We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
HCI Group's (HCI) TypTap Gets Regulatory Nod to Assume Policies
Read MoreHide Full Article
HCI Group, Inc. (HCI - Free Report) recently announced that its subsidiary TypTap Insurance Company has received the regulatory green light to assume up to 25,000 policies from Florida’s Citizens Property Insurance Corporation. The move highlights TypTap’s growing abilities and the effectiveness of its internally developed technology.
The approval received from the Florida Office of Insurance Regulation is likely to encourage private firms to assume policies from the state-backed insurance company, which is related to the state’s legislatively mandated depopulation program. HCI expects the program to supplement TypTap’s existing homeowners insurance business.
The company expects the final number of policies to be assumed will be decided in December. The policyholders will have the right to move to other companies or reject the assumption. HCI launched TypTap in 2016, and since then the business has witnessed significant organic growth thanks to its improving technology.
Refining risk evaluation and improving efficiency in the subsidiary are boosting its profit levels. TypTap Insurance Group’s loss ratio declined to 41% in the second quarter of 2023 from 57% a year ago. During the 2018-2022 period, TypTap recorded a gross written premium CAGR of 121%. As of Jun 30, 2023, it had invested assets of $306 million, 79% of which was in fixed income to enhance stability.
Price Performance
Over the past year, shares of HCI have jumped 62.7%, outperforming the industry’s 22.8% growth.
The Zacks Consensus Estimate for Trupanion’s current year earnings has improved 3.8% over the past 60 days. Also, the consensus mark for TRUP’s 2023 revenues suggests 19.5% year-over-year growth.
The consensus mark for Ryan Specialty’s current year earnings indicates a 20.9% year-over-year increase. Furthermore, the consensus estimate for RYAN’s 2023 revenues in 2023 predicts a 19.9% year-over-year rise.
The Zacks Consensus Estimate for Aegon’s current year earnings implies a 42.1% year-over-year climb. In the past 60 days, AEG has witnessed one upward estimate revision against none in the opposite direction.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
HCI Group's (HCI) TypTap Gets Regulatory Nod to Assume Policies
HCI Group, Inc. (HCI - Free Report) recently announced that its subsidiary TypTap Insurance Company has received the regulatory green light to assume up to 25,000 policies from Florida’s Citizens Property Insurance Corporation. The move highlights TypTap’s growing abilities and the effectiveness of its internally developed technology.
The approval received from the Florida Office of Insurance Regulation is likely to encourage private firms to assume policies from the state-backed insurance company, which is related to the state’s legislatively mandated depopulation program. HCI expects the program to supplement TypTap’s existing homeowners insurance business.
The company expects the final number of policies to be assumed will be decided in December. The policyholders will have the right to move to other companies or reject the assumption. HCI launched TypTap in 2016, and since then the business has witnessed significant organic growth thanks to its improving technology.
Refining risk evaluation and improving efficiency in the subsidiary are boosting its profit levels. TypTap Insurance Group’s loss ratio declined to 41% in the second quarter of 2023 from 57% a year ago. During the 2018-2022 period, TypTap recorded a gross written premium CAGR of 121%. As of Jun 30, 2023, it had invested assets of $306 million, 79% of which was in fixed income to enhance stability.
Price Performance
Over the past year, shares of HCI have jumped 62.7%, outperforming the industry’s 22.8% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
HCI Group currently sports a Zacks Rank #1 (Strong Buy). Some other top-ranked stocks in the broader Finance space are Trupanion, Inc. (TRUP - Free Report) , Ryan Specialty Holdings, Inc. (RYAN - Free Report) and Aegon N.V. (AEG - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Trupanion’s current year earnings has improved 3.8% over the past 60 days. Also, the consensus mark for TRUP’s 2023 revenues suggests 19.5% year-over-year growth.
The consensus mark for Ryan Specialty’s current year earnings indicates a 20.9% year-over-year increase. Furthermore, the consensus estimate for RYAN’s 2023 revenues in 2023 predicts a 19.9% year-over-year rise.
The Zacks Consensus Estimate for Aegon’s current year earnings implies a 42.1% year-over-year climb. In the past 60 days, AEG has witnessed one upward estimate revision against none in the opposite direction.