Company Quick10K Filing
HCI Group
Price42.97 EPS1
Shares10 P/E38
MCap447 P/FCF12
Net Debt-41 EBIT21
TEV406 TEV/EBIT19
TTM 2019-09-30, in MM, except price, ratios
10-K 2020-12-31 Filed 2021-03-12
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-06
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-03-08
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-03-07
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-03-04
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-05
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-10
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-14
10-Q 2012-09-30 Filed 2012-11-13
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-14
10-K 2011-12-31 Filed 2012-03-30
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-12
10-Q 2011-03-31 Filed 2011-05-12
10-K 2010-12-31 Filed 2011-03-29
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-14
10-K 2009-12-31 Filed 2010-03-30
8-K 2020-11-05
8-K 2020-09-30
8-K 2020-09-29
8-K 2020-08-06
8-K 2020-06-09
8-K 2020-06-04
8-K 2020-05-27
8-K 2020-05-15
8-K 2020-05-07
8-K 2020-03-05
8-K 2020-02-20
8-K 2020-02-12
8-K 2020-01-16
8-K 2019-11-05
8-K 2019-09-09
8-K 2019-08-06
8-K 2019-06-01
8-K 2019-05-30
8-K 2019-05-02
8-K 2019-04-09
8-K 2019-04-08
8-K 2019-03-15
8-K 2019-03-07
8-K 2019-02-09
8-K 2018-12-17
8-K 2018-12-05
8-K 2018-11-06
8-K 2018-11-06
8-K 2018-08-02
8-K 2018-06-01
8-K 2018-05-24
8-K 2018-05-01
8-K 2018-05-01
8-K 2018-04-17
8-K 2018-03-06
8-K 2018-02-08

HCI 10K Annual Report

Part I
Item 1 - Business
Item 1A - Risk Factors
Item 1B - Unresolved Staff Comments
Item 2 - Properties
Item 3 - Legal Proceedings
Item 4 - Mine Safety Disclosures
Part II
Item 5 - Market for The Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6 - Selected Financial Data
Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A Quantitative and Qualitative Disclosures About Market Risk
Item 8 - Financial Statements and Supplementary Data
Note 1 - - Nature of Operations
Note 2 - - Summary of Significant Accounting Policies
Note 3 - - Recent Accounting Pronouncements
Note 4 - - Cash, Cash Equivalents, and Restricted Cash
Note 5 - - Investments
Note 6 - - Comprehensive Income (Loss)
Note 7 - - Fair Value Measurements
Note 8 - - Deferred Policy Acquisition Costs
Note 9 - - Property and Equipment, Net
Note 10 - - Intangible Assets, Net
Note 11 - - Other Assets
Note 12 - - Revolving Credit Facility
Note 13 - - Long - Term Debt
Note 14 - - Reinsurance
Note 15 - - Losses and Loss Adjustment Expenses
Note 16 - - Segment Information
Note 17 - - Leases
Note 18 - - Income Taxes
Note 19 - - Earnings per Share
Note 20 - - Stockholders' Equity
Note 21 - - Stock - Based Compensation
Note 22 - - Employee Benefit Plan
Note 23 - - Commitments and Contingencies
Note 24 - - Quarterly Results of Operations (Unaudited)
Note 25 - - Regulatory Requirements and Restrictions
Note 26 - - Related Party Transactions
Note 27 - - Condensed Financial Information of Hci Group, Inc.
Note 28 - - Subsequent Events
Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A - Controls and Procedures
Item 9B - Other Information
Part III
Item 10 - Directors, Executive Officers and Corporate Governance
Item 11 - Executive Compensation
Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13 - Certain Relationships and Related Transactions, and Director Independence
Item 14 - Principal Accounting Fees and Services
Part IV
Item 15 - Exhibits, Financial Statement Schedules
EX-4.6 hci-ex46_627.htm
EX-21 hci-ex21_6.htm
EX-23.1 hci-ex231_11.htm
EX-31.1 hci-ex311_7.htm
EX-31.2 hci-ex312_10.htm
EX-32.1 hci-ex321_8.htm
EX-32.2 hci-ex322_9.htm

HCI Group Earnings 2020-12-31

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02012201420172020
Assets, Equity
0.10.10.0-0.0-0.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

