 Mil—
    FY 2026 Sales$977.4 Mil—
    FY 2027 Sales$1.1 Bil—
    FY 2026 Sales Growth-0.4%—
    FY 2027 Sales Growth8.4%8.6%
    EARNINGS
    LTM Net Income (GAAP) [3]$328.4 Mil—
    FY 2026 Net Income (Non-GAAP)$290.4 Mil—
    FY 2027 Net Income (Non-GAAP)$270.3 Mil—
    FY 2027 Net Income Growth-6.9%12.7%
    FY 2026 EPS (Non-GAAP)$21.96—
    FY 2027 EPS (Non-GAAP)$20.59—
    FY 2027 EPS Growth-6.2%—
    VALUATION
    FY 2026 P/S2.41.7
    FY 2027 P/S2.2—
    FY 2026 P/E8.18.8
    FY 2027 P/E8.7—

    [1] HCI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    HCIS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)1.0
    Rev Chg Q13.0%8.8%
    Rev Chg LTM20.1%8.7%
    Rev Chg 3Y Avg26.0%6.5%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.5
    Net Inc LTM ($ Bil)0.3
    CFO/Rev LTM46.8%21.4%
    Net Inc Mgn33.5%13.5%
    VALUATIONVERY LOW
    P/S2.43.2
    P/CFO5.015.3
    P/FCF5.020.5
    P/E7.021.8

    AI Analysis | Feedback

    MetricValueDateSource
    Book Value per Share63.419302025Link
    Net Combined Ratio0.649302025Link
    Gross Loss Ratio0.229302025Link
    Policies Assumed from Citizens4700010312025Link
    In-Force Premium from Assumed Policies17500000010312025Link

    Price Chart

    Upcoming
    11/20/2026DividendAmount: $0.40
    Payment On: 12/18/2026
    2/24/2027Earnings ReleaseRev: $254 Mil (E)
    EPS: $5.18 (E)

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Prices as of 11/11/2026

    Nov 5: down 5.2% the day after its Nov 4 earnings report (S&P 500 down 4.4%)
    The stock declined following its third quarter 2026 earnings report and as the market fell. The report showed increased revenue, net income, and diluted EPS, while market headlines indicated a broad market downturn.

    Up 39.4% from its May 11 low to Oct 22, down 8.1% since (S&P 500 up 3.6%)
    The stock rose significantly, driven by its second quarter 2026 earnings report and other days without company news. The largest daily gains occurred on June 5, August 7 after the Q2 report, and October 1.

    Show more
    Prices as of 11/11/2026

    Nov 5: down 5.2% the day after its Nov 4 earnings report (S&P 500 down 4.4%)
    The stock declined following its third quarter 2026 earnings report and as the market fell. The report showed increased revenue, net income, and diluted EPS, while market headlines indicated a broad market downturn.

    Up 39.4% from its May 11 low to Oct 22, down 8.1% since (S&P 500 up 3.6%)
    The stock rose significantly, driven by its second quarter 2026 earnings report and other days without company news. The largest daily gains occurred on June 5, August 7 after the Q2 report, and October 1.

    Show less
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    Stock Movement Drivers

    Fundamental Drivers

    The 8.7% change in HCI stock from 7/31/2026 to 11/11/2026 was primarily driven by a 5.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)731202611112026Change
    Stock Price ($)174.63189.868.7%
    Change Contribution By: 
    Total Revenues ($ Mil)9289815.7%
    Net Income Margin (%)32.6%33.5%2.6%
    P/E Multiple7.27.0-2.5%
    Shares Outstanding (Mil)12122.8%
    Cumulative Contribution8.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2026 to 11/11/2026
    ReturnCorrelation
    HCI8.7% 
    Market (SPY)1.7%25.6%
    Sector (XLF)3.0%43.6%

