TAMPA, Fla., Oct. 16, 2024 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today the estimated losses attributable to Hurricanes Debby, Helene, and Milton.

“Our policyholders have experienced three major catastrophe events over the past few months. We are responding to the needs of our policyholders and ensuring that their claims are handled quickly and efficiently,” said HCI’s Chairman and Chief Executive Officer Paresh Patel. “Across all three events, HCI expects to pay $600 to $750 million to our policyholders to help them rebuild their lives.”

Third Quarter Update:
Net retained losses from Hurricanes Debby and Helene, after considering reinsurance recoveries as well as the reversal of benefits accrued under a multi-year reinsurance agreement, are expected to result in a net expense to the company in the third quarter of approximately $60 million. Including this loss, the company expects to report a pre-tax profit for the third quarter of 2024.

Fourth Quarter Update:
Net retained losses from Hurricane Milton, after considering reinsurance recoveries as well as the reversal of benefits accrued under a multi-year reinsurance agreement, is expected to result in a net expense to the company in the fourth quarter of approximately $125 million.

“The company is able to absorb these losses because of our strong balance sheet, our conservative reinsurance program with over $2 billion of occurrence reinsurance limit and over $3 billion of aggregate reinsurance limit, and our profitability,” said HCI’s Chairman and Chief Executive Officer Paresh Patel. “We are continuing our participation in Citizens’ Depopulation Program in the fourth quarter and early indications show a strong rate of adoption.”

HCI Group will hold an earnings conference call on Thursday, November 7, 2024, at 4:45 p.m. Eastern time to discuss results for the third quarter ended September 30, 2024. Financial results will be issued in a press release the same day after the close of the market.

About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.