hci-10k_20201231.htm
false FY 0001400810 --12-31 Yes P2Y P2Y P3Y P2Y P5D 1.00 1.00 P10Y P3Y P10Y P6Y 2020-12-31 P8Y 0 1.00 P6M 1.00 0 us-gaap:AccountingStandardsUpdate201613Member P1M P63M P2Y8M12D P2Y9M18D P1M P12M P5Y P5Y P5Y 0001400810 2020-01-01 2020-12-31 xbrli:shares 0001400810 2021-02-26 iso4217:USD 0001400810 2020-06-30 0001400810 2020-12-31 0001400810 2019-12-31 iso4217:USD xbrli:shares 0001400810 us-gaap:PreferredClassAMember 2020-12-31 0001400810 us-gaap:PreferredClassAMember 2019-12-31 0001400810 us-gaap:SeriesBPreferredStockMember 2020-12-31 0001400810 us-gaap:SeriesBPreferredStockMember 2019-12-31 0001400810 2019-01-01 2019-12-31 0001400810 2018-01-01 2018-12-31 0001400810 us-gaap:CommonStockMember 2019-12-31 0001400810 us-gaap:RetainedEarningsMember 2019-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001400810 us-gaap:RetainedEarningsMember 2020-01-01 2020-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-01-01 2020-12-31 0001400810 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-12-31 0001400810 srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember 2019-12-31 0001400810 us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001400810 us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001400810 hci:ShareRepurchasePlanMember us-gaap:CommonStockMember 2020-01-01 2020-12-31 0001400810 hci:ShareRepurchasePlanMember us-gaap:AdditionalPaidInCapitalMember 2020-01-01 2020-12-31 0001400810 hci:ShareRepurchasePlanMember 2020-01-01 2020-12-31 0001400810 us-gaap:CommonStockMember 2020-12-31 0001400810 us-gaap:RetainedEarningsMember 2020-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-31 0001400810 us-gaap:CommonStockMember 2018-12-31 0001400810 us-gaap:RetainedEarningsMember 2018-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001400810 2018-12-31 0001400810 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001400810 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001400810 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001400810 hci:ShareRepurchasePlanMember us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001400810 hci:ShareRepurchasePlanMember us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001400810 hci:ShareRepurchasePlanMember 2019-01-01 2019-12-31 0001400810 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001400810 us-gaap:CommonStockMember 2017-12-31 0001400810 us-gaap:RetainedEarningsMember 2017-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001400810 2017-12-31 0001400810 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001400810 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember srt:RestatementAdjustmentMember 2017-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember srt:RestatementAdjustmentMember 2017-12-31 0001400810 us-gaap:RetainedEarningsMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember srt:RestatementAdjustmentMember 2017-12-31 0001400810 us-gaap:AccumulatedOtherComprehensiveIncomeMember srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember srt:RestatementAdjustmentMember 2017-12-31 0001400810 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001400810 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001400810 us-gaap:CommonStockMember hci:ShareRepurchasePlanMember 2018-01-01 2018-12-31 0001400810 us-gaap:AdditionalPaidInCapitalMember hci:ShareRepurchasePlanMember 2018-01-01 2018-12-31 0001400810 hci:ShareRepurchasePlanMember 2018-01-01 2018-12-31 0001400810 us-gaap:LimitedPartnerMember 2020-01-01 2020-12-31 hci:State 0001400810 hci:TypTapInsuranceCompanyMember 2020-10-01 2020-10-31 hci:Policy 0001400810 hci:HomeownersChoicePropertyAndCasualtyInsuranceCompanyIncorporationMember hci:PolicyReplacementAgreementMember hci:AnchorPropertyAndCasualtyInsuranceCompanyMember 2020-04-01 xbrli:pure 0001400810 hci:UnitedInsuranceHoldingsCorporationMember 2020-12-31 0001400810 hci:UnitedInsuranceHoldingsCorporationMember 2020-12-01 2020-12-31 0001400810 hci:AllowanceForCreditLossesMember us-gaap:ReinsuranceRecoverableMember us-gaap:AccountingStandardsUpdate201613Member 2020-01-01 0001400810 srt:MaximumMember 2020-12-31 0001400810 us-gaap:MajorityOwnedSubsidiaryUnconsolidatedMember 2020-01-01 2020-12-31 0001400810 us-gaap:BuildingMember 2020-01-01 2020-12-31 0001400810 us-gaap:ComputerEquipmentMember 2020-01-01 2020-12-31 0001400810 us-gaap:FurnitureAndFixturesMember srt:MinimumMember 2020-01-01 2020-12-31 0001400810 us-gaap:FurnitureAndFixturesMember srt:MaximumMember 2020-01-01 2020-12-31 0001400810 hci:CapitalizedSoftwareCostMember 2020-01-01 2020-12-31 0001400810 srt:MinimumMember 2020-12-31 0001400810 us-gaap:AdjustmentsForNewAccountingPrincipleEarlyAdoptionMember srt:ScenarioForecastMember hci:AccountingStandardsUpdateNo202006Member 2021-01-01 2021-03-31 0001400810 hci:BankDepositsMember 2020-12-31 0001400810 hci:BankDepositsMember 2019-12-31 0001400810 hci:CustodialAccountsMember 2020-12-31 0001400810 hci:CustodialAccountsMember 2019-12-31 hci:Bank hci:Account 0001400810 us-gaap:FixedMaturitiesMember us-gaap:USTreasuryAndGovernmentMember 2020-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:CorporateDebtSecuritiesMember 2020-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2020-12-31 0001400810 us-gaap:FixedMaturitiesMember hci:ExchangeTradedDebtMember 2020-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:RedeemablePreferredStockMember 2020-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember hci:ExchangeTradedDebtMember 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember us-gaap:RedeemablePreferredStockMember 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember 2020-01-01 2020-12-31 0001400810 us-gaap:FixedMaturitiesMember 2019-01-01 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember 2018-01-01 2018-12-31 hci:Security 0001400810 us-gaap:FixedMaturitiesMember 2019-12-31 0001400810 us-gaap:FixedMaturitiesMember 2018-12-31 0001400810 us-gaap:EquitySecuritiesMember 2020-01-01 2020-12-31 0001400810 us-gaap:EquitySecuritiesMember 2019-01-01 2019-12-31 0001400810 us-gaap:EquitySecuritiesMember 2018-01-01 2018-12-31 0001400810 us-gaap:EquitySecuritiesMember 2020-01-01 2020-12-31 0001400810 us-gaap:EquitySecuritiesMember 2019-01-01 2019-12-31 0001400810 us-gaap:EquitySecuritiesMember 2018-01-01 2018-12-31 0001400810 hci:PrivateUSLowerMiddleMarketCompaniesMember 2020-12-31 0001400810 hci:BankLoansPublicAndPrivateCorporateBondsAssetBackedSecuritiesEquityAndDebtRestructuringMember 2020-12-31 0001400810 hci:PowerUtilityAndEnergyIndustriesAndInfrastructureMember 2020-12-31 0001400810 hci:SeniorAndJuniorDebtsOfPrivateEquitybackedCompaniesMember 2020-12-31 0001400810 hci:MatureRealEstatePrivateEquityFundsAndPortfolioGloballyMember 2020-12-31 0001400810 hci:PrivateUSLowerMiddleMarketCompaniesMember 2020-01-01 2020-12-31 0001400810 hci:BankLoansPublicAndPrivateCorporateBondsAssetBackedSecuritiesEquityAndDebtRestructuringMember 2020-01-01 2020-12-31 0001400810 hci:PowerUtilityAndEnergyIndustriesAndInfrastructureMember 2020-01-01 