Indiana, Mississippi, Montana, South Carolina, South Dakota, and Utah are six new states where TypTap Insurance Company will write homeowners insurance, according to a December 16, 2020 news release. Aspiring TypTap panel counsel members will want to make a note of this expansion.
A rapidly growing, technology-driven property and casualty insurer, TYPTAP Insurance Company was first licensed with the Florida Office of Insurance Regulation on December 15, 2016. TypTap is wholly owned by HCI Group, Inc. (NYSE: HCI).
TypTap is authorized to sell homeowners multi-peril, allied lines, and fire insurance in Florida on both a direct and reinsurance basis.
The portfolio of policies held by TypTap has grown organically from $2.5 million of gross written premium for homeowners’ and flood insurance in Florida in 2016 to $60.2 million in 2019. TypTap has been successful in using internally developed proprietary technology to underwrite, select and write policies efficiently in Florida. Insurance products and services are underwritten by TypTap Insurance Company in Florida.
Flood insurance is offered by TypTap in California, Florida, Maryland, New Jersey, Pennsylvania, South Carolina, and Texas. TypTap offers a “modernized system” that pre-underwrites homes for flood coverage so that interested insureds can obtain a quote and policy more quickly than with traditional homeowner carriers.
Homeowners Choice Property & Casualty Insurance Company, Inc., an affiliated company, underwrites policies in Arkansas, California, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina and Texas.
TYPTAP Insurance Company was registered with the Florida Division of Corporations as a Florida profit corporation on December 28, 2015 and is headquartered in Ocala. TYPTAP Management Company, also based in Ocala, is a related active Florida profit corporation registered on November 16, 2015. TYPTAP Insurance Group, Inc. is a newer, active Florida profit corporation registered on July 22, 2020 and based in Tampa.
TypTap has received an “A,” Exceptional, Financial Stability Rating from Demotech, Inc. It is accepted by mortgage lenders and backed by strong reinsurance partners internationally.
About HCI Group and TypTap
HCI Group, Inc. is a Tampa, Florida-based company founded in 2006 that is engaged in property and casualty insurance, reinsurance, real estate and information technology. HCI companies provide 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.
Property and casualty insurance products are sold through two insurance subsidiaries: Homeowners Choice Property & Casualty Insurance Company, Inc. (“HCPCI”) and TypTap Insurance Company. HCPCI was incorporated and began operations in 2007.
HCI and United Insurance Holding Corp. (NASDAQ: UIHC) announced an agreement in principle in December, 2020 for United’s primary insurance subsidiary, United Property & Casualty Insurance Company, to transfer all its personal lines insurance business in the states of Connecticut, New Jersey, Massachusetts and Rhode Island to HCI. The business to be transferred represents approximately $130 million of annual premiums. HCI’s insurance operations are primarily in Florida. However, it recently announced plans to expand nationwide.
HCI provides administrative support to HCPCI and TypTap, including marketing, underwriting, accounting, policy administration, claim adjusting, and information technology. HCI leverages its internally developed software technologies to drive efficiency in claim process and claims settlement, identify underwriting profitability, and improve of policyholder and agent satisfaction.
More About Homeowners Choice Property & Casualty Insurance Company, Inc.
HCPCI began operations by participating in a “take-out program” through which it 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.
As an established carrier, HCPCI has stood ready to accept the transfer of policies from troubled insurance companies in Florida and plans to do so in the future. In 2011, it 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 will no longer conduct 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 the states of Arkansas, California, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina and Texas. Written premium generated in these states during 2019 totaled approximately $327,000.
Insurance Defense Marketing Consultant for Law Firms
If your insurance defense law firm is asking how you can improve your marketing communications and business development efforts, give us a call. We have helped more than 200 insurance defense law firms in 40 states pursue new client opportunities.
Legal Expert Connections, Inc. offers three key benefits to insurance defense law firms nationwide:
- We are the leading U.S. legal marketing agency specializing in the insurance defense market. We make it our business to identify who you need to contact at an insurance company, corporation or municipality to be considered as a panel counsel member. We accelerate your business development process by helping you focus on introducing your law firm to new prospective clients.
- You get a structured business development process. We guide your law firm through a proven three-step campaign that brings discipline, focus, and productivity to your marketing efforts.
- Increase revenue with professional, Bar-compliant legal marketing campaigns. We do the research to identify insurance panel managers, so you can focus your time on the business development process.
This article is provided for educational purposes only. It is not to be interpreted as legal advice or an opinion in regard to any topic discussed. The article should not be used as a substitute for legal advice from a licensed attorney in your state. Every situation is different and circumstances vary widely depending on the governing state law, policy provisions, and related considerations.