# EDGAR Filing Document

**Accession Number:** 0001400810
**File Stem:** 0000950170-25-105107
**Filing Date:** 2025-8
**Character Count:** 22470
**Document Hash:** e4661f94214c4470b490d162e696f456
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-105107.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0000950170-25-105107

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250807

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HCI Group, Inc.
- **CENTRAL INDEX KEY:** 0001400810
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34126
- **FILM NUMBER:** 251194655

**BUSINESS ADDRESS:**
- **STREET 1:** 3802 COCONUT PALM DRIVE
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33619
- **BUSINESS PHONE:** 813 849-9500

**MAIL ADDRESS:**
- **STREET 1:** 3802 COCONUT PALM DRIVE
- **CITY:** TAMPA
- **STATE:** FL
- **ZIP:** 33619

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Homeowners Choice, Inc.
- **DATE OF NAME CHANGE:** 20070524

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities and Exchange Act of 1934**

**Date of Report (or Date of Earliest Event Reported):** August 7, 2025

HCI Group, Inc.

**(Exact Name of Registrant as Specified in Its Charter)**

---

| | | |
|:---|:---|:---|
| Florida | 001-34126 | 20-5961396 |
| **(State or Other Jurisdiction**<br>**of Incorporation or Organization)** | **(Commission File Number)** | **(I.R.S. Employer**<br>**Identification Number)** |

---

3802 Coconut Palm Drive

Tampa**,** Florida 33619

**(Address of Principal Executive Offices)** 

**(**813**)** 405-3600

**(Telephone Number, Including Area Code)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Title of each class** | &nbsp;&nbsp;**Trading Symbol(s)** | &nbsp;&nbsp;**Name of each exchange on which registered** |
| &nbsp;&nbsp;Common Stock, no par value | &nbsp;&nbsp;HCI | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On August 7, 2025, we released our earnings for the three months and six months ended June 30, 2025. We plan to host an earnings conference call that same day at 4:45 p.m. Eastern time during which our chief executive officer, chief financial officer and chief operating officer as well as the president of our subsidiary, Exzeo Group, Inc., will discuss the results.

Interested parties may listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the <u>Investor Information</u> section of the company's website at <u>www.hcigroup.com</u>.

Date: Thursday, August 7, 2025

Time: 4:45 p.m. Eastern time (1:45 p.m. Pacific time)

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 521671

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

A replay of the call will be available by telephone after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at <u>www.hcigroup.com</u>.

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 52723

Our earnings release appears as Exhibit 99.1 to this form 8-K

**Item 9.01 Financial Statements and Exhibits.**

Exhibit 99.1 [<u>Earnings Release</u>](hci-ex99_1.htm)

Exhibit 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: August 7, 2025.

---

| | |
|:---|:---|
| **HCI GROUP, INC.** | **HCI GROUP, INC.** |
| By: | /s/ James Mark Harmsworth |
|  | James Mark Harmsworth<br>Chief Financial Officer |

---

------

## Exhibit 99.1

**Exhibit 99.1**

![img19850711_0.jpg](img19850711_0.jpg)

**HCI Group Reports Second Quarter 2025 Results**

Second Quarter Pre-Tax Income of $94.4 million and Diluted EPS of $5.18

Book Value Per Share Increased to $58.55

Gross Loss Ratio of 21.3%

**Tampa, Fla. – August 7, 2025 – HCI Group, Inc. (NYSE:HCI)**, reported pre-tax income of $94.4 million and net income of $70.3 million for the second quarter of 2025. Net income after noncontrolling interests was $66.2 million compared with $54.1 million in the second quarter of 2024. Diluted earnings per share were $5.18 in the second quarter of 2025, compared with $4.24 in the second quarter of 2024.

**Management Commentary**

"HCI Group delivered another strong quarter, marked by solid profitability, industry-leading net combined ratios, and meaningful growth in book value per share," said HCI Group Chairman and Chief Executive Officer Paresh Patel. "We continue to make progress on initiatives to unlock shareholder value and establish Exzeo as an independent, publicly traded entity."