    Fundamental Drivers

    The 24.2% change in HCI stock from 4/30/2026 to 11/11/2026 was primarily driven by a 9.9% change in the company's P/E Multiple.
    (LTM values as of)430202611112026Change
    Stock Price ($)152.84189.8624.2%
    Change Contribution By: 
    Total Revenues ($ Mil)9029818.8%
    Net Income Margin (%)33.2%33.5%1.0%
    P/E Multiple6.47.09.9%
    Shares Outstanding (Mil)13122.9%
    Cumulative Contribution24.2%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 11/11/2026
    ReturnCorrelation
    HCI24.2% 
    Market (SPY)6.0%-2.3%
    Sector (XLF)12.9%36.8%

    Fundamental Drivers

    The -6.0% change in HCI stock from 10/31/2025 to 11/11/2026 was primarily driven by a -56.1% change in the company's P/E Multiple.
    (LTM values as of)1031202511112026Change
    Stock Price ($)202.04189.86-6.0%
    Change Contribution By: 
    Total Revenues ($ Mil)77698126.5%
    Net Income Margin (%)18.6%33.5%80.2%
    P/E Multiple16.07.0-56.1%
    Shares Outstanding (Mil)1112-6.2%
    Cumulative Contribution-6.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2025 to 11/11/2026
    ReturnCorrelation
    HCI-6.0% 
    Market (SPY)12.3%6.9%
    Sector (XLF)13.3%32.5%

    Fundamental Drivers

    The 234.7% change in HCI stock from 10/31/2023 to 11/11/2026 was primarily driven by a 148.2% change in the company's P/S Multiple.
    (LTM values as of)1031202311112026Change
    Stock Price ($)56.72189.86234.7%
    Change Contribution By: 
    Total Revenues ($ Mil)49798197.3%
    P/S Multiple0.92.4148.2%
    Shares Outstanding (Mil)812-31.7%
    Cumulative Contribution234.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    10/31/2023 to 11/11/2026
    ReturnCorrelation
    HCI234.7% 
    Market (SPY)87.9%13.7%
    Sector (XLF)89.1%27.6%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    HCI Return63%-51%127%35%66%-0%305%
    Peers Return30%8%-4%26%9%2079983%3833408%
    S&P 500 Return27%-19%24%23%16%10%100%

    Monthly Win Rates [3]
    HCI Win Rate67%42%83%67%67%45% 
    Peers Win Rate56%52%57%53%48%47% 
    S&P 500 Win Rate75%42%67%75%67%36% 

    Max Drawdowns [4]
    HCI Max Drawdown-39%-66%-22%-28%-20%-22% 
    Peers Max Drawdown-13%-21%-22%-9%-15%-20% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: HIG, FNF, OIG, CB, PGR.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 11/11/2026 (YTD)

    How Low Can It Go

    EventHCIS&P 500
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-19.9%-9.5%
      % Gain to Breakeven24.8%10.5%
      Time to Breakeven58 days24 days
    2022 Inflation Shock & Fed Tightening
      % Loss-65.6%-24.5%
      % Gain to Breakeven190.4%32.4%
      Time to Breakeven388 days427 days
    2020 COVID-19 Crash
      % Loss-28.3%-33.7%
      % Gain to Breakeven39.4%50.9%
      Time to Breakeven64 days140 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-17.4%-3.7%
      % Gain to Breakeven21.1%3.9%
      Time to Breakeven35 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-30.0%-12.2%
      % Gain to Breakeven42.8%13.9%
      Time to Breakeven376 days62 days
    2014-2016 Oil Price Collapse
      % Loss-26.6%-6.8%
      % Gain to Breakeven36.2%7.3%
      Time to Breakeven335 days15 days

