HCI Group Q2 2022 net loss $8.5M vs profit $3.8M YoY; gross premiums earned up 30%

HCI Group, Inc.

2022-Q2 EPS reported -$0.92 revenue$252,966,000

Net loss of $8.5M ($1.04 per share) vs net income of $3.8M ($0.24) in Q2 2021.
Adjusted net loss of $5.4M ($0.71 per share) vs adjusted net income of $2.7M ($0.11) last year.
Gross premiums earned $181.1M, up 29.9% YoY; Homeowners Choice and TypTap both grew.
Implemented 10% rate increase at Homeowners Choice and 12% at TypTap effective Aug 2022.
Raised $170M via convertible note offering in May 2022 for strategic flexibility.

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