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Florida’s HCI Group Rebounds: Q3 Profit, Fewer Policies, Lower Litigation Costs

November 9, 2023

Tampa-based HCI Group, the holding company for Homeowners Choice and TypTap property insurance companies, reported a $15.7 million net income in the third quarter, a strong improvement over Q3 last year, when the group saw a $52 million net loss.

“The company benefited from an improved operating environment in Florida and rising interest rates on our interest-bearing investments,” Group Chairman and CEO Paresh Patel said in a statement this week. “We believe we are seeing the impact of insurance reforms recently enacted by the Florida Legislature.”

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