HCI Group Provides Update on Initial Public Offering of TypTap Insurance Group
January 12 2022 - 4:30PM
HCI Group, Inc. (NYSE:HCI), a
holding company with operations in homeowners insurance,
information technology services, reinsurance and real estate, today
announced an update regarding the previously announced initial
public offering of its subsidiary, TypTap Insurance Group,
Inc.
"In light of recent market conditions, HCI’s Board of Directors
determined that current market pricing for the planned offering
does not accurately reflect TypTap's value. Our primary objective
has been and will continue to be maximizing the value and
opportunity of TypTap," said Paresh Patel, HCI Chairman and CEO.
"We believe we have the resources to execute TypTap’s growth plan
without the funds raised from an IPO. We will continue to monitor
market conditions over the next several quarters and will move
forward with a TypTap IPO when and if conditions are
appropriate.”
A registration statement on Form S-1 relating to these
securities has been filed with the Securities and Exchange
Commission but has not yet become effective. These securities may
not be sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective.
The proposed offering will be made only by means of a
prospectus. Copies of the preliminary prospectus, when available,
may be obtained from: JMP Securities LLC, 600 Montgomery Street,
10th Floor, San Francisco, CA 94111, Attention: Prospectus
Department, or by calling (415) 835-8985, or by email
at syndicate@jmpsecurities.com; and Truist Securities, Inc.,
3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, Attention:
Prospectus Department, or by email
at truistsecurities.prospectus@truist.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About HCI Group, Inc.HCI Group, Inc. owns
subsidiaries engaged in diverse, yet complementary business
activities, including homeowners insurance, reinsurance, real
estate and information technology services. HCI’s leading insurance
operation, TypTap Insurance Company, is a rapidly growing,
technology-driven insurance company that is expanding nationwide to
provide homeowners and flood insurance. 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.
HCI Group, Inc.'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.
Forward-Looking StatementsThis news release may
contain forward-looking statements made pursuant to the Private
Securities Litigation Reform Act of 1995. Words such as
"anticipate," "estimate," "expect," "intend," "plan," "confident,"
"prospects" and "project" and other similar words and expressions
are intended to signify forward-looking statements. Forward-looking
statements are not guarantees of future results and conditions, but
rather are subject to various risks and uncertainties. For example,
the planned initial public offering of TypTap Insurance Group, Inc.
may be delayed further or indefinitely. Some of these risks and
uncertainties are identified in the company's filings with the
Securities and Exchange Commission. Should any risks or
uncertainties develop into actual events, these developments could
have material adverse effects on the proposed initial public
offering of TypTap Insurance Group, Inc. and HCI’s business,
financial condition and results of operations. HCI Group, Inc.
disclaims all obligations to update any forward-looking
statements.
Investor Relations Contact:Matt GloverGateway
Group, Inc. Tel 949-574-3860HCI@gatewayir.com
Media Contact:Catherine AdcockGateway Group,
Inc. Tel 949-574-3860catherine@gatewayir.com
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