📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

HCI Group, Inc., together with its subsidiaries, engages in the property and casualty insurance business in the United States.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding HCI

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	49.6K	$7.7M	0.01%	Mar 2026
Steve Cohen Point72 Asset Management	19.3K	$3.0M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 3 quarters analysed

Q2 2025

Confident Specific

Management used strong positive language such as 'another great quarter', 'fantastic quarter', 'strong financial results', and provided specific metrics like EPS $5.18, net combined ratio 62%, and equity growth of 65% year-to-date.

Q4 2025

Confident Specific

Management repeatedly used superlatives like 'phenomenal year', 'fantastic balance sheet', 'superior returns', and provided specific figures: pre-tax income $144M Q4, $429M full year, diluted EPS $7.25 and $22.72, book value per share $80, pro forma $140, cash flow $750M over two years. They expressed confidence in sustainability with 'the best is yet to come'.

Q1 2026 latest

Confident Specific

Management uses phrases like 'fantastic quarter', 'best first quarter ever', 'record earnings', 'superior returns' and provides concrete figures (pre-tax income +15%, EPS $5.45, book value $85, pro forma $145). No hedging on results; forward-looking statements about buybacks and new initiatives are assertive.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. HCI delivered record Q1 earnings, a strong combined ratio, and continued balance sheet improvement. The aggressive share buyback (2% of company per quarter) signals management's confidence in intrinsic value. The new reinsurer Fortex and exploration of new Exzeo-like assets add long-term optionality without distracting from core operations. However, the absence of specific guidance on the June 1 reinsurance renewal and the vague nature of new initiatives may leave some uncertainty. Next quarter, watch for final reinsurance terms, whether the combined ratio stays near 57%, and any concrete developments on the new ventures. The pro forma book value of $145 vs. trading price ~10% above stated book suggests significant upside if Exzeo's value is recognized.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Confident Specific → Stable 3 quarters Full tone analysis in Intelligence →

📊 MIXED HCI Group Q1 2026: pre-tax income $115M, EPS $5.45, book value ~$85/share, combined ratio 57%

Revenue & Profitability

Pre-tax income was $115 million (up 15% year over year) and diluted EPS was $5.45. Gross premiums earned grew 8%. Total revenue increased 12%. Combined ratio was 57% and loss ratio was 20%. Stockholder equity exceeded $1 billion, book value per share reached nearly $85, and pro forma book value (including Exzeo fair value) was about $145. Debt-to-capital ratio was 6%. As of end of April, $37.5 million of the $80 million buyback authorization had been used.

Outlook

Management expects stability in the Florida primary market with premiums remaining flat. The reinsurance market continues to soften. Paresh Patel noted an eventual inflection point for the industry and that HCI is positioned to act quickly on opportunities, especially after a storm event. The company is also monitoring the California wildfire situation cautiously.

Growth Drivers

Key growth levers include the new reinsurer Fortex for additional flexibility, the continued scaling of Exzeo (other income tripled quarter-over-quarter), and Tailrow now having over $120 million in-force premiums. Management is also pursuing two or three potential billion-dollar opportunities, similar to Exzeo, in other insurance lines or insurance value chain areas.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

The combined ratio was 57% in Q1 2026, consistent with full-year 2025. Management targets a combined ratio of 60% ±5%. The loss ratio was stable at 20%. Pre-tax income grew 15% from the prior year, reflecting margin expansion. Operating leverage and efficiency are supported by the technology platform.

Key Risks

Risks flagged include potential hurricane season impacts on M&A timing and underwriting. The softening reinsurance market could affect program costs. California wildfire developments were noted as a caution for new market entries. Management acknowledged that outcomes of new ventures are uncertain, and litigation frequency remains low but could change.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-06

Q2 2026 saw pre-tax income rise 18% year-over-year, with strong EPS and revenue growth. The company completed a major share buyback, launched new reinsurance programs, and began a GEICO distribution partnership. CORE pivoted to residential, driving new business.

Q1 2026 Q1 2026 2026-05-06

Q1 2026 saw record pre-tax income, revenue, and EPS, with strong underwriting and operational efficiency. Book value per share rose to nearly $85, and share buybacks continued, while Exzeo and new reinsurance initiatives contributed to growth.

Q4 2025 Q4 2025 2026-02-25

Q4 and full-year results showed strong growth in premiums, earnings, and equity, with declining loss and expense ratios. The company completed the Exio IPO, assumed significant new policies, and announced an $80M share buyback, while maintaining robust liquidity and preparing for further growth.

Q3 2025 Q3 2025 2025-11-06

Q3 saw strong earnings, a 64% combined ratio, and over 50% growth in book value per share. Exio's IPO raised $155M, while a major Citizens policy assumption added $175M in premium. Operational leverage and capital strength position the company for continued growth.

Q2 2025 Q2 2025 2025-08-07

Second quarter results showed strong EPS growth, improved loss and combined ratios, and a strengthened balance sheet. Exzeo filed for a potential IPO, while the company prepares for further policy takeouts and explores expansion beyond Florida, leveraging its technology.

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