    Compare to HIG, FNF, OIG, CB, PGR

    In The Past

    HCI's stock fell -1.1% during the 2025 US Tariff Shock. Such a loss loss requires a 1.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventHCIS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-65.6%-24.5%
      % Gain to Breakeven190.4%32.4%
      Time to Breakeven388 days427 days
    2020 COVID-19 Crash
      % Loss-28.3%-33.7%
      % Gain to Breakeven39.4%50.9%
      Time to Breakeven64 days140 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-30.0%-12.2%
      % Gain to Breakeven42.8%13.9%
      Time to Breakeven376 days62 days
    2014-2016 Oil Price Collapse
      % Loss-26.6%-6.8%
      % Gain to Breakeven36.2%7.3%
      Time to Breakeven335 days15 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-23.9%-15.4%
      % Gain to Breakeven31.4%18.2%
      Time to Breakeven82 days125 days
    2008-2009 Global Financial Crisis
      % Loss-28.5%-53.4%
      % Gain to Breakeven39.9%114.4%
      Time to Breakeven238 days1085 days

    Compare to HIG, FNF, OIG, CB, PGR

    In The Past

    HCI's stock fell -1.1% during the 2025 US Tariff Shock. Such a loss loss requires a 1.2% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About HCI (HCI)

    HCI Group, Inc. (symbol: HCI) is a Florida-based company primarily engaged in property and casualty insurance and reinsurance. Operating across Florida, the company provides essential residential insurance products, including homeowners, fire, flood, and wind-only coverage, to a diverse customer base of homeowners, condominium owners, and tenants. Complementing its insurance offerings, HCI also manages reinsurance programs, a critical component for risk mitigation within the insurance sector.

    In addition to its core insurance operations, HCI Group diversifies its business through significant investments in real estate and information technology. The company owns and operates a portfolio of properties, including waterfront assets, retail shopping centers, and commercial office buildings, held for investment purposes. Its information technology segment focuses on designing and developing web-based and mobile applications such as SAMS and Harmony for policy administration, ClaimColony for end-to-end claims management, and AtlasViewer for mapping and data visualization, which support efficient operations within the insurance industry and potentially other sectors.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

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    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.
    ```

    AI Analysis | Feedback

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    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.

    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

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

    HCI Group, Inc. (NYSE: HCI) is positioned for future revenue growth over the next 2-3 years, driven by several key factors across its diversified business segments. These drivers primarily stem from the expansion of its core insurance operations, strategic leveraging of its technology platforms, and growth within its real estate portfolio, further supported by a favorable regulatory and market environment in Florida. Firstly, a significant driver of revenue growth is the **expansion of its insurance portfolio through a higher volume of policies in force**. HCI has demonstrated consistent growth in gross premiums earned, directly linked to an increased volume of insurance policies. A crucial component of this expansion strategy includes the **assumption of policies from Florida's state-backed Citizens Property Insurance Corporation**. For example, HCI assumed approximately 47,000 Citizens policies in Q4 2025, contributing to its projected growth for 2026. Secondly, the company anticipates growth through its **real estate operations**. HCI owns and operates a portfolio of waterfront properties, retail shopping centers, and commercial properties, with management highlighting continued growth in this segment. The company's Greenleaf Capital subsidiary manages these assets, holding premier commercial properties in growing areas of Florida, which are expected to contribute to revenue. Thirdly, HCI is focused on **leveraging its technology platforms, such as Exzeo**, for growth. The company emphasizes technology-driven growth across its operations. The successful initial public offering (IPO) of Exzeo (now Exio) and the continued onboarding of new carriers to its insurance technology platform suggest a pathway for revenue generation, either directly through technology services or indirectly by enhancing the efficiency and profitability of its underwriting activities. Finally, **favorable legislative reforms in Florida and a softening reinsurance market** are expected to support improved loss trends and margins for HCI's insurance businesses. While these factors do not directly generate new revenue, they enhance the profitability of the core insurance offerings, which can enable more competitive pricing, increased underwriting capacity, and a stronger financial position to pursue further premium growth and market expansion.

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    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.

