HCI Group Inc. has announced the renaming of TypTap Insurance Group operations to Exzeo Group Inc. The rebranding is part of a broader structural reorganization aimed at creating two distinct operating units with clear management teams and objectives, the company said in a statement.

Under the new structure, one unit will focus on HCI’s insurance-related businesses, including Homeowners Choice Property & Casualty Insurance, TypTap Insurance, and the reciprocal exchanges Condo Owners and Tailrow. The division also encompasses claims management company Griston, reinsurer Claddaugh, and real estate arm Greenleaf Capital. TypTap, launched in 2016, utilizes Exzeo’s platform for policy administration, claims management, and agent integration.

“Each operating unit is financially strong, and we believe this new structure will enable both to pursue their growth and profitability objectives more effectively,” said HCI chairman and CEO Paresh Patel. “Our technology has a proven track record of delivering solid underwriting results, and we believe this streamlined organizational structure will unlock additional growth opportunities.”

Get the latest reinsurance news direct to your inbox twice a week. Sign up here

Exzeo Group will house HCI’s technology operations, which develop products and services for property and casualty insurers.

TypTap and Exzeo have maintained a close relationship within HCI Group. Exzeo, founded in 2012, developed TypTap’s proprietary technology entirely in-house, allowing the insurer to operate without relying on third-party software. The technology includes policy administration tools, claims management systems, and agent integration platforms that enable quick quoting and binding for independent agents. HCI initially created TypTap to prove the effectiveness of Exzeo’s technology in enhancing underwriting and operational efficiency.

Patel also noted that Tailrow Reciprocal Exchange has officially begun operations after assuming nearly 14,000 policies from Florida’s insurer of last resort, Citizens Property Insurance Corp. Tailrow had been approved to assume up to 20,000 policies and extended offers on 18,000, with Patel crediting HCI’s technology and management for the smooth transition.

Following the announcement, shares of HCI Group Inc. (NYSE: HCI) traded at $139.90 on the afternoon of March 3, marking a 7.64% increase from the previous close.

What do you think of HCI Group’s restructuring? Share your thoughts in the comments below.

Get the latest reinsurance news direct to your inbox twice a week. Sign up here