HCI Group Insurance Subsidiary Enters into Preliminary Agreement to Acquire Policies from Anchor Property & Casualty Insurance Company

TAMPA, Fla., Jan. 13, 2020 (GLOBE NEWSWIRE) — HCI Group, Inc. (NYSE:HCI) announced today that its wholly-owned insurance subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., has reached a preliminary agreement to acquire all the insurance policies of Anchor Property & Casualty Insurance Company.

Anchor is a Florida-based provider of homeowners insurance. According to reports filed with insurance regulators, at June 30, 2019 Anchor had 43,209 policies in force representing approximately $69 million in annualized premium. HCI did not disclose a purchase price.

About HCI Group, Inc.
HCI Group, Inc. is an InsurTech company with operations in insurance, software development and real estate. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company, which provides homeowners’ insurance and flood insurance primarily in Florida. 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.

The company’s common shares trade on the New York Stock Exchange under the ticker symbol “HCI” and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.