    Peer Outperformance in Property & Casualty Insurance

    HCI has trailed 59% of its 41 Property & Casualty Insurance peers over 5Y. Property & Casualty Insurance ranks 6th of 18 industries in Financials by median 5Y return.
    Share of Property & Casualty Insurance constituents that HCI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    28%
    of 46 industry peers · 2.3% return
    3Y
    76%
    of 42 industry peers · 160.8% return
    5Y
    41%
    of 41 industry peers · 55.4% return
    No Property & Casualty Insurance peer with a comparable growth profile has beaten HCI by more than 20pp over 5Y.
    Median price return by industry across the Financials sector, ranked by 5Y. Property & Casualty Insurance is HCI's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 6 33.6%69.0%118.3% SPNT 191% · RGA 170% · RNR 135%
    Diversified Banks 12 31.0%143.6%92.5% CM 148% · JPM 132% · RY 130%
    Investment Banking & Brokerage 13 -3.3%95.3%89.6% IBKR 363% · SNEX 173% · GS 160%
    Life & Health Insurance 20 11.8%56.7%84.2% JXN 438% · UNM 259% · FG 230%
    Multi-Sector Holdings 3 10.7%60.4%72.2% BRK-B 107% · VOYA 72% · JEF 36%
    Property & Casualty Insurance ← 42 14.3%73.2%66.0% TRV 178% · ACGL 177% · PGR 172%
    Multi-line Insurance 9 9.8%75.3%61.9% AIZ 119% · GNW 101% · L 97%
    Regional Banks 262 29.9%93.8%48.9% CBC 278% · FCNCA 179% · NIC 140%
    Insurance Brokers 15 3.8%9.1%27.2% LIFE 336% · ARX 89% · WTW 55%
    Financial Exchanges & Data 15 17.7%33.3%17.9% CBOE 205% · VIRT 156% · CME 75%
    Asset Management & Custody Banks 84 -6.1%20.5%11.1% VCTR 268% · WT 242% · AAMI 221%
    Diversified Financial Services 4 -6.9%19.3%9.0% FRHC 137% · EQH 83%
    Commercial & Residential Mortgage Finance 14 -44.9%15.6%0.9% FNMA 343% · FMCC 296% · ACT 164%
    Consumer Finance 30 -0.5%79.8%0.1% ENVA 314% · FCFS 127% · AXP 90%
    Specialized Finance 3 16.8%27.8%-19.0% HASI -19% · CACC -24%
    Transaction & Payment Processing Services 17 19.1%9.8%-25.8% V 110% · CPAY 93% · MA 92%
    Mortgage REITs 34 -20.2%-11.1%-41.0% RITM 34% · DX 14% · AGNC 7%
    Diversified Capital Markets 19 -40.7%-3.9%-60.4% LPLA 87% · TW 40% · RIOT -54%
    Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

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    Peer Comparisons

    Peers to compare with:

    Financials

    HCIHIGFNFOIGCBPGRMedian
    NameHCI Hartford.Fidelity.Orion180.Chubb Progress. 
    Mkt Price190.17137.1744.1410.30372.89235.00163.67
    Mkt Cap2.337.011.7-143.8136.537.0
    Rev LTM98129,36414,552-62,15791,69929,364
    Op Inc LTM-------
    FCF LTM4586,9165,544-17,80815,2246,916
    FCF 3Y Avg4236,0696,218-15,31115,5216,218
    CFO LTM4606,9935,673-17,80815,6626,993
    CFO 3Y Avg4266,2146,358-15,31115,8656,358

    Growth & Margins

    HCIHIGFNFOIGCBPGRMedian
    NameHCI Hartford.Fidelity.Orion180.Chubb Progress. 
    Rev Chg LTM20.1%8.2%6.1%-5.5%7.7%7.7%
    Rev Chg 3Y Avg26.0%7.2%11.1%-8.9%16.2%11.1%
    Rev Chg Q13.0%3.0%-11.0%--0.1%3.0%3.0%
    QoQ Delta Rev Chg LTM3.0%0.7%-2.9%--0.0%0.7%0.7%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM46.8%23.8%39.0%-28.7%17.1%28.7%
    CFO/Rev 3Y Avg50.5%22.6%46.3%-26.1%19.2%26.1%
    FCF/Rev LTM46.7%23.6%38.1%-28.7%16.6%28.7%
    FCF/Rev 3Y Avg50.1%22.0%45.3%-26.1%18.8%26.1%

