TAMPA, Fla., April 23, 2024 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE: HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, announced today that it has entered into a new Executive Employment Agreement with its Chairman and Chief Executive Officer, Paresh Patel. The new agreement secures Mr. Patel's leadership for at least an additional five years.
Mr. Patel's proven success over HCI's 17-year history has seen the Company grow to over $1 billion in annual premium, with best-in-class performance in the industry. The new Employment Agreement includes a long-term equity incentive with a vesting threshold of $200 per share, representing a significant premium to HCI's current share price, assuring Mr. Patel remains highly incentivized to execute on the Company's strategic objectives and goals. Mr. Patel's base salary is unchanged.
"We are fortunate to have Paresh continue to lead HCI Group. As a co-founder and key architect of the company's technology ecosystem, the Board thought it was important to formalize an agreement that keeps Paresh at HCI for the foreseeable future. Throughout his time leading the company, Paresh has developed an excellent track record as a visionary, insightful leader, and has delivered strong returns for shareholders," said Gregory Politis, HCI's lead independent director.
More information is available in the Company's Form 8-K, filed today with the U.S. Securities and Exchange Commission.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, information technology services, insurance management, real estate, and reinsurance. HCI's leading insurance operation, TypTap Insurance Company, is a technology-driven homeowners insurance company. TypTap's operations are powered in large part by insurance-related information technology developed by HCI's software subsidiary, Exzeo USA, Inc. HCI's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides homeowners insurance primarily in Florida. HCI's real estate subsidiary, Greenleaf Capital, LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas.
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.
Company Contact:
Bill Broomall, CFA
Investor Relations
HCI Group, Inc.
Tel (813) 776-1012
wbroomall@typtap.com
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
Tel 949-574-3860
HCI@gateway-grp.com
