By Katherine Hamilton
Shares of HCI Group shares were up rose after the company said it is restructuring into two units.
The stock advanced 6% to $139.60 Monday afternoon, after reaching an all-time high of $140.72 earlier in the day. Shares have gained 41% in the past year.
The Tampa, Fla., insurance company plans to streamlining its organizational structure to separate into two distinct operating units, HCI said. The two units will have separate management teams and operational objectives.
The first unit will comprise four insurance companies: Homeowners Choice Property & Casualty Insurance, TypTap Insurance, Condo Owners Reciprocal Exchange, and Tailrow Insurance Exchange. It also includes HCI's claims management division, its reinsurer and its real estate division.
The second unit is for HCI's technology platform that offers insurance companies underwriting technology using algorithms and data analytics. The name of the unit is Exzeo Group, and was formerly known as TypTap Insurance Group.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
March 03, 2025 15:05 ET (20:05 GMT)
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