2020-12-31 0001400810 hci:SeniorAndJuniorDebtsOfPrivateEquitybackedCompaniesMember 2020-01-01 2020-12-31 0001400810 hci:MatureRealEstatePrivateEquityFundsAndPortfolioGloballyMember 2020-01-01 2020-12-31 0001400810 hci:PrivateUSLowerMiddleMarketCompaniesMember 2019-12-31 0001400810 hci:BankLoansPublicAndPrivateCorporateBondsAssetBackedSecuritiesEquityAndDebtRestructuringMember 2019-12-31 0001400810 hci:PowerUtilityAndEnergyIndustriesAndInfrastructureMember 2019-12-31 0001400810 hci:SeniorAndJuniorDebtsOfPrivateEquitybackedCompaniesMember 2019-12-31 0001400810 hci:MatureRealEstatePrivateEquityFundsAndPortfolioGloballyMember 2019-12-31 0001400810 hci:PrivateUSLowerMiddleMarketCompaniesMember 2019-01-01 2019-12-31 0001400810 hci:BankLoansPublicAndPrivateCorporateBondsAssetBackedSecuritiesEquityAndDebtRestructuringMember 2019-01-01 2019-12-31 0001400810 hci:PowerUtilityAndEnergyIndustriesAndInfrastructureMember 2019-01-01 2019-12-31 0001400810 hci:SeniorAndJuniorDebtsOfPrivateEquitybackedCompaniesMember 2019-01-01 2019-12-31 0001400810 hci:MatureRealEstatePrivateEquityFundsAndPortfolioGloballyMember 2019-01-01 2019-12-31 0001400810 us-gaap:LimitedPartnerMember 2019-01-01 2019-12-31 0001400810 us-gaap:LimitedPartnerMember 2018-01-01 2018-12-31 0001400810 us-gaap:LimitedPartnerMember 2020-12-31 0001400810 us-gaap:LimitedPartnerMember 2019-12-31 0001400810 hci:FMKTMember 2020-01-01 2020-12-31 0001400810 hci:FMKTMember 2019-01-01 2019-12-31 0001400810 hci:FMKTMember 2018-01-01 2018-12-31 0001400810 hci:FMKTMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-01-01 2019-12-31 0001400810 hci:FMKTMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2018-01-01 2018-12-31 0001400810 hci:FMKTMember us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2020-01-01 2020-12-31 0001400810 hci:FMKTMember us-gaap:OperatingExpenseMember 2020-01-01 2020-12-31 0001400810 hci:FMKTMember us-gaap:OperatingExpenseMember 2019-01-01 2019-12-31 0001400810 hci:FMKTMember us-gaap:OperatingExpenseMember 2018-01-01 2018-12-31 0001400810 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2020-12-31 0001400810 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2019-12-31 0001400810 us-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2020-01-01 2020-12-31 0001400810 hci:InvestmentPropertyMember 2020-04-09 0001400810 hci:InvestmentPropertyMember 2020-04-09 2020-04-09 0001400810 hci:InvestmentPropertyMember 2020-12-31 0001400810 hci:InvestmentPropertyMember 2020-12-01 2020-12-31 0001400810 us-gaap:RealEstateInvestmentMember hci:FloridaDepartmentOfTransportationMember 2020-07-31 0001400810 us-gaap:RealEstateInvestmentMember 2020-01-01 2020-12-31 0001400810 us-gaap:RealEstateInvestmentMember 2019-01-01 2019-12-31 0001400810 us-gaap:RealEstateInvestmentMember 2018-01-01 2018-12-31 0001400810 hci:InvestmentExpenseMember 2020-01-01 2020-12-31 0001400810 hci:InvestmentExpenseMember 2019-01-01 2019-12-31 0001400810 hci:InvestmentExpenseMember 2018-01-01 2018-12-31 0001400810 hci:LimitedPartnershipInvestmentMember 2020-01-01 2020-12-31 0001400810 hci:LimitedPartnershipInvestmentMember 2019-01-01 2019-12-31 0001400810 hci:LimitedPartnershipInvestmentMember 2018-01-01 2018-12-31 0001400810 hci:LossIncomeFromUnconsolidatedJointVentureMember 2020-01-01 2020-12-31 0001400810 hci:LossIncomeFromUnconsolidatedJointVentureMember 2019-01-01 2019-12-31 0001400810 hci:LossIncomeFromUnconsolidatedJointVentureMember 2018-01-01 2018-12-31 0001400810 us-gaap:CashAndCashEquivalentsMember 2020-01-01 2020-12-31 0001400810 us-gaap:CashAndCashEquivalentsMember 2019-01-01 2019-12-31 0001400810 us-gaap:CashAndCashEquivalentsMember 2018-01-01 2018-12-31 0001400810 us-gaap:ShortTermInvestmentsMember 2020-01-01 2020-12-31 0001400810 us-gaap:ShortTermInvestmentsMember 2019-01-01 2019-12-31 0001400810 us-gaap:ShortTermInvestmentsMember 2018-01-01 2018-12-31 0001400810 srt:MinimumMember 2020-01-01 2020-12-31 0001400810 srt:MaximumMember 2020-01-01 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2020-01-01 2020-12-31 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember 2020-01-01 2020-12-31 0001400810 hci:FourPercentagePromissoryNoteMember 2020-01-01 2020-12-31 0001400810 hci:ThreePointSevenFivePercentagePromissoryNoteMember 2020-01-01 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNotesMember 2020-01-01 2020-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNotesMember 2020-01-01 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2020-12-31 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember 2020-12-31 0001400810 hci:FourPercentagePromissoryNoteMember 2020-12-31 0001400810 hci:ThreePointSevenFivePercentagePromissoryNoteMember 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNotesMember 2020-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNotesMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel1Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:USTreasuryAndGovernmentMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:CorporateDebtSecuritiesMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:USStatesAndPoliticalSubdivisionsMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel1Member hci:ExchangeTradedDebtMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 hci:ExchangeTradedDebtMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel1Member us-gaap:RedeemablePreferredStockMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:RedeemablePreferredStockMember us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2020-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USTreasuryAndGovernmentMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:CorporateDebtSecuritiesMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:USStatesAndPoliticalSubdivisionsMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member hci:ExchangeTradedDebtMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember hci:ExchangeTradedDebtMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel1Member us-gaap:RedeemablePreferredStockMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:RedeemablePreferredStockMember 2019-12-31 0001400810 us-gaap:FairValueMeasurementsRecurringMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:FairValueInputsLevel2Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:ThreepointsevenfivepercentagecallablepromissorynotememberMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0001400810 hci:ThreepointsevenfivepercentagecallablepromissorynotememberMember us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:ThreepointsevenfivepercentagecallablepromissorynotememberMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNotesMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNotesMember us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 us-gaap:FairValueInputsLevel3Member us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember hci:ThreePointNineFivePercentagePromissoryNotesMember 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember hci:ThreePointNineFivePercentagePromissoryNotesMember 