HCI Group sees net reinsurance costs about $123M for contract year [Seeking Alpha]
HCI Group, Inc. (HCI)
Last hci group, inc. earnings: 3/5 04:15 pm
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Source: Seeking Alpha
HCI Group sees net reinsurance costs about $123M for contract yearHCI Group (NYSE:HCI) completes its catastrophic reinsurance program for the 2018-2019 contract year and expects to recognize net reinsurance costs of approximately $123M.The year's reinsurance program provides coverage up to $888 million for catastrophic losses in a single event, excluding flood losses."We eliminated for this year our risk retention within HCI’s reinsurance subsidiary, Claddaugh Casualty Insurance Company, while keeping the cost of this year’s program roughly equal to last year’s," HCI CEO Paresh Patel says. "Considering our first event retention is only $16 million, we believe our company and our policyholders will remain well protected in the event of a catastrophe.”Under its catastrophic reinsurance program, HCI purchases insurance called reinsurance from other insurance companies and institutions to cover policyholder losses associated with hurricanes and other catastrophes.Source:Press ReleasePrevi
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HCI
Earnings
- 3/7/24 - Beat
HCI
Sec Filings
- 4/23/24 - Form 8-K
- 4/22/24 - Form 4
- 4/18/24 - Form 4
- HCI's page on the SEC website