HCI Group, Inc. (HCI): Business Model Canvas [Dec-2025 Updated]

You're digging into the nuts and bolts of a specialty insurer navigating a tricky property market, and honestly, the numbers for HCI Group, Inc. tell a clear story of tech-driven discipline. This isn't just about selling homeowners policies; it's about managing massive catastrophe risk-they've locked in over $3.5 billion in reinsurance capacity-while simultaneously integrating nearly 13,900 policies assumed from Citizens in the first half of 2025. The real kicker is their proprietary Exzeo platform, which is so central to their low-cost structure that they're prepping it for a tax-free spin-off by year-end. Let's break down exactly how HCI Group, Inc. is structuring its $658.3 million revenue stream across all nine building blocks below.

HCI Group, Inc. (HCI) - Canvas Business Model: Key Partnerships

You're looking at the relationships HCI Group, Inc. relies on to manage risk and scale its operations across insurance and technology. These partnerships are critical, especially given the concentration risk in Florida and the recent spin-off of the technology arm.

The structure of these alliances is heavily weighted toward risk transfer and technological enablement. Here's a breakdown of the key players and the scale of those relationships as of late 2025.

Global Reinsurers

HCI Group, Inc. finalized its catastrophe reinsurance programs for the 2025-2026 treaty year, running from June 1, 2025, through May 31, 2026. This involved securing more than $3.5 billion in excess-of-loss aggregate coverage across three distinct reinsurance towers. This capacity represents a 30% increase from the $2.7 billion limit secured in the prior year. A key element of this partnership is the quality assurance: all participating reinsurers hold an AM Best rating of 'A-' (Excellent) or higher, or they have fully collateralized their commitments to HCI Group, Inc..

Citizens Property Insurance Corp. Assumption Program

HCI Group, Inc. remains a meaningful participant in Florida's depopulation program, transferring risk from the state-backed insurer to its private entities. Tailrow Insurance Exchange, an HCI-sponsored reciprocal insurer, successfully assumed just under 14,000 personal residential policies from Citizens Property Insurance Corporation, effective February 18, 2025, bringing in approximately $35 million in in-force premium. This follows significant prior assumptions; for instance, in October 2024, Homeowners Choice and TypTap assumed over 42,000 policies totaling about $200 million in in-force premium. This activity directly contributed to HCI Group, Inc.'s first quarter 2025 consolidated gross premiums earned rising 17% to $300.4 million.

Technology Vendors and Exzeo Group

The proprietary Exzeo platform is central to underwriting efficiency. As of early 2025, Exzeo currently manages approximately $1.2 billion in premiums on its platform. HCI Group, Inc. recently spun off this unit, Exzeo Group, Inc., which completed its initial public offering in November 2025, raising $168 million. The IPO priced shares at $21 apiece, implying a potential valuation of about $1.91 billion, with HCI Group, Inc. retaining an 81.5% stake. As a standalone entity, Exzeo reported $52 million in revenue and $24 million in pretax income for the first quarter of 2025.

Financial Institutions and Investment Management

HCI Group, Inc. manages a growing investment portfolio, which is a key component of its overall financial structure. As of the end of the third quarter 2025 (September 30, 2025), the company's reported Equity Investments stood at $429.6 million. This shows a steady increase from the $293.1 million reported at the end of the second quarter 2025.

Here's a quick look at the scale of these critical relationships:

The Independent Agent Network is the channel through which HCI Group, Inc. distributes policies across its multi-state underwriting reach, complementing the direct assumption efforts in Florida. The growth in reinsurance capacity to $3.5 billion directly supports the increased exposure from these broader distribution efforts.

You can see the financial impact of these partnerships:

• Net consolidated reinsurance premiums ceded to third parties (excluding Claddaugh) are estimated around $422 million for the 2025-2026 treaty year.
• Claddaugh Casualty Insurance Company Ltd., HCI Group, Inc.'s Bermuda-based subsidiary, selectively participates across all three reinsurance towers.
• The statutory retention for the first event on Reinsurance Tower 1 and Reinsurance Tower 2 is set at $18 million per event.
• Exzeo Group's IPO raised $168 million, with an offering of 8 million shares.

Finance: draft 13-week cash view by Friday.

HCI Group, Inc. (HCI) - Canvas Business Model: Key Activities

You're looking at the core actions HCI Group, Inc. is taking to manage risk and unlock value right now, late in 2025. It's a mix of tight operational control and major corporate restructuring.

Disciplined Underwriting

HCI Group, Inc. is focused on keeping its underwriting results tight, which is how you maintain an industry-leading position in a tough market like Florida property insurance. The results show this discipline clearly.

