HCI Group, Inc. (NYSE:HCJ) Q4 2016 Earnings Conference Call - Final Transcript

Feb 21, 2017 • 04:45 pm ET


HCI Group, Inc. (NYSE:HCJ) Q4 2016 Earnings Conference Call - Final Transcript


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Good afternoon and welcome to HCI Group's Fourth Quarter 2016 Earnings Call. My name is Tim and I will be your conference operator this afternoon. [Operator Instructions]

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 March 21, 2017 starting later this evening. This call is also being broadcast live via webcast and available via webcast replay until March 21, 2017 on the Investor Information section of the HCI Group website at www.hcigroup.com.

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

Kevin Mitchell

Thank you and good afternoon. Welcome to HCI Group's fourth quarter and full year 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 quarter 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 Information section of our corporate website at hcigroup.com.

Before we begin, I would like to take an 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, I would now like to turn the call over to Paresh Patel, our Chairman and CEO. Paresh?

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 and Casualty Insurance Company, which provides homeowners insurance in the state of Florida. The newest addition to our company, which we introduced last year, is TypTap Insurance Company, which provides flood insurance to Florida homeowners. TypTap features typtap.com, our internally developed online platform for coding and binding flood insurance policies. Accessible from any internet capable device, including your mobile phone, typtap.com provides a coding second and a policy in minutes. Thirdly, we have a Bermuda-based reinsurance subsidiary called Claddaugh Casualty Insurance Company, which participates in our reinsurance company.

We also have a information technology operation called Exzeo, which develops innovative products and services by insurance subsidiaries, including the technology that powers typtap.com. We expect to