HCI Group Inc. entered into a multi-year lease agreement with GEICO to occupy an office complex in Tampa, signifying its expansion in Florida.
The agreement, managed through HCI’s real estate division, will support GEICO’s plans to add over 1,000 new jobs in the state.
“We are excited to secure a long-term tenant who plans to bring more than 1,000 new jobs to our local community,” said HCI chairman and CEO Paresh Patel in a statement.
GEICO stated it will begin accepting applications in April for insurance sales, service, and claims positions. The company also plans to offer “leadership development opportunities for those seeking management careers” and expects to occupy the space this summer.
The insurer, part of Berkshire Hathaway Insurance Group, currently employs nearly 3,800 workers across Florida, primarily in Jacksonville and Lakeland. GEICO said the expansion is part of its ongoing commitment to modernize operations and grow its business.
Berkshire Hathaway is Florida’s second-largest private passenger auto insurer, holding a 21.12% market share, according to BestLink. Progressive Insurance Group ranks first with 22.85%, while State Farm Group is third at 16.51%.
Nationally, GEICO is the third-largest auto insurer, with a 12.26% market share behind State Farm (18.26%) and Progressive (15.2%).
GEICO reported strong financial performance in the past year, with earnings more than doubling to $7.81 billion. Premiums written rose by 7.7% to $42.92 billion, according to a BestWire report.
HCI Group, headquartered in Tampa, owns and manages insurance carriers focused on homeowners and commercial residential coverage.
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