Publicly traded HCI Group, the Tampa-based holding company for Homeowners Choice Property & Casualty, TypTap and a new condominium insurance reciprocal, is one of the first Florida insurers to report estimated losses after recent hurricanes.
HCI said in a statement Wednesday that the company expects to pay out $600 million to $750 million to policyholders as a result of claims from Hurricanes Debby, Helene and Milton. That translates to a third-quarter expense of about $60 million, and about $125 million for Q4.
But after reinsurance recoveries, HCI should still report a profit in Q3 and