HCI Group (HCI) Withdraws Planned IPO of TypTap Insurance Group

HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, reinsurance and real estate, today announced an update regarding the previously announced initial public offering of its subsidiary, TypTap Insurance Group, Inc.

"In light of recent market conditions, HCI’s Board of Directors determined that current market pricing for the planned offering does not accurately reflect TypTap's value. Our primary objective has been and will continue to be maximizing the value and opportunity of TypTap," said Paresh Patel, HCI Chairman and CEO. "We believe we have the resources to execute TypTap’s growth plan without the funds raised from an IPO. We will continue to monitor market conditions over the next several quarters and will move forward with a TypTap IPO when and if conditions are appropriate.”

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus, when available, may be obtained from: JMP Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, CA 94111, Attention: Prospectus Department, or by calling (415) 835-8985, or by email at [email protected]; and Truist Securities, Inc., 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, Attention: Prospectus Department, or by email at [email protected].

This press release shall not constitute an offer to sell or the 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.

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