HCI Group, Inc. (NYSE:HCJ) Q1 2016 Earnings Conference Call - Final Transcript

May 03, 2016 • 04:45 pm ET

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HCI Group, Inc. (NYSE:HCJ) Q1 2016 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. Welcome to HCI Group's First Quarter 2016 Earnings Call. My name is Tim and I will be your conference operator this afternoon. At this time, all participants will be in a listen-only mode. Before we begin today's call, I would like to remind everyone that this conference call is being recorded and will be available for replay through June 3, starting later this evening. This call is also being broadcast live via webcast and available via webcast replay until June 3 on the Investor Information section of the HCI Group website at www.hcigroup.com.

I would now like to turn the call over to Kevin Mitchell, the Vice President of Investor Relations for HCI Group. Sir, please proceed.

Executive
Kevin Mitchell

Thank you, and good afternoon. Welcome to HCI Group's first quarter 2016 earnings call. With me today are Paresh Patel, our Chairman and Chief Executive Officer; and Richard Allen, our Chief Financial Officer. Following Paresh's opening remarks, Richard will review our financial performance for the first quarter of 2016, and then turn the call back to Paresh for an operational update and business outlook. Finally, we will answer questions. To access today's webcast, please visit the Investor Relations section of our corporate website at hcigroup.com.

Before we begin, I would like to take the opportunity to remind our listeners that today's presentation and responses to questions may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipate, estimate, expect, intend, plan 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. 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 conditions, and results of operations. HCI Group, Inc. disclaims all the obligations to update any forward-looking statements.

With that said, I would like to now turn the call over to Paresh Patel, our Chairman and CEO. Paresh?

Executive
Paresh Patel

Thank you, Kevin, and welcome, everyone. As most of you know, HCI Group is a holding company with subsidiaries engaged in diverse yet complementary business activities. Our principal operating subsidiary is Homeowners Choice Property & Casualty Insurance Company, which provides homeowners and flood insurance in Florida. The newest addition to our company, which we introduced during our last call is TypTap Insurance Company. TypTap, spelled TypTap, focuses on flood insurance to Florida homeowners. We expect to add other lines of business in the future. We encourage our listeners to visit TypTap website at tpytap.com to experience our new platform. It provide a code in seconds and a policy in minutes. Buying insurance has never been easier. We believe this is a way all insurance is processed in the future.

Additionally, we have a Bermuda-based reinsurance subsidiary called Claddaugh Casualty Insurance Company, which participates in