    Valuation

    HCIHIGFNFOIGCBPGRMedian
    NameHCI Hartford.Fidelity.Orion180.Chubb Progress. 
    Mkt Cap2.337.011.7-143.8136.537.0
    P/S2.41.30.8-2.31.51.5
    P/Op Inc-------
    P/EBIT4.76.54.2-9.89.16.5
    P/E7.08.011.2-12.811.711.2
    P/CFO5.05.32.1-8.18.75.3
    Total Yield15.1%14.2%13.7%-8.9%14.6%14.2%
    Dividend Yield0.9%1.7%4.7%-1.1%6.0%1.7%
    FCF Yield 3Y Avg25.4%17.5%44.3%-12.9%11.3%17.5%
    D/E0.00.10.4-0.10.10.1
    Net D/E-0.3-0.5-2.2--0.2-0.0-0.3

    Returns

    HCIHIGFNFOIGCBPGRMedian
    NameHCI Hartford.Fidelity.Orion180.Chubb Progress. 
    1M Rtn-3.7%5.4%13.0%15.1%8.1%6.7%7.4%
    3M Rtn3.8%0.2%-6.3%10,299,900.0%8.9%13.4%6.4%
    6M Rtn24.3%4.4%-4.9%10,299,900.0%18.7%20.0%19.4%
    12M Rtn2.5%6.4%-18.6%10,299,900.0%29.1%13.8%10.1%
    3Y Rtn161.2%95.7%16.8%∞%74.3%60.2%74.3%
    1M Excs Rtn-0.7%8.2%16.2%17.5%11.4%9.1%10.2%
    3M Excs Rtn5.9%3.5%-5.2%10,299,903.5%12.2%16.2%9.0%
    6M Excs Rtn23.2%3.3%-5.9%10,299,899.0%17.7%19.0%18.3%
    12M Excs Rtn-8.3%-3.4%-26.9%10,299,890.0%20.8%4.9%0.8%
    3Y Excs Rtn143.7%23.5%-49.5%10,299,828.4%3.9%-10.3%13.7%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q32026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q4
    Period End9/30/20266/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/2023
    Filing Date11/5/20268/7/20265/7/20262/26/202611/7/20258/8/20255/9/20252/28/202511/8/20248/9/20245/9/20243/8/2024
    Key Financials Quarterly            
    Total Revenue245247243246216222217161175206206163
    Net Income8374739866667036544838
    EPS6.675.785.627.505.055.576.470.240.545.184.764.31
    Key Financials TTM            
    Total Revenue TTM981953928902817776760749751707628550
    Net Income TTM32831030329920414413211014515311179
    Growth Rates Quarterly            
    Total Revenue Growth13.0%11.2%12.0%52.6%23.5%7.6%5.2%-0.7%33.2%62.1%60.7%40.3%
    Net Income Growth27.5%11.5%5.3%3679.2%1052.9%22.3%46.4%-93.2%-56.8%334.6%210.4%2396.5%
    Margins Quarterly            
    Net Income Margin34.1%29.9%30.2%39.6%30.3%29.8%32.1%1.6%3.2%26.2%23.1%23.4%
    Cash & Debt            
    Total Cash8209431,0551,2411,1851,3051,2661,054958675936771
    Total Debt676768683317186229232234236210
    Net Debt / (Cash)-753-875-987-1,174-1,152-1,288-1,080-825-725-441-700-561
    Cash Flows Quarterly            
    Net Cash from Operations751251491112714516275104-29182153
    Total CapEx-0-0-0-1-1-1-2-1-1-1-1-1
    Free Cash from Operations741251481102614416074103-30181152
    Cash Flows TTM            
    Net Cash from Operations TTM460411431444408486312332410378314231
    Total CapEx TTM-2-2-2-4-4-4-5-4-4-8-8-8
    Free Cash from Operations TTM458409429441404482307328406370306222
    Returns to Shareholders Quarterly            
    Dividends555555444443
    Share Repurchases668181001-0-001-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------
    Share Count            
    Basic Shares (Wtd Avg, Mil)12.112.312.512.512.511.410.310.110.110.09.88.6
    Diluted Shares (Wtd Avg, Mil)12.612.712.912.912.912.912.812.810.512.712.611.5

