HCI Group Authorizes $20 Million Stock Repurchase Program for 2022
March 14 2022 - 8:30AM
The board of directors of
HCI Group, Inc.
(NYSE:HCI), a holding company primarily engaged in
homeowners insurance, with additional operations in reinsurance,
real estate and information technology, has authorized a plan to
repurchase up to $20 million of the company’s common shares during
2022, subject to market conditions.
The plan permits the company to periodically
repurchase shares for cash in open market purchases, block
transactions and privately negotiated transactions in accordance
with applicable federal securities laws. Moreover, the share
repurchase plan may be modified, suspended, terminated or extended
by the company any time without prior notice.
About HCI Group, Inc.HCI Group,
Inc. owns subsidiaries engaged in diverse, yet complementary
business activities, including homeowners insurance, information
technology services, real estate, and reinsurance. 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.
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.
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. There can be no assurance, for example, changes in
the trading price of the company’s securities may impact the
ability or willingness of HCI Group to repurchase shares. 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 company’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
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