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember hci:FourPercentagePromissoryNoteMember 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember hci:FourPercentagePromissoryNoteMember 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember hci:ThreepointsevenfivepercentagecallablepromissorynotememberMember 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember hci:ThreepointsevenfivepercentagecallablepromissorynotememberMember 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember hci:FourPointFiveFivePercentagePromissoryNotesMember 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember hci:FourPointFiveFivePercentagePromissoryNotesMember 2019-12-31 0001400810 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel2Member 2019-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001400810 hci:FourPercentagePromissoryNoteMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001400810 hci:ThreepointsevenfivepercentagecallablepromissorynotememberMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNotesMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001400810 us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:FairValueInputsLevel3Member 2019-12-31 0001400810 hci:AnchorPropertyAndCasualtyInsuranceCompanyMember 2020-01-01 2020-12-31 0001400810 hci:BonusToAnchorMember hci:AnchorPropertyAndCasualtyInsuranceCompanyMember 2020-01-01 2020-12-31 0001400810 hci:OtherRelatedExpensesMember hci:AnchorPropertyAndCasualtyInsuranceCompanyMember 2020-01-01 2020-12-31 0001400810 hci:AnchorPropertyAndCasualtyInsuranceCompanyMember 2020-06-01 2020-06-01 0001400810 us-gaap:LandMember 2020-12-31 0001400810 us-gaap:LandMember 2019-12-31 0001400810 us-gaap:BuildingMember 2020-12-31 0001400810 us-gaap:BuildingMember 2019-12-31 0001400810 us-gaap:ComputerEquipmentMember 2020-12-31 0001400810 us-gaap:ComputerEquipmentMember 2019-12-31 0001400810 us-gaap:FurnitureAndFixturesMember 2020-12-31 0001400810 us-gaap:FurnitureAndFixturesMember 2019-12-31 0001400810 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2020-12-31 0001400810 us-gaap:LeaseholdsAndLeaseholdImprovementsMember 2019-12-31 0001400810 us-gaap:PropertyPlantAndEquipmentOtherTypesMember 2020-12-31 0001400810 us-gaap:PropertyPlantAndEquipmentOtherTypesMember 2019-12-31 0001400810 stpr:FL hci:TampaCoconutPalmsOfficeBuildingExchangeLLCMember hci:GreenleafCapitalLLCMember 2020-04-02 2020-04-02 0001400810 hci:FloridaDepartmentOfTransportationMember stpr:FL 2020-07-22 2020-07-24 0001400810 hci:AnchorTenantRelationshipMember 2020-12-31 0001400810 hci:AnchorTenantRelationshipMember 2019-12-31 0001400810 hci:InPlaceLeasesMember 2020-12-31 0001400810 hci:InPlaceLeasesMember 2019-12-31 0001400810 hci:AnchorTenantRelationshipMember 2020-01-01 2020-12-31 0001400810 hci:InPlaceLeasesMember 2020-01-01 2020-12-31 0001400810 us-gaap:RevolvingCreditFacilityMember 2020-01-01 2020-12-31 0001400810 us-gaap:RevolvingCreditFacilityMember 2020-12-31 0001400810 us-gaap:RevolvingCreditFacilityMember 2019-01-01 2019-12-31 0001400810 us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2021-01-22 2021-01-22 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2019-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNoteMember 2019-12-31 0001400810 hci:FourPercentagePromissoryNoteMember 2019-12-31 0001400810 hci:ThreePointSevenFivePercentageCallablePromissoryNoteMember 2020-12-31 0001400810 hci:ThreePointSevenFivePercentageCallablePromissoryNoteMember 2019-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNoteMember 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNoteMember 2019-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNoteMember 2020-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNoteMember 2020-01-01 2020-12-31 0001400810 hci:ThreePointSevenFivePercentageCallablePromissoryNoteMember 2020-01-01 2020-12-31 0001400810 hci:FourPointFiveFivePercentagePromissoryNoteMember 2020-01-01 2020-12-31 0001400810 hci:FinanceLeaseLiabilitiesMember 2020-01-01 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember srt:MinimumMember 2020-01-01 2020-12-31 0001400810 us-gaap:ConvertibleDebtMember 2020-01-01 2020-12-31 0001400810 us-gaap:ConvertibleDebtMember hci:ConvertibleDebtInstrumentConversionPeriodTwoMember 2020-01-01 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:DebtInstrumentRedemptionPeriodOneMember 2020-01-01 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:DebtInstrumentRedemptionPeriodTwoMember 2020-01-01 2020-12-31 0001400810 hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember us-gaap:DebtInstrumentRedemptionPeriodThreeMember 2020-01-01 2020-12-31 0001400810 us-gaap:ConvertibleDebtMember 2020-12-31 0001400810 us-gaap:ConvertibleDebtMember 2019-12-31 0001400810 hci:ThreePointNineFivePercentagePromissoryNoteMember 2020-02-29 0001400810 hci:ThreePointNineFivePercentagePromissoryNoteMember 2020-02-01 2020-02-29 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember 2020-02-28 2020-02-28 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember 2020-02-28 0001400810 hci:ThreePointNineZeroPercentagePromissoryNotesMember 2020-03-19 2020-03-19 0001400810 hci:FourPercentagePromissoryNoteMember 2020-07-29 0001400810 hci:FourPercentagePromissoryNoteMember 2020-07-29 2020-07-29 0001400810 hci:FourPointFiveFivePercentagePromissoryNoteMember 2018-07-06 2018-07-06 0001400810 hci:FourPointFiveFivePercentagePromissoryNoteMember 2018-07-06 hci:Reinsurer 0001400810 hci:FloridaHurricaneCatastropheFundMember us-gaap:ReinsuranceRecoverableMember us-gaap:ReinsurerConcentrationRiskMember 2020-01-01 2020-12-31 0001400810 hci:UnitedInsuranceHoldingsCorporationMember 2020-01-01 2020-12-31 0001400810 hci:OxbridgeMember 2019-01-01 2019-12-31 0001400810 hci:HurricaneIrmaMember 2020-01-01 2020-12-31 0001400810 hci:HurricaneIrmaMember 2019-01-01 2019-12-31 0001400810 hci:HurricaneIrmaMember 2018-01-01 2018-12-31 0001400810 hci:HurricaneMichaelMember 2020-01-01 2020-12-31 0001400810 hci:HurricaneMichaelMember 2019-01-01 2019-12-31 0001400810 hci:HurricaneMichaelMember 2018-01-01 2018-12-31 0001400810 hci:OtherNoncatastropheClaimsMember 2020-01-01 2020-12-31 0001400810 hci:OtherNoncatastropheClaimsMember 2019-01-01 2019-12-31 0001400810 hci:HurricaneSallyMember 2020-01-01 2020-12-31 0001400810 hci:OxbridgeMember 2018-01-01 2018-12-31 0001400810 hci:ReinsuranceMember 2020-12-31 0001400810 hci:ReinsuranceMember 2019-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYearTwoThousandNineteenAndPriorMember 2020-01-01 2020-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2020Member us-gaap:LossFromCatastrophesMember 2020-01-01 2020-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2020Member hci:AnchorPropertyAndCasualtyInsuranceCompanyMember hci:PolicyReplacementAgreementMember 2020-01-01 2020-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2020Member hci:TropicalStormEtaMember 2020-01-01 