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Insurance Operations834717545500281
    Exzeo2211348856118
    Reciprocal Exchange Operations66310  
    Corporate/other24261068
    Real Estate1514192412
    Reclassification/Elimination-259-173-111-87-12
    Total901750551500408


    Assets by Segment
    $ Mil20252024202320222021
    Insurance Operations1,8951,906933 677
    Exzeo34886623704370
    Reciprocal Exchange Operations18410625  
    Real Estate13197132126128
    Corporate/other12117523415965
    Consolidation and Elimination-150-139-136-99-62
    Total2,5292,2301,8118911,177


    Price Behavior

    Price Behavior
    Market Price$189.86 
    Market Cap ($ Bil)2.3 
    First Trading Date09/15/2008 
    Distance from 52W High-8.1% 
       50 Days200 Days
    DMA Price$190.38$171.33
    DMA Trendupup
    Distance from DMA-0.3%10.8%
     3M1YR
    Volatility23.9%28.4%
    Downside Capture-11.96-13.29
    Upside Capture-6.53-10.62
    Correlation (S&P 500)22.3%6.3%
    HCI Betas & Captures as of 10/31/2026

     1M2M3M6M1Y3Y
    Beta-0.06-0.130.12-0.360.040.30
    Up Beta-3.44-1.56-0.310.160.650.19
    Down Beta1.240.300.05-0.800.000.47
    Up Capture74%16%51%-1%-9%21%
    Bmk +ve Days12182862130427
    Stock +ve Days14223162119387
    Down Capture-136%-37%-19%-104%-25%17%
    Bmk -ve Days10253664121325
    Stock -ve Days8213364132364

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HCI
    HCI1.7%28.4%0.04-
    Sector ETF (XLF)12.1%15.3%0.5334.4%
    Equity (SPY)12.5%13.7%0.605.4%
    Gold (GLD)-3.5%28.8%-0.13-3.2%
    Commodities (DBC)33.0%21.3%1.24-15.9%
    Real Estate (VNQ)11.7%14.2%0.5333.8%
    Bitcoin (BTCUSD)-30.9%43.5%-0.735.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HCI
    HCI9.2%41.9%0.33-
    Sector ETF (XLF)9.5%18.4%0.3730.8%
    Equity (SPY)11.8%17.3%0.5123.3%
    Gold (GLD)17.1%19.2%0.721.7%
    Commodities (DBC)7.9%19.6%0.29-3.0%
    Real Estate (VNQ)1.3%18.9%-0.0426.5%
    Bitcoin (BTCUSD)3.1%51.5%0.2410.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with HCI
    HCI25.2%41.1%0.68-
    Sector ETF (XLF)13.6%22.1%0.5533.6%
    Equity (SPY)15.5%18.0%0.7327.7%
    Gold (GLD)11.5%16.6%0.57-1.1%
    Commodities (DBC)7.4%18.2%0.331.4%
    Real Estate (VNQ)6.1%20.7%0.2527.4%
    Bitcoin (BTCUSD)58.6%66.3%0.999.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date10302026
    Short Interest: Shares Quantity0.6 Mil
    Short Interest: % Change Since 101520263.5%
    Average Daily Volume0.2 Mil
    Days-to-Cover Short Interest3.6 days
    Basic Shares Quantity12.1 Mil
    Short % of Basic Shares5.0%