**Second Quarter 2025 Commentary**

Consolidated gross premiums earned in the second quarter of 2025 increased by 14.8% to $302.6 million from $263.6 million in the second quarter of 2024 as a result of a higher volume of policies in force over the comparative period.

Premiums ceded for reinsurance in the second quarter of 2025 were $102.5 million compared with $99.6 million in the first quarter of 2025.

Losses and loss adjustment expenses in the second quarter of 2025 were $64.5 million compared with $78.3 million in the second quarter of 2024 despite the growth in gross premiums earned. The decrease was primarily driven by a decline in claims and litigation frequency. The gross loss ratio in the second quarter was 21.3% compared to 29.7% in the second quarter of 2024.

Policy acquisition and other underwriting expenses in the second quarter of 2025 were $30.6 million compared with $23.5 million in the second quarter of 2024. The increase was driven by higher gross premiums.

General and administrative personnel expenses in the second quarter of 2025 increased to $20.0 million from $17.5 million in the second quarter of 2024. The increase was primarily attributable to higher stock-based compensation, employee health benefits and merit increases.

Other operating expenses in the second quarter of 2025 increased to $8.8 million from $7.5 million in the second quarter of 2024. The increase was primarily attributable to a $1.1 million debt conversion charge in connection with the conversion of our 4.75% Convertible Senior Notes during the second quarter of 2025.

**Year-to-Date 2025 Results** 

For the six months ended June 30, 2025, the Company reported pre-tax income of $194.7 million and net income of $144.5 million. Net income after noncontrolling interests was $135.8 million compared with $101.7 million for the six months ended June 30, 2024. Diluted earnings per share were $10.57 for the six months ended June 30, 2025, compared with $8.04 for the six months ended June 30, 2024.

Consolidated gross premiums earned for the six months of 2025 increased to $603.0 million from $520.2 million in the same period of 2024 as a result of a higher volume of policies in force over the comparative period.

Premiums ceded for reinsurance for the six months of 2025 were $202.2 million compared with $144.8 million for the six months of 2024.

------

Losses and loss adjustment expenses for the six months of 2025 were $123.7 million compared with $158.2 million for the six months of 2024 despite the growth in gross premiums earned. The decrease was primarily driven by a decline in claims and litigation frequency. The gross loss ratio for the six months of 2025 was 20.5% compared to 30.4% for the six months of 2024.

Policy acquisition and other underwriting expenses for the six months of 2025 were $57.8 million compared with $45.6 million for the six months of 2024. The increase was driven by higher gross premiums.

General and administrative personnel expenses for the six months of 2025 increased to $40.5 million from $33.7 million for the six months of 2024. The increase was primarily attributable to higher stock-based compensation, employee health benefits and merit increases.

Other operating expenses for the six months of 2025 decreased to $14.4 million from $15.2 million for the six months of 2024. The decrease was partially offset by a $1.1 million debt conversion charge in connection with the conversion of our 4.75% Convertible Senior Notes during the six months of 2025.

**Conference Call**

HCI Group will hold a conference call later today, August 7, 2025, to discuss these financial results. Chairman and Chief Executive Officer Paresh Patel, Chief Operating Officer Karin Coleman and Chief Financial Officer Mark Harmsworth will host the call starting at 4:45 p.m. Eastern time.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company's website at www.hcigroup.com.

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 521671

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

A replay of the call will be available by telephone after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com through August 7, 2026.

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 52723

**About HCI Group, Inc.**

HCI Group, Inc. is a holding company with two distinct operating units. The first unit includes four top-performing insurance companies, a captive reinsurance company, and operations in claims management and real estate. The second unit, called Exzeo Group, is a leading innovator of insurance technology that utilizes advanced underwriting algorithms and data analytics. Exzeo empowers property and casualty insurers to transform underwriting outcomes and achieve industry-leading results.

The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company's website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

**Forward-Looking Statements**

This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. For example, the estimation of reserves for losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.

