TAMPA, Fla., Oct. 22, 2018 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) has issued an initial loss estimate from Hurricane Michael, which made landfall near Mexico Beach, Florida. The company’s preliminary estimates indicate losses related to Hurricane Michael will be in the range of $6 to $18 million. The company’s reinsurance retention for the 2018 hurricane season is $16 million.
“It’s too early to determine the full financial impact of Michael,” said Paresh Patel, HCI’s chairman and chief executive officer. “Our focus at this time is on our policyholders and ensuring their claims are handled quickly and efficiently.”
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners’ insurance, reinsurance, real estate and information technology. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 Index and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.
This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. There can be no assurance, for example, that Hurricane Michael losses will not be larger than expected. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.
Kevin Mitchell, Senior Vice President of Investor Relations
HCI Group, Inc.
Investor Relations Contact:
Matt Glover and Najim Mostamand, CFA