    Returns Analyses

    Earnings Returns History

    Updated 11/12/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/4/2026-5.2%-6.3% 
    8/6/20264.3%3.0%4.0%
    5/6/2026-0.7%-0.1%2.3%
    2/25/20264.1%6.6%-6.4%
    11/6/2025-7.0%-5.8%-10.7%
    8/7/20251.8%14.3%27.2%
    5/8/20257.9%6.0%4.5%
    2/27/20256.2%8.8%21.4%
    ...
    SUMMARY STATS   
    # Positive191516
    # Negative6108
    Median Positive6.2%8.8%11.0%
    Median Negative-8.0%-2.9%-12.2%
    Max Positive21.5%22.5%37.2%
    Max Negative-16.0%-18.2%-32.0%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    11/4/2026-5.2%-6.3% 
    8/6/20264.3%3.0%4.0%
    5/6/2026-0.7%-0.1%2.3%
    2/25/20264.1%6.6%-6.4%
    11/6/2025-7.0%-5.8%-10.7%
    8/7/20251.8%14.3%27.2%
    5/8/20257.9%6.0%4.5%
    2/27/20256.2%8.8%21.4%
    11/7/20242.8%-0.5%1.3%
    8/8/20242.1%5.5%11.3%
    5/8/2024-9.0%-11.3%-16.5%
    3/7/202413.8%12.7%16.9%
    11/7/202321.5%22.5%37.2%
    8/8/20236.0%-2.4%-13.6%
    5/9/202318.9%11.9%17.0%
    3/9/202310.4%6.2%-2.3%
    11/8/20228.1%21.7%10.2%
    8/8/2022-16.0%-18.2%-32.0%
    5/4/20222.0%-2.7%-0.2%
    3/8/20227.7%17.1%13.1%
    11/8/2021-11.4%-2.1%-19.7%
    8/5/202117.6%15.9%11.3%
    5/6/20211.7%-3.1%7.2%
    3/11/20212.8%0.1%3.1%
    11/5/20207.9%5.9%10.8%
    SUMMARY STATS   
    # Positive191516
    # Negative6108
    Median Positive6.2%8.8%11.0%
    Median Negative-8.0%-2.9%-12.2%
    Max Positive21.5%22.5%37.2%
    Max Negative-16.0%-18.2%-32.0%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    09/30/202611/05/202610-Q
    06/30/202608/07/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/10/202310-K
     Collapse to Preview
    Report DateFiling DateFiling
    09/30/202611/05/202610-Q
    06/30/202608/07/202610-Q
    03/31/202605/07/202610-Q
    12/31/202502/26/202610-K
    09/30/202511/07/202510-Q
    06/30/202508/08/202510-Q
    03/31/202505/09/202510-Q
    12/31/202402/28/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/09/202410-Q
    03/31/202405/09/202410-Q
    12/31/202303/08/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/09/202310-Q
    03/31/202305/10/202310-Q
    12/31/202203/10/202310-K
    09/30/202211/09/202210-Q
    06/30/202208/09/202210-Q
    03/31/202205/06/202210-Q
    12/31/202103/10/202210-K
    09/30/202111/09/202110-Q
    06/30/202108/06/202110-Q
    03/31/202105/07/202110-Q
    12/31/202003/12/202110-K
    09/30/202011/06/202010-Q
    06/30/202008/10/202010-Q
    03/31/202005/08/202010-Q
    12/31/201903/06/202010-K

    Investor Activity (13F)

    Updated Nov 12, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Khrom Capital Management LLC$89.7 Mil8.2%14Hold13F
    Philadelphia Financial Management of San Francisco, LLC$14.8 Mil4.8%42TRIM -40.0%13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Philadelphia Financial Management of San Francisco, LLC$14.8 Mil4.8%42TRIM -40.0%13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Khrom Capital Management LLC$89.7 Mil8.2%14Hold13F
    Philadelphia Financial Management of San Francisco, LLC$14.8 Mil4.8%42TRIM -40.0%13F

    Industry Resources

    External Quote Links


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