HCI : Investor Presentation Q1 2026
HCI
Published on 05/11/2026 at 05:42 pm EDT
N Y S E : H C I | M A Y 2 0 2 6
About Us
$115M
Pre-tax Income
(1Q 2026)
Gross Loss Ratio
(1Q 2026)
$5.45
Diluted Earnings Per Share
(1Q 2026)
6%
Debt to Capital Ratio
(as of 3/31/26)
Premiums In-Force
(as of 3/31/26)
Book Value Per Share
(as of 3/31/26)
Highlights -
2006 founded
62
consecutive quarters of dividends
$1.60 annual dividend per share
to shareholders
As of 3/31/2026
Includes $286M buybacks and $194M dividends - as of 3/31/26
Excludes 570,000 of stock options that are fully vested and exercisable as of 3/31/26
$480M
capital returned to shareholders since inception2
A diversified holding company engaged in insurance, reinsurance,
real estate, claims services, and insurance technology through majority ownership.
Combining technology and industry knowledge to drive
profitable growth
Allocating capital with purpose and discipline while managing risk
Creating long-term value for our shareholders
36%
TRAILING
12-MONTHS ROE1
15%
INSIDER
OWNERSHIP3
HCI Organizational Structure
Operations
Insurance Operations Non- Insurance
Investments
Insurance Companies
Reinsurance
Real Estate
Claims Services
HCI owns 75 million shares, or
~82.5% ownership, in Exzeo
Group, Inc. (NYSE: XZO)1
Fortex Reinsurance
(1) As of 3/31/2026
Growing Through Investment & Innovation
Executed first Citizens assumption
Completed initial public offering
Launched real estate division
Launched TypTap insurance business
TypTap launches nationwide expansion
Griston Claim Management is incorporated
HCI Group premium in force exceeds
$1 billion
Tailrow Insurance Exchange commences operations
Exzeo Group Inc. becomes publicly traded company (XZO)
Incorporated Homeowners Choice in Florida
Formed captive reinsurance division
Started information technology business
Introduced TypTap Homeowners
product
perRisk incorporated for E&S coverage
Condo Owners Reciprocal Exchange (CORE) commences operations
Fortex Reinsurance SPC, Ltd. is licensed in the Cayman Islands
2006
2007
2008 2011 2012 2016 2018
2020
2022
2023
2024
2025
2026
Book Value Per Share
$80.13 $84.41
$42.10
$33.36
$18.91
1Q26
2025
2024
2023
2022
Debt Leverage (%)1
57%
39%
34%
6%
6%
1Q26
2025
2024
2023
2022
Steady Improvement
Shareholders Equity (in $M)
$1,041
$1,089
$453
$325
$163
2022
2023
2024
2025
1Q26
Invested Assets (in $M)
$2,000
$2,120
$1,407
$1,057
$850
1Q26
2025
2024
2023
2022
HCI Group Investment Portfolio
A conservative allocation, positioned for higher rates and opportunistic investments
1%
3% 5%
Total invested assets1
$2.1 billion
Fixed Income Average
Duration ~5.1 year
(1) As of 03/31/26
48%
43%
8
Overview of Insurance Companies
Launched in 2007
Homeowners and condominium owners insurance primarily in Florida
Historically has acquired customers through Citizens assumptions and opportunistic acquisitions
Track record of consistent underwriting profitability
Strong cash flow helps to fund
growth initiatives
$670M of In-Force Premiums1
Launched in 2016
Technology-driven homeowners insurance
Utilizes independent agent channel
Currently active in 13 states,
including Florida
Differentiated technology yields best-in-class
loss ratio
$506M of In-Force Premiums1
Commenced operations in 2024 as reciprocal exchange
Writes Florida-based commercial residential lines
Acquired policyholders through Citizens assumptions
Fills gap created by limited condo association coverage and growing demand
$26M of In-Force
Premiums1
Commenced operations in 2025 as reciprocal exchange
Writes Florida-based personal residential lines
Acquired policyholders through Citizens assumptions
$121M of In-Force Premiums1
(1) As of 03/31/2026 9
Opportunistic Growth with Best-in-Class Florida Underwriting
Premium in Force (in $M)
1
$1,355 $1,324
$1,226
$995
$719
$737
$528
$353
$338
$369
Geographic Footprint
2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q
2026
Opportunistically Adding Policies
Best-in-Class
Florida Underwriter
Proactively Managing Risk and Loss Costs
Deploying Excess Capital Into Investments & Growth Initiatives
(1) Includes Homeowners Choice, TypTap, CORE and Tailrow in-force premiums
Hurricane Ian
Hurricanes Milton, Debby, and Helene
A Durable Homeowners Insurance Model
Gross Loss Ratio 1
51%
Hurricane Ian
42%
35%
Hurricanes Milton, Debby, and Helene
42%
23%
23%
2022
2023
2024
2025
1Q26
20%
20%
20%
20%
33%
33%
Despite four named catastrophe events between 2022 and 2025, HCI Group reported an average ROE of 26% over the period.