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2012-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2013-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2013-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2014-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2014-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2014-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2015-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2015-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2015-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2015-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2017-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2019Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2012Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2013Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2014Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2019Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractAccidentYear2020Member hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersWindOnlyInsuranceMember 2015-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersWindOnlyInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersWindOnlyInsuranceMember 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersWindOnlyInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersWindOnlyInsuranceMember 2017-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersWindOnlyInsuranceMember 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersWindOnlyInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersWindOnlyInsuranceMember 2018-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersWindOnlyInsuranceMember 2018-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:HomeownersWindOnlyInsuranceMember 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersWindOnlyInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersWindOnlyInsuranceMember 2019-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersWindOnlyInsuranceMember 2019-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:HomeownersWindOnlyInsuranceMember 2019-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2019Member hci:HomeownersWindOnlyInsuranceMember 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2015Member hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2019Member hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractAccidentYear2020Member hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 hci:HomeownersWindOnlyInsuranceMember 2020-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2016-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2017-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2017-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2018-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2018-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2018-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2019-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2019-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2019-12-31 0001400810 us-gaap:ShortdurationInsuranceContractsAccidentYear2016Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2017Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractsAccidentYear2018Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2020-12-31 0001400810 hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2020-12-31 0001400810 hci:ShortDurationInsuranceContractsAccidentYear2019Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractAccidentYear2020Member hci:LossesSpecificToAnyHurricaneEventPriorTo2020Member 2020-12-31 0001400810 us-gaap:ShortDurationInsuranceContractAccidentYear2020Member hci:LossesSpecificToHurricaneSally2020Member 2020-12-31 0001400810 hci:LossesSpecificToHurricaneSally2020Member 2020-12-31 0001400810 hci:HomeownersMultiPerilAndDwellingFireInsuranceMember 2019-12-31 0001400810 hci:HomeownersWindOnlyInsuranceMember 2019-12-31 0001400810 hci:AnyHurricanePriorToTwoThousandAndTwentyMember 2020-12-31 0001400810 hci:AnyHurricanePriorToTwoThousandAndTwentyMember 2019-12-31 0001400810 us-gaap:LossFromCatastrophesMember 2020-12-31 0001400810 us-gaap:OtherShortdurationInsuranceProductLineMember 2020-12-31 0001400810 us-gaap:OtherShortdurationInsuranceProductLineMember 2019-12-31 hci:Segment 0001400810 us-gaap:SalesRevenueNetMember hci:SegmentConcentrationRiskMember hci:InsuranceOperationsMember 2020-01-01 2020-12-31 0001400810 us-gaap:SalesRevenueNetMember hci:SegmentConcentrationRiskMember hci:InsuranceOperationsMember 2019-01-01 2019-12-31 0001400810 us-gaap:SalesRevenueNetMember hci:SegmentConcentrationRiskMember hci:InsuranceOperationsMember 2018-01-01 2018-12-31 0001400810 us-gaap:AssetsTotalMember hci:SegmentConcentrationRiskMember hci:InsuranceOperationsMember 2020-01-01 2020-12-31 0001400810 us-gaap:AssetsTotalMember hci:SegmentConcentrationRiskMember hci:InsuranceOperationsMember 2019-01-01 2019-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:InsuranceOperationsMember 2020-01-01 2020-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:RealEstateOperationsMember 2020-01-01 2020-12-31 0001400810 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2020-01-01 2020-12-31 0001400810 us-gaap:IntersegmentEliminationMember 2020-01-01 2020-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:InsuranceOperationsMember 2019-01-01 2019-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:RealEstateOperationsMember 2019-01-01 2019-12-31 0001400810 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2019-01-01 2019-12-31 0001400810 us-gaap:IntersegmentEliminationMember 2019-01-01 2019-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:InsuranceOperationsMember 2018-01-01 2018-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:RealEstateOperationsMember 2018-01-01 2018-12-31 0001400810 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2018-01-01 2018-12-31 0001400810 us-gaap:IntersegmentEliminationMember 2018-01-01 2018-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:InsuranceOperationsMember 2020-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:InsuranceOperationsMember 2019-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:RealEstateOperationsMember 2020-12-31 0001400810 us-gaap:OperatingSegmentsMember hci:RealEstateOperationsMember 2019-12-31 0001400810 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2020-12-31 0001400810 us-gaap:OperatingSegmentsMember us-gaap:CorporateAndOtherMember 2019-12-31 0001400810 srt:ConsolidationEliminationsMember 2020-12-31 0001400810 srt:ConsolidationEliminationsMember 2019-12-31 0001400810 2020-12-01 2020-12-31 0001400810 us-gaap:OfficeEquipmentMember srt:MinimumMember 2020-12-31 0001400810 us-gaap:OfficeEquipmentMember srt:MaximumMember 2020-12-31 0001400810 hci:OfficeSpaceMember srt:MinimumMember 2020-12-31 0001400810 hci:OfficeSpaceMember srt:MaximumMember 2020-12-31 0001400810 us-gaap:OfficeEquipmentMember 2020-01-01 2020-12-31 0001400810 hci:OfficeSpaceMember 2020-01-01 2020-12-31 0001400810 hci:RetailSpaceMember srt:MinimumMember 2020-12-31 0001400810 hci:RetailSpaceMember