**Company Contact:**

Bill Broomall, CFA

------

Investor Relations

HCI Group, Inc.

Tel (813) 776-1012

wbroomall@exzeo.com

**Investor Relations Contact:**

Matt Glover

Gateway Group, Inc.

Tel (949) 574-3860

HCI@gateway-grp.com

- Tables to follow -

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**HCI GROUP, INC. AND SUBSIDIARIES**

**Selected Financial Metrics**

**(Unaudited)**

**(In thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **Q2 2025** | **Q2 2024** |
| Gross Written Premiums: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners Choice | $227090 | $191775 |
| &nbsp;&nbsp;&nbsp;&nbsp;TypTap Insurance Company | 110412 | 79093 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condo Owners Reciprocal Exchange | 13830 | 36034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailrow Reciprocal Exchange | 5213 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Gross Written Premiums | 356545 | 306902 |
| Gross Premiums Earned: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Homeowners Choice | 156552 | 143703 |
| &nbsp;&nbsp;&nbsp;&nbsp;TypTap Insurance Company | 124437 | 107055 |
| &nbsp;&nbsp;&nbsp;&nbsp;Condo Owners Reciprocal Exchange | 12811 | 12803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tailrow Reciprocal Exchange | 8828 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Gross Premiums Earned | 302628 | 263561 |
| Gross Premiums Earned Loss Ratio | 21.3% | 29.7% |
| **Per Share Metrics** |  |  |
| Diluted EPS | $5.18 | $4.24 |
| Dividends per share | $0.40 | $0.40 |
| Book value per share at the end of period | $58.55 | $42.72 |
| Shares outstanding at the end of period | 12956884 | 10472741 |

---

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**HCI GROUP, INC. AND SUBSIDIARIES**

**Consolidated Balance Sheets**

**(In thousands, except share amounts)**

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** |  |
| **Assets** |  |  |
| Fixed-maturity securities, available for sale, at fair value (amortized cost: $590,666 and $719,536, respectively and allowance for credit losses: $0 and $0, respectively) | $592210 | $718537 |
| Equity securities, at fair value (cost: $55,174 and $52,030, respectively) | 58618 | 56200 |
| Limited partnership investments | 19770 | 20802 |
| Real estate investments | 85578 | 79120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 756176 | 874659 |
| Cash and cash equivalents | 947166 | 532471 |
| Restricted cash | 3730 | 3714 |
| Accrued interest and dividends receivable | 6308 | 6008 |
| Income taxes receivable | 3130 | 463 |
| Deferred income tax assets, net | 361 | 72 |
| Premiums receivable, net (allowance: $8,180 and $5,891, respectively) | 65826 | 50582 |
| Prepaid reinsurance premiums |  | 92060 |
| Reinsurance recoverable, net of allowance for credit losses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively) | 62727 | 36062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses and loss adjustment expenses (allowance: $137 and $186, respectively) | 375198 | 522379 |
| Deferred policy acquisition costs | 65138 | 54303 |
| Property and equipment, net | 29695 | 29544 |
| Right-of-use-assets - operating leases | 1065 | 1182 |
| Intangible assets, net | 3927 | 5206 |
| Funds withheld for assumed business | 8538 | 11690 |
| Other assets | 24121 | 9818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**2353106** | $**2230213** |
| **Liabilities, Redeemable Noncontrolling Interests and Equity** |  |  |
| Losses and loss adjustment expenses | $696892 | $845900 |
| Unearned premiums | 627484 | 584703 |
| Advance premiums | 43677 | 18867 |
| Reinsurance payable on paid losses and loss adjustment expenses | 127 | 2496 |
| Ceded reinsurance premiums payable | 38121 | 18313 |
| Assumed premiums payable | 375 | 2176 |
| Accrued expenses | 42033 | 17677 |
| Income taxes payable | 24294 | 5451 |
| Deferred income tax liabilities, net | 2402 | 2830 |
| Revolving credit facility | 40000 | 44000 |
| Long-term debt | 15602 | 185254 |
| Lease liabilities - operating leases | 1072 | 1185 |
| Other liabilities | 33938 | 32320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **1566017** | **1761172** |
| Commitments and contingencies |  |  |
| Redeemable noncontrolling interests | 2405 | 1691 |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, (no par value, 40,000,000 shares authorized, 12,956,884 and 10,767,184<br>shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 298706 | 122289 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 458713 | 331793 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 1158 | (749) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **758577** | **453333** |
| &nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 26107 | 14017 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **784684** | **467350** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, redeemable noncontrolling interest and equity** | $**2353106** | $**2230213** |