Net Combined Ratio 2
121%
Hurricane Ian
Hurricanes Milton, Debby,
and Helene
83%
2022
2023
2024
2025
1Q26
65%
64%
107%
107%
56%
56%
57%
57%
85%
85%
Leverage Technology to
Evaluate Rate Adequacy
Integrate Exzeo
Platform
Prudent Cost
Management
Legislative Reforms
Have Proven Effective
Consolidated losses and loss adjustment expenses divided by consolidated gross premiums earned.
Consolidated expenses excluding interest expense divided by consolidated net premiums earned.
12
Claddaugh Generating Profits for Our Shareholders
Claddaugh is used to
opportunistically manage reinsurance cycles for HCI's insurance divisions.
Since its formation in 2008,
Claddaugh has contributed
$144M in pre-tax income to
HCI.1
Cumulative Net Premium Earned Since 2008
$350
$300
$250
$200
$150
$100
$50
$0
2
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q
2026
As of 03/31/26. Excludes the impact of intercompany stop loss agreement.
13
14
Greenleaf Capital owns and operates HCI's real estate portfolio. Its holdings include a set of premier commercial assets in rapidly growing Florida.
Acquire properties with differentiated value drivers
Reinvest or harvest
Optimize capital structure
Develop or reposition
Generating Gains from our Real Estate Portfolio
PROPERTY
LOCATION
DATES PURCHASED AND DATES SOLD
GROSS PROCEEDS2
BOOK VALUE
PRE-TAX GAIN1
Office Building
Tampa
2010 - 2020
$44.0M
$7.0M
$37.0M
Office Building
Tampa
2017 - 2022
$14.5M
$1.1M
$13.4M
Grocery Anchored Retail
Eustis, FL
2016 - 2023
$13.0M
$10.6M
$2.5M
Grocery Anchored Retail
Melbourne, FL
2016 - 2023
$18.0M
$11.5M
$6.4M
Recent Sales Transactions
$90M
GROSS PROCEEDS
$30M
BOOK VALUE
$59M
PRE-TAX GAIN
Includes gains associated with bargain purchase
Gross proceeds are net of transaction costs and commissions
Florida Real Estate Portfolio With Embedded Value
OPERATING
PROPERTY APPRAISED VALUE1 BOOK VALUE2 DEBT ON PROPERTY3
Office Portfolio
$61M
$34M
$4M
Anchored Retail
$54M
$44M
$28M
Waterfront Specialty Use Portfolio
$40M
$17M
-
Properties Under Development
$35M
$28M
-
UNDER DEVELOPMENT
$190M
APPRAISED VALUE
$123M
BOOK VALUE
Based on appraisals obtained by Fifth Third bank as of 3/31/2026
Represents the net book value as of 3/31/26 of (i) real estate investments, (ii) office buildings included in property and equipment, and (iii) intangible assets related to our real estate portfolio.
As of 3/31/2026
Griston Provides Tailored Claims Solutions
All-in-one Claim Management Solution
Real-time Claim Tracking
Field Inspection
Platform
An all-in-one claims management solution built for carriers, TPAs, and adjusters
Capable of processing daily claims, high-volume events, and catastrophe claims
A trusted platform with a long-standing history of efficiently handling thousands of claims
Equips insurers with geospatial tools to pinpoint policyholders potentially impacted by an incoming storm
Proactive insights support faster resource deployment and immediate claims action, reducing potential delays
Enables real-time tracking and reporting across the entire claims process
Custom mobile app for efficient field inspections, enabling adjusters to sync inspection data across carriers and cloud platforms, schedule appointments, and contact insureds directly
Smart navigation guides adjusters to loss sites automatically, eliminating manual address entry and enabling more inspections
19
An Insurance Technology Company Majority Owned by HCI Group
Overview of
Over a decade of expertise in developing and training underwriting models proven to consistently deliver superior results compared to industry peers.
