HCI Group secures 2023-2024 reinsurance with $2.4B total coverage; premiums $266.6M

HCI Group, Inc.

Tower 1 (Homeowners Choice FL) provides $992.8M single-event coverage, retention $12.5M; total all-occurrence limit $1.42B.
Tower 2 (TypTap & non-FL HCI) provides $684.2M (FL) / $337M (non-FL) single-event coverage, retention $9.0M; total $990.8M.
Claddaugh subsidiary to contribute $39.4M capital at risk and collect ~$28.0M in premiums from subsidiaries.
HCI obligated to use RAP coverage for both towers after deferral in prior year; RAP provides no-premium layers.
Total net ceded premiums to third parties estimated at $266.6M assuming no losses.

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