Joint Bookrunner on HCI Group, Inc.'s Follow-On Offering

Oppenheimer & Co. Inc. acted as Joint Bookrunner on HCI Group, Inc.’s $89,700,000 Follow-On Offering

HCI Group, Inc. (“HCI”) (NYSE: HCI) announced the pricing of its public follow-on offering of 1,150,000 shares of its common stock at a price to the public of $78.00 per share. HCI intends to use the net proceeds from the offering for general corporate purposes, including the continued assumption of policies from Citizens Property Insurance Corporation. The gross proceeds to HCI from the offering, before deducting underwriting discounts and commissions and offering expenses, are expected to be $89.7 million. The underwriters exercised an overallotment option in full.

HCI Group, Inc. is a Florida-based company that, through its subsidiaries, is engaged in property and casualty insurance, IT services, insurance management, real estate and reinsurance. The company’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc. (“Homeowners Choice”) provides insurance primarily to residential property owners and tenants in Florida. TypTap Insurance Group, Inc. (“TTIG”), the company’s majority-owned InsurTech subsidiary, provides homeowners insurance and produces insurance-related technologies. It currently has four subsidiaries: TypTap Insurance Company (“TypTap”), TypTap Management Company, Exzeo USA, Inc., and Cypress Tech Development Company which also owns Exzeo Software Private Limited, a subsidiary domiciled in India. TypTap is primarily engaged in the property and casualty insurance business, focusing on homeowners multi-peril policies. HCI recently announced that it has obtained approval from the Florida Office of Insurance Regulation to operate Condo Owners Reciprocal Exchange (“CORE”) in the state. HCI plans to begin operations in February of 2024, assuming approximately $75 million worth of in-force premiums from Citizens Property Insurance Corporation.

Financial Institutions Investment Banking

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