Models efficiently process large data sets, distilling them into actionable underwriting insights for carriers.
By making precise decisions at the individual property level, underwriting models help insurers build portfolios focused on profitable risk accumulation.
Advanced Underwriting Solutions
Exzeo transforms both structured and unstructured data into an actionable format.
Models leverage the curated data to deliver best-in-class underwriting decisions within seconds.
Data-driven approach enhances capabilities across a carrier's entire organization, including underwriting, portfolio construction, and claims management.
Data & Analytics
Exzeo designs, markets, underwrites, and administers insurance contracts for carrier partners.
Proprietary technology platform powers every aspect of carriers' daily operations.
Technology is delivered through a flexible, web-based interface, with Exzeo's suite of applications offering scalable and efficient solutions.
Insurance Management
Solutions
Technology Built by Insurance Operators for Insurance Operators
IPO
Founded
Launched
Launched
Launched Launched
Launched
Launched
A team of 175+ experienced developers, data scientists and technology professionals
100% internally developed technology platform powers every aspect of insurance carriers' day-to-day operations
2012
2014 2015 2017
2022
2025
2026
Development and new product rollout closely integrated with operating carriers
Experienced & Focused Leadership Team
PARESH PATEL
Chairman & Chief Executive Officer, HCI Group
Founder; Chairman since 2007 & CEO since 2011
Designed HCI's policy administration systems, leveraging software
development experience
Founded NorthStar Bank in 2004 and served as Director (2006-2011)
KARIN COLEMAN
Chief Operating Officer, HCI Group
President, Homeowners Choice and TypTap Insurance Co.
Director since February 2021
Previously, EVP (2017-2019) and VP of Corp. Services (2009-2017)
Former VP Strategic Alliances, TSIC, Inc. (2001-2009)
Served in various capacities at Florida Progress Corp (NYSE: FPC), a utility holding company, now part of Duke Energy (NYSE: DUK) (1987-2000)
KEVIN MITCHELL
President, Exzeo Group Inc.
Previously, SVP and VP of Investor Relations (2013-2019)
Former Area Director of Financial Institutions practice at Arthur J. Gallagher (NYSE: AJG) (2008-2013)
Previously, employed by Oswald Companies, one of the nation's largest
independent insurance brokerage firms (2005-2008)
MARK HARMSWORTH
Chief Financial Officer, HCI Group
CFO since 2017; previously SVP of Finance
Former senior advisor to Stewart Information Services (NYSE: STC)
CFO of First American Title Insurance Company (2006-2011)
Senior EVP of First Canadian Title Insurance Company (2002-2006)
ANDREW GRAHAM
General Counsel, HCI Group
General Counsel since 2008
Served in various capacities, including General Counsel for Trinsic (1999-2007)
Served on Internal Audit Committee of Hillsborough County, Florida, since 2011
Hillsborough Community College trustee (2007-2011)
ANTHONY SARAVANOS
President, Greenleaf Capital
Director since 2007; President of Greenleaf Capital since 2013
Former VP of full-service real estate firm in Palm Harbor, Florida (2005-2013)
Managing Partner of 13 commercial CRE entities in Florida and New York since 2001
Director of First Home Bank since 2011; Chairman since 2015
23
Delivering Shareholder Value
Fortex Reinsurance
$480M 15%
17%
Capital returned to shareholders since inception1
Insider ownership2
10-year average ROE3
Total Shareholder Return since IPO
Includes $286M buybacks and $194M dividends - as of 3/31/26
Excludes 570,000 of stock options that are fully vested and exercisable as of 3/31/26
As of 3/31/26
24
I N V E S T O R R E L AT I O N S C O N TA C T
Nat Otis
Tel (813) 355-5341
H C I
G R O U P, I N C .
3802 Coconut Palm Drive Tampa, FL 33619
Tel (813) 849-9500
https://www.hcigroup.com
25
Disclaimer
HCI Group Inc. published this content on May 11, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 11, 2026 at 21:41 UTC.