srt:MaximumMember 2020-12-31 0001400810 hci:BoatDocksWetSlipsMember srt:MinimumMember 2020-12-31 0001400810 hci:BoatDocksWetSlipsMember srt:MaximumMember 2020-12-31 0001400810 hci:RetailSpaceMember 2020-01-01 2020-12-31 0001400810 hci:BoatDocksWetSlipsMember 2020-01-01 2020-12-31 0001400810 us-gaap:EmployeeStockOptionMember 2020-01-01 2020-12-31 0001400810 us-gaap:ConvertibleDebtMember 2019-01-01 2019-12-31 0001400810 us-gaap:EmployeeStockOptionMember 2019-01-01 2019-12-31 0001400810 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-12-31 0001400810 hci:ShareRepurchasePlanMember 2020-03-13 0001400810 2020-10-16 2020-10-16 0001400810 hci:ShareRepurchasePlanMember 2020-12-31 0001400810 hci:ShareRepurchasePlanMember hci:SocieteGeneraleMember hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2020-01-01 2020-12-31 0001400810 hci:ShareRepurchasePlanMember hci:SocieteGeneraleMember hci:FourPointTwoFivePercentageConvertibleSeniorNotesMember 2020-12-31 0001400810 hci:SeriesACumulativeRedeemablePreferredStockMember 2020-05-15 0001400810 us-gaap:SeriesBPreferredStockMember 2020-05-15 0001400810 2020-05-15 0001400810 hci:OmnibusIncentivePlanNewPlanTwoThousandAndTwelveMember 2020-12-31 0001400810 2017-01-01 2017-12-31 0001400810 us-gaap:EmployeeStockOptionMember 2020-12-31 0001400810 us-gaap:EmployeeStockOptionMember 2019-12-31 0001400810 us-gaap:RestrictedStockMember 2017-12-31 0001400810 us-gaap:RestrictedStockMember 2018-01-01 2018-12-31 0001400810 us-gaap:RestrictedStockMember 2018-12-31 0001400810 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001400810 us-gaap:RestrictedStockMember 2019-12-31 0001400810 us-gaap:RestrictedStockMember 2020-01-01 2020-12-31 0001400810 us-gaap:RestrictedStockMember 2020-12-31 0001400810 us-gaap:GeneralAndAdministrativeExpenseMember 2019-01-01 2019-12-31 0001400810 us-gaap:OtherOperatingIncomeExpenseMember 2019-01-01 2019-12-31 0001400810 us-gaap:GeneralAndAdministrativeExpenseMember 2018-01-01 2018-12-31 0001400810 us-gaap:OtherOperatingIncomeExpenseMember 2018-01-01 2018-12-31 0001400810 hci:OtherThanServiceBasedRestrictedStockAwardsMember 2020-01-01 2020-12-31 0001400810 hci:OtherThanServiceBasedRestrictedStockAwardsMember 2019-01-01 2019-12-31 0001400810 hci:OtherThanServiceBasedRestrictedStockAwardsMember 2018-01-01 2018-12-31 0001400810 hci:UsEmployeesMember 2020-01-01 2020-12-31 0001400810 hci:UsEmployeesMember srt:MaximumMember 2020-01-01 2020-12-31 0001400810 hci:UsEmployeesMember 2019-01-01 2019-12-31 0001400810 hci:UsEmployeesMember 2018-01-01 2018-12-31 0001400810 hci:UsEmployeesMember us-gaap:DeferredProfitSharingMember 2020-01-01 2020-12-31 0001400810 hci:IndiaEmployeesMember 2020-12-31 0001400810 hci:IndiaEmployeesMember 2019-12-31 hci:Plan 0001400810 hci:IndiaEmployeesMember 2019-01-01 2019-12-31 0001400810 hci:IndiaEmployeesMember 2020-01-01 2020-12-31 0001400810 hci:IndiaEmployeesMember 2018-01-01 2018-12-31 0001400810 2020-01-01 2020-03-31 0001400810 2020-04-01 2020-06-30 0001400810 2020-07-01 2020-09-30 0001400810 2020-10-01 2020-12-31 0001400810 2019-01-01 2019-03-31 0001400810 2019-04-01 2019-06-30 0001400810 2019-07-01 2019-09-30 0001400810 2019-10-01 2019-12-31 0001400810 2018-01-01 2018-03-31 0001400810 2018-04-01 2018-06-30 0001400810 2018-07-01 2018-09-30 0001400810 2018-10-01 2018-12-31 0001400810 hci:TypTapMember srt:MinimumMember 2020-12-31 0001400810 hci:TypTapMember srt:MinimumMember 2019-12-31 0001400810 hci:SubsidiaryOneMember srt:MinimumMember 2020-12-31 0001400810 hci:SubsidiaryOneMember srt:MinimumMember 2019-12-31 0001400810 hci:SubsidiaryOneMember 2020-01-01 2020-12-31 0001400810 hci:TypTapMember 2020-01-01 2020-12-31 0001400810 hci:SubsidiaryOneMember 2020-12-31 0001400810 hci:SubsidiaryOneMember 2019-12-31 0001400810 hci:SubsidiaryOneMember 2019-01-01 2019-12-31 0001400810 hci:SubsidiaryOneMember 2018-01-01 2018-12-31 0001400810 hci:TypTapMember 2020-12-31 0001400810 hci:TypTapMember 2019-12-31 0001400810 hci:TypTapMember 2019-01-01 2019-12-31 0001400810 hci:TypTapMember 2018-01-01 2018-12-31 0001400810 hci:HcpciAndTypTapMember 2020-09-30 0001400810 hci:TypTapMember us-gaap:USTreasurySecuritiesMember 2020-12-31 0001400810 hci:InsuranceSubsidiariesDomiciledInFloridaMember 2020-01-01 2020-12-31 0001400810 hci:InsuranceSubsidiariesDomiciledInFloridaMember srt:MaximumMember 2020-01-01 2020-12-31 0001400810 hci:HCPCIMember 2020-01-01 2020-12-31 0001400810 hci:HCPCIMember 2019-01-01 2019-12-31 0001400810 hci:HCPCIMember 2018-01-01 2018-12-31 0001400810 hci:SubsidiaryThreeMember 2020-12-31 0001400810 hci:SubsidiaryThreeMember 2019-12-31 0001400810 hci:SubsidiaryThreeMember 2020-01-01 2020-12-31 0001400810 hci:SubsidiaryThreeMember 2019-01-01 2019-12-31 0001400810 hci:SubsidiaryThreeMember 2018-01-01 2018-12-31 0001400810 hci:UsInsuranceSubsidiariesMember 2020-12-31 0001400810 hci:UsInsuranceSubsidiariesMember srt:MinimumMember 2020-12-31 0001400810 hci:OxbridgeMember 2020-01-01 2020-12-31 0001400810 hci:OxbridgeMember 2018-05-28 2018-05-28 0001400810 hci:OxbridgeMember hci:JuneOneTwoThousandSeventeenThroughMayThirtyFirstTwoThousandEighteenMember 2020-01-01 2020-12-31 0001400810 hci:FirstHomeBankMember 2018-03-31 0001400810 hci:FirstHomeBankMember 2018-03-01 2018-03-31 hci:Director 0001400810 srt:ParentCompanyMember 2020-12-31 0001400810 srt:ParentCompanyMember 2019-12-31 0001400810 srt:ParentCompanyMember 2020-01-01 2020-12-31 0001400810 srt:ParentCompanyMember 2019-01-01 2019-12-31 0001400810 srt:ParentCompanyMember 2018-01-01 2018-12-31 0001400810 srt:ParentCompanyMember 2018-12-31 0001400810 srt:ParentCompanyMember 2017-12-31 0001400810 us-gaap:SubsequentEventMember 2021-01-15 2021-01-15 0001400810 us-gaap:SubsequentEventMember 2021-01-17 2021-01-18 0001400810 us-gaap:SubsequentEventMember srt:MinimumMember 2021-01-17 2021-01-18 0001400810 us-gaap:SubsequentEventMember srt:MaximumMember 2021-01-17 2021-01-18 0001400810 us-gaap:SubsequentEventMember us-gaap:RevolvingCreditFacilityMember 2021-02-12 0001400810 us-gaap:SubsequentEventMember hci:SeriesAOnePreferredStockMember hci:TypTapInsuranceGroupIncMember 2021-02-26 0001400810 us-gaap:SubsequentEventMember hci:SeriesATwoPreferredStockMember hci:TypTapInsuranceGroupIncMember 2021-02-26 0001400810 us-gaap:SubsequentEventMember hci:TypTapInsuranceGroupIncMember 2021-02-26 0001400810 us-gaap:SubsequentEventMember hci:TypTapInsuranceGroupIncMember 2021-02-26 2021-02-26 0001400810 us-gaap:SubsequentEventMember us-gaap:SeriesAPreferredStockMember hci:TypTapInsuranceGroupIncMember 2021-02-26 2021-02-26 0001400810 us-gaap:SubsequentEventMember srt:MinimumMember hci:TypTapInsuranceGroupIncMember 2021-02-26 2021-02-26 0001400810 us-gaap:SubsequentEventMember 2021-02-26 0001400810 us-gaap:SubsequentEventMember hci:GulfToBayLMLLCMember 2021-03-02 2021-03-02 0001400810 us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2021-03-08 2021-03-08 0001400810 us-gaap:RevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2021-03-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-K

