HCI Group subsidiary launches first phase of national expansion
TypTap Insurance Company, a subsidiary of Tampa-based HCI Group (NYSE: HCI), is preparing to launch the first phase of a planned nationwide homeowner’s insurance expansion, which was announced in August.
The first phase includes applying to state insurance regulators in 20 states outside of Florida, including Arkansas, Colorado, Georgia, Idaho, Illinois, Indiana, Iowa, Maine, Massachusetts, Michigan, Tennessee, Utah, West Virginia and Wisconsin.
TypTap is a technology-driven homeowner, and flood insurance company established by HCI Group, headed by Chairman and CEO Paresh Patel. The company has experienced tremendous growth this year and is on track to have over $100 million in premiums by the end of the year.
“Building on our success in Florida, it makes sense to take our insurtech model – which uses house-specific data to make smart insurance decisions – to other states,” says Paresh Patel. “We are confident that we will have success, combining our technology with the ability to form mutually beneficial relationships with agents in each of the areas we serve.”