---

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**HCI GROUP, INC. AND SUBSIDIARIES**

**Consolidated Statements of Income**

**(Unaudited)**

**(In thousands, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** |  |  |  |  |
| Gross premiums earned | $302628 | $263561 | $603011 | $520205 |
| Premiums ceded | (102522) | (76713) | (202157) | (144819) |
| Net premiums earned | 200106 | 186848 | 400854 | 375386 |
| Net investment income | 16445 | 16881 | 30196 | 30948 |
| Net realized investment gains | 155 | 212 | 1322 | 212 |
| Net unrealized investment gains (losses) | 1180 | 533 | (726) | 3168 |
| Policy fee income | 1467 | 1089 | 3696 | 2108 |
| Other | 2567 | 682 | 3011 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenue** | **221920** | **206245** | **438353** | **412859** |
| **Expenses** |  |  |  |  |
| Losses and loss adjustment expenses | 64457 | 78324 | 123748 | 158246 |
| Policy acquisition and other underwriting expenses | 30551 | 23452 | 57838 | 45591 |
| General and administrative personnel expenses | 19985 | 17471 | 40468 | 33745 |
| Interest expense | 3744 | 3452 | 7128 | 6601 |
| Other operating expenses | 8791 | 7520 | 14440 | 15220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **127528** | **130219** | **243622** | **259403** |
| **Income before income taxes** | **94392** | **76026** | **194731** | **153456** |
| Income tax expense | 24113 | 18927 | 50222 | 39401 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $**70279** | $**57099** | $**144509** | $**114055** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to redeemable noncontrolling interests |  |  |  | (10149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interests | (4119) | (3023) | (8665) | (2219) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income after noncontrolling interests** | $**66160** | $**54076** | $**135844** | $**101687** |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share | $5.57 | $5.18 | $12.00 | $9.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share | $5.18 | $4.24 | $10.57 | $8.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends per share | $0.40 | $0.40 | $0.80 | $0.80 |

---

------

**HCI GROUP, INC. AND SUBSIDIARIES**

**(Unaudited)**

**(In thousands, except per share amount)**

A summary of the numerator and denominator of basic and diluted earnings per common share is presented below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** |
|  | **Income** | **Shares** | **Per Share** | **Income** | **Shares** | **Per Share** |
|  | **(Numerator)** | **(Denominator)** | **Amount** | **(Numerator)** | **(Denominator)** | **Amount** |
| Net income | $70279 |  |  | $144509 |  |  |
| Less: Net income attributable to noncontrolling interests | (4119) |  |  | (8665) |  |  |
| Net income attributable to HCI | 66160 |  |  | 135844 |  |  |
| Less: Income attributable to participating securities | (2616) |  |  | (5691) |  |  |
| **Basic Earnings Per Share:** |  |  |  |  |  |  |
| Income attributable to common stockholders | 63544 | 11400 | $**5.57** | 130153 | 10846 | $**12.00** |
| **Effect of Dilutive Securities:** |  |  |  |  |  |  |
| Stock options |  | 392 |  |  | 373 |  |
| Convertible senior notes | 3170 | 1084 |  | 5500 | 1611 |  |
| Warrants |  | 7 |  |  | 7 |  |
| **Diluted Earnings Per Share:** |  |  |  |  |  |  |
| Income attributable to common stockholders | $66714 | 12883 | $**5.18** | $135653 | 12837 | $**10.57** |

---

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