Exhibit 99.1
HCI Group Announces Proposed Public Offering of Common Stock
Tampa, Fla. – December 6, 2023 – HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that it has commenced an underwritten public offering of 1,000,000 shares of its common stock. All of the shares are being offered by HCI Group. In addition, HCI Group expects to grant the underwriters a 30-day option to purchase up to an additional 150,000 shares of its common stock sold in the public offering at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.
JMP Securities, A Citizens Company, is acting as lead book-running manager for the offering, and Truist Securities is acting as joint book-running manager.
HCI Group intends to use the net proceeds from the offering, if completed, for general corporate purposes, including the continued assumption of policies from Citizens Property Insurance Corporation.
The shares are being offered by HCI Group pursuant to a shelf registration statement that was filed with the Securities and Exchange Commission (“SEC”) on September 8, 2023 and declared effective by the SEC on September 28, 2023. This offering is being made only by means of a prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement relating to and describing the terms of the offering is expected to be filed with the SEC and, if and when filed, copies of the preliminary prospectus supplement relating to the offering may be obtained for free by visiting the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may also be obtained, when available, by contacting: Citizens JMP Securities, LLC, Attn: Syndicate Department, 600 Montgomery Street, Suite 1100, San Francisco, CA 94111, by telephone at 415-835-8985, or by email at syndicate@jmpsecurities.com. The final terms of the offering will be disclosed in a final prospectus supplement to be filed with the SEC.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI’s leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.
