HCI Group Inc (HCIIP)

HCI Group Inc, formerly known as Homeowners Choice, Inc., was incorporated in 2006. The Company, through its subsidiaries provides property and casualty insurance. Its principal operating subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. (HCPCI), was incorporated and began operations in 2007 and provides property and casualty homeowners' insurance, condominium-owners' insurance, tenants' insurance, and dwelling fire insurance to individuals owning or occupying property in Florida under its Homeowners Choice brand. Its operations are supported by Company's wholly-owned subsidiaries such as Homeowners Choice Managers, Inc. which acts as managing general agent and provides marketing, underwriting, claims settlement, accounting and financial services to HCPCI; and Southern Administration, Inc. which provides policy administration services to HCPCI. The Company faces competition from national, regional and residual market insurance companies. Its insurance business is seasonal as hurricanes and tropical storms typically occur during the period from June 1 through November 30 each year. The Company is subject to the laws and regulations in Alabama and Florida. The Company has a Bermuda-based wholly-owned reinsurance subsidiary, Claddaugh Casualty Insurance Company Ltd., which participates in HCPCI's reinsurance program under the Claddaugh brand.