 

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-34126

 

HCI Group, Inc.

(Exact name of Registrant as specified in its charter)

 

 

Florida

 

20-5961396

(State of Incorporation)

 

(IRS Employer

Identification No.)

 

5300 West Cypress Street, Suite 100

Tampa, FL 33607

(Address, including zip code, of principal executive offices)

(813849-9500

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

Common Shares, no par value

HCI

New York Stock Exchange

 

Securities registered pursuant to Section 12(g) of the Act: None

 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes      No  

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes      No  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

  

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  Yes      No  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

The aggregate market value of the common stock held by non-affiliates of the registrant as of June 30, 2020, computed by reference to the price at which the common stock was last sold on June 30, 2020, was $286,741,595.

The number of shares outstanding of the registrant’s common stock, no par value, on February 26, 2021 was 8,623,922.

DOCUMENTS INCORPORATED BY REFERENCE

The information required by Part III of this Form 10-K is incorporated by reference from the registrant’s definitive proxy statement which will be filed not later than 120 days after the end of the fiscal year covered by this Form 10-K.

 

 


 

HCI GROUP, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

PART I:

 

 

 

 

 

 

 

Item 1

 

Business

 

2-9

 

Item 1A

 

Risk Factors

 

9-17

 

Item 1B

 

Unresolved Staff Comments

 

18

 

Item 2

 

Properties

 

18

 

Item 3

 

Legal Proceedings

 

19

 

Item 4

 

Mine Safety Disclosures

 

19

 

 

 

 

 

 

 

PART II:

 

 

 

 

 

 

 

Item 5

 

Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

20-22

 

Item 6

 

Selected Financial Data

 

23-24

 

Item 7

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

25-33

 

Item 7A

 

Quantitative and Qualitative Disclosures About Market Risk

 

33-35

 

Item 8

 

Financial Statements and Supplementary Data

 

36-100

 

Item 9

 

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

101

 

Item 9A

 

Controls and Procedures

 

101

 

Item 9B

 

Other Information

 

101

 

 

 

 

 

 

 

PART III:

 

 

 

 

 

 

 

Item 10

 

Directors, Executive Officers and Corporate Governance

 

102

 

Item 11

 

Executive Compensation

 

102

 

Item 12

 

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

102

 

Item 13

 

Certain Relationships and Related Transactions, and Director Independence

 

102

 

Item 14

 

Principal Accounting Fees and Services

 

102

 

 

 

 

 

 

 

PART IV:

 

 

 

 

 

 

 

Item 15

 

Exhibits, Financial Statement Schedules

 

103-106

 

Signatures

Certifications

 

 

 


 

PART I

ITEM 1 – Business

General

Incorporated in 2006, HCI Group, Inc. is a Florida-based company that, through its subsidiaries, is engaged in property and casualty insurance, reinsurance, real estate and information technology. References to “we,” “our,” “us,” “the Company,” or “HCI” in this Form 10-K generally refer to HCI Group, Inc. and its subsidiaries. Our principal executive offices are located at 5300 West Cypress Street, Suite 100, Tampa, Florida 33607, and our telephone number is (813) 849-9500. Our operations are classified as follows:

 

a)

Insurance Operations

 

Property and casualty insurance

 

Reinsurance

 

b)

Real Estate Operations

 

c)

Other Operations

 

Information technology

 

Other auxiliary operations

Insurance Operations

Property and Casualty Insurance

We sell our property and casualty insurance products through two insurance subsidiaries: Homeowners Choice Property & Casualty Insurance Company, Inc. (“HCPCI”) and TypTap Insurance Company (“TypTap”). HCPCI was incorporated and began operations in 2007. TypTap was incorporated and began operations in 2016. We provide various forms of residential insurance products such as homeowners insurance, flood insurance and wind-only insurance to homeowners, condominium owners and tenants for properties primarily located in Florida. HCPCI’s and TypTap’s operations are supported by HCI and its wholly-owned subsidiaries. Such operational support services consist of general administration, marketing, underwriting, accounting, policy administration, claim adjusting, and information technology. In particular, we leverage our internally developed software technologies to drive efficiency in claim process and claims settlement, identify underwriting profitability, and improve satisfaction of our policyholders and agents within our insurance business.

HCPCI began operations by participating in a “take-out program” through which we assumed insurance policies issued by Citizens Property Insurance Corporation (“Citizens”), a Florida state-supported insurer. The take-out program is a legislatively mandated program designed to reduce the State’s risk exposure by encouraging private companies to assume policies from Citizens. Opportunities to acquire large numbers of policies from Citizens meeting our strict underwriting criteria have diminished in recent years. We may, however, selectively pursue additional assumption transactions with Citizens.

As an established carrier, HCPCI has stood ready to accept the transfer or assumption of policies from insurance companies in Florida or any states in which it operates and will continue to do so in the future. In 2011, we accepted approximately 70,000 homeowners’ insurance policies representing $106 million in written premium from a carrier placed into receivership, and in April 2020 accepted the transfer of approximately 43,000 homeowners’ insurance policies representing approximately $69 million of annualized premium from a ratings-downgraded carrier that no longer conducted insurance business.

HCPCI will focus on optimizing its existing book of business and take advantage of opportunities as they arise. It is also approved to write residential property and casualty insurance in various states outside of Florida. Most recently, we assumed personal lines insurance business in four northeast states representing approximately $125 million in annual written premium from a well-established carrier. Written premium generated in states other than Florida during 2020 totaled approximately $204,000.

In contrast, TypTap has grown its portfolio of policies organically. In its first year of operation in 2016, gross written premium was $2.5 million and by 2020 it has grown to $104.9 million. In October 2020, TypTap began applying for approval to offer homeowners coverage in 23 states outside of Florida. Since then, TypTap has received approvals from ten states. TypTap has been successful in using internally developed proprietary technology to underwrite, select and write policies efficiently.

The nature of our business is to cover losses that may arise from, among other things, hurricanes and other catastrophic events such as tornadoes, floods and winter storms. The occurrence of any such catastrophes could have a significant adverse effect on our business, results of operations, and financial condition. To mitigate the risk associated with catastrophic events, we purchase reinsurance from other large insurance companies. Even without catastrophic events, we may incur losses and loss adjustment expenses that deviate substantially from our estimates and that may exceed our reserves, in which case our net income and capital would decrease. Our operating and growth strategies may also be impacted by regulation of our business by the State of Florida and other states in which we may operate. For example, insurance regulators must approve our policy forms and premium rates as well as monitor our compliance with financial and regulatory requirements. See Item 1A, “Risk Factors,” below.

2


 

Business Strategy

We operate in highly competitive markets where we face competition from national, regional and residual market insurance companies and, in the case of flood insurance, a program backed by the U.S. government. We may also face competition from new entrants in our markets, and such entrants may create pricing pressure that could lead to overall premium reductions.

Our competitive strategies focus on the following key areas:

 

Exceptional service – We are committed to maintaining superior service to our policyholders and agents.

 

Claims settlement practices – We focus on fair and timely settlement of policyholder claims.

 

Disciplined underwriting – We analyze exposures and utilize available underwriting data to ensure policies meet our selective criteria.

 

New product offerings – We may cross-sell additional insurance products to our existing policyholders in order to broaden our lines of business and product mix or identify other lines of insurance to offer.

 

Effective and efficient use of technology – We strive to add or improve technology that can effectively and efficiently enhance service to our policyholders and agents. For instance, we use our internally developed application, Exzeo®, to increase the efficiency of our claims processing and settlement. In addition, our online platform for quoting and binding residential flood policies streamlines the underwriting and policy production processes.

 

Geographical expansion – We continue to seek opportunities to expand our business within the state of Florida and into other states to increase overall geographic diversification. HCPCI and TypTap currently have regulatory approvals to underwrite residential property and casualty insurance in various states.

