By Mia MacGregor

March 3 - (The Insurer) - HCI Group has launched the new streamlined organisational structure trailed by its CEO last week, splitting its operations into two distinct units and making its Exzeo technology platform a standalone entity.

Each unit will have defined management teams and operational objectives.

The first unit encompasses HCI’s four catastrophe insurance companies, its captive reinsurer, and its claims management and real estate operations.

The second unit includes HCI’s technology platform and insurance management operations, with a focus on delivering end-to-end technology-powered solutions for the property and casualty insurance industry.

Formerly known as TypTap Insurance Group, this second unit has been rebranded as Exzeo Group to better reflect its technology-driven approach, according to the company.

“Each operating unit is financially strong, and we believe this new structure will enable both to pursue their growth and profitability objectives more effectively,” said Paresh Patel, HCI’s chairman and chief executive officer.

On an investor call last week, Patel said that his company's technology "has a proven track record, and it's a game changer".

The technology currently supports over $1.2 billion of premium across the companies controlled by HCI.

Patel described Exzeo as an independently viable entity with “solid profitability, strong cash flows, no immediate capital needs, and more importantly, no hurricane volatility”.

In 2024, Exzeo earned approximately $35 million in pre-tax income from servicing HCI’s four carriers, and Patel expects that figure to grow “significantly” in 2025.