Seasonality of Our Business

Our insurance business is seasonal. Hurricanes and tropical storms affecting Florida, our primary market, typically occur during the period from June 1st through November 30th of each year. Winter storms in the northeast usually occur during the period between December 1st and March 31st of each year. In addition, our reinsurance contracts are generally effective June 1 of each year, and any variation in the cost of our reinsurance, whether due to changes in reinsurance rates or changes in the total insured value of our policy base, will be reflected in our financial results beginning June 1st of each year.

Government Regulation

We are subject to the laws and regulations in any state in which we conduct our insurance business. The regulations cover all aspects of our business and are generally designed to protect the interests of insurance policyholders as opposed to the interests of shareholders. Such regulations relate to a wide variety of financial and non-financial matters including:

 

authorized lines of business;

 

capital and surplus requirements;

 

approval of allowable rates and forms;

 

approval of reinsurance contracts;

 

investment parameters;

 

underwriting limitations;

 

transactions with affiliates;

 

dividend limitations;

 

changes in control; and

 

market conduct.

Our failure to comply with certain provisions of applicable insurance laws and regulations could have a material, adverse effect on our business, results of operations or financial condition.

3


 

State Licensure and Approval

All states require licensure and regulatory approval prior to the marketing of insurance products. Typically, licensure review is comprehensive and includes a review of a company’s business plan, solvency, reinsurance, rates, and forms, the character of its officers and directors and other of its financial and non-financial aspects. The regulatory authorities may prevent entry into a new market by not granting a license. In addition, regulatory authorities may preclude or delay our entry into markets by disapproving or withholding approval of our product filings.

Statutory Reporting and Examination

All insurance companies must file quarterly and annual statements with certain regulatory agencies in any state in which they are licensed to transact business and are subject to regular and special examinations by those agencies. The National Association of Insurance Commissioners mandates that all insurance companies be examined a minimum of once every five years. However, the Florida Department of Financial Services, Office of Insurance Regulation (“FLOIR”) has the authority to conduct an examination whenever it is deemed appropriate. HCPCI’s latest financial examination by the FLOIR related to the year ended December 31, 2015. As for TypTap, its latest limited scope examination was for the year ended December 31, 2018.

Liability for Losses and Loss Adjustment Expenses

Our liability for losses and loss adjustment expenses represents our estimate of the total cost of (i) claims that have been incurred, but not yet paid (“case reserves”), (ii) losses that have been “incurred but not yet reported” (“IBNR”), and (iii) loss adjustment expenses (“LAE”) which are intended to cover the ultimate cost of adjusting, investigating and settling claims, including investigation and defense of lawsuits resulting from such claims. We base our estimates on various assumptions and actuarial data we believe to be reasonable under the circumstances. The process of estimating the liability is inherently subjective and is influenced by many variables such as past loss experience, current claim trends and the prevailing social, economic and legal environments.

Significant time can elapse between the occurrence of an insured loss, the reporting of the loss to us and our payment of that loss. Our liability for losses and LAE, which we believe represents the best estimate at a given point in time based on facts, circumstances and historical trends then known, may necessarily be adjusted to reflect additional facts that become available during the loss settlement period.

For a discussion and summary of the activity in the liability for losses and LAE for the years ended December 31, 2020, 2019 and 2018, see Note 15 -- “Losses and Loss Adjustment Expenses” to our consolidated financial statements under Item 8 of this Annual Report on Form 10-K.

Loss Development

Our liability for losses and LAE represents estimated costs ultimately required to settle all claims for a given period. The following table illustrates development of the estimated liability for losses and LAE as of December 31 for the years 2010 through 2020 (amounts in thousands):

 

 

4


 

Schedule of Loss Development

 

 

 

2010

 

 

2011

 

 

2012

 

 

2013

 

 

2014

 

 

2015

 

 

2016

 

 

2017

 

 

2018

 

 

2019

 

 

2020

 

Original net liability for losses and LAE (a)

 

$

22,146

 

 

$

27,424

 

 

$

41,168

 

 

$

43,686

 

 

$

48,908

 

 

$

51,690

 

 

$

70,492

 

 

$

97,818

 

 

$

94,826

 

 

$

98,174

 

 

$

141,065

 

Re-estimated net losses and LAE (b) as of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 year later

 

 

26,776

 

 

 

27,309

 

 

 

38,712

 

 

 

47,344

 

 

 

57,807

 

 

 

72,229

 

 

 

89,199

 

 

 

110,286

 

 

 

105,385

 

 

 

99,974

 

 

 

 

 

2 years later

 

 

26,003

 

 

 

28,536

 

 

 

40,015

 

 

 

50,280

 

 

 

65,367

 

 

 

78,511

 

 

 

104,097

 

 

 

116,406

 

 

 

108,015

 

 

 

 

 

 

 

 

 

3 years later

 

 

27,226

 

 

 

28,499

 

 

 

42,976

 

 

 

54,696

 

 

 

66,211

 

 

 

89,017

 

 

 

110,329

 

 

 

119,536

 

 

 

 

 

 

 

 

 

 

 

 

 

4 years later

 

 

26,544

 

 

 

29,038

 

 

 

45,279

 

 

 

52,404

 

 

 

71,495

 

 

 

92,987

 

 

 

112,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5 years later

 

 

26,871

 

 

 

30,788

 

 

 

43,403

 

 

 

55,656

 

 

 

74,675

 

 

 

95,517

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6 years later

 

 

27,732

 

 

 

29,505

 

 

 

44,496

 

 

 

56,466

 

 

 

76,791

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7 years later

 

 

26,838

 

 

 

29,844

 

 

 

45,026

 

 

 

58,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8 years later

 

 

27,064

 

 

 

30,124

 

 

 

46,151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9 years later

 

 

27,224

 

 

 

30,848

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10 years later

 

 

27,949

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative net redundancy (deficiency) (c)

 

 

(5,803

)

 

 

(3,424

)

 

 

(4,983

)

 

 

(14,405

)

 

 

(27,883

)

 

 

(43,827

)

 

 

(41,617

)

 

 

(21,718

)

 

 

(13,189

)

 

 

(1,800

)

 

 

 

 

Cumulative amount of net liability paid as of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1 year later

 

 

16,833

 

 

 

15,652

 

 

 

22,365

 

 

 

26,595

 

 

 

33,347

 

 

 

41,053

 

 

 

50,533

 

 

 

57,621

 

 

 

55,711

 

 

 

45,373

 

 

 

 

 

2 years later

 

 

20,708

 

 

 

21,707

 

 

 

31,824

 

 

 

38,695

 

 

 

49,122

 

 

 

61,947

 

 

 

80,279

 

 

 

87,390

 

 

 

77,462

 

 

 

 

 

 

 

 

 

3 years later

 

 

23,732

 

 

 

25,350

 

 

 

37,041

 

 

 

45,655

 

 

 

58,141

 

 

 

77,876

 

 

 

98,216