For the first quarter of fiscal year 2025, the consolidated net combined ratio was an exceptional 56%, a big jump down from 67% in Q1 FY2024. This was supported by a gross loss ratio that fell below 20% in Q1 2025, though management noted a normalized ratio might be closer to 24-25%. By the second quarter, the gross loss ratio improved further to 21.3%. Even by the third quarter of CY2025, the net combined ratio stood at 64%, with a reported gross loss ratio of 22% for that quarter. The profitability underpinning this is clear: Q1 2025 pre-tax income exceeded $100 million, hitting $100.3 million, with diluted EPS at $5.35. For the nine months ending September 30, 2025, diluted EPS reached $15.47.

Here's a quick look at the underwriting performance metrics:

The company's ability to manage claims frequency, especially following legislative changes, is key to these numbers.

Reinsurance Program Management

Managing catastrophic risk requires structuring protection precisely, and HCI Group, Inc. uses a multi-layered approach. For the 2025-2026 treaty year, they finalized a significant expansion of their catastrophe reinsurance, securing over $3.5 billion in excess of loss aggregate limit, up from $2.7 billion the prior year. This protection is segmented across three distinct reinsurance towers.

The structure allocates risk based on the underlying insurance entity and geography:

• Tower 1: Covers Homeowners Choice and Tailrow policies issued in Florida.
• Tower 2: Covers all TypTap policies (in/out of Florida) and non-Florida Homeowners Choice policies.
• Tower 3: Covers all policies issued in Florida by Condo Owners Reciprocal Exchange (CORE).

The statutory retentions show where HCI retains the initial shock:

• Tower 1 & 2 First/Second Event Retention: $18 million each.
• Tower 3 (CORE) Retention: $3 million per event.

The Bermuda-based subsidiary, Claddaugh Casualty Insurance Company Ltd., has an estimated maximum retained loss of approximately $117 million for a first event and $35 million for a second event. The expected cost for this protection is substantial, with net consolidated reinsurance premiums ceded to third parties (excluding Claddaugh) estimated at about $422 million for the treaty year.

Technology Development

The Exzeo platform is central to operational efficiency, using advanced algorithms to price risks with precision. This technology currently supports premiums exceeding $1.2 billion within the HCI group entities. The platform's financial contribution as a standalone entity was quantified in Q1 2025, reporting $52 million in revenue and $24 million in pretax income. By Q3 2025, a key operational milestone was onboarding a fifth carrier onto the Exzeo insurance platform.

Policy Assumption

A major activity is the strategic assumption of policies from Citizens Property Insurance Corporation, Florida's insurer of last resort. As specified, HCI integrated approximately 13,900 policies from Citizens in H1 2025 via Tailrow Insurance Exchange, effective February 18, 2025. This specific assumption represented about $35 million in in-force premium. This activity contributed to the 17% growth in consolidated gross premiums earned to $300.4 million in Q1 2025. To be fair, later in the year, in October, the subsidiaries assumed an even larger block of over 47,000 policies, representing about $175 million of in-force premium.

Strategic Spin-off

HCI Group, Inc. is executing a major structural change by preparing Exzeo for a tax-free separation. The board approved this potential spin-off aiming for completion by year-end 2025. The process moved quickly in the latter half of the year; HCI confidentially filed a draft S-1 with the SEC in August 2025, followed by an amended filing on September 25, 2025. The initial public offering (IPO) was expected to price early in October and potentially raise about $100 million. The spin-off was achieved, with trading for Exzeo (ticker 'XZO') expected to start on November 5th, and the IPO completion was reported in the week of the November 6, 2025 earnings release. The IPO involved issuing 8 million new shares at $21 per share.

HCI Group, Inc. (HCI) - Canvas Business Model: Key Resources

You're looking at the core assets that power HCI Group, Inc.'s operations as of late 2025. These aren't just line items; they are the engines driving that industry-leading profitability you've seen reported.

Proprietary Technology: The Exzeo software ecosystem for insurance operations

The technology division, Exzeo Group, is a critical, now separately listed, asset. Exzeo built its proprietary technology ecosystem entirely in-house, meaning HCI Group wasn't reliant on third-party software for its core functions. This platform currently includes nine highly configurable software and data analytics applications. These applications cover everything from insurance quotes and underwriting to claims management and data analysis. The Exzeo Platform's solutions support over $1.2 billion of premiums in force across the carriers it serves. Honestly, the market recognized this value when Exzeo Group completed its carve-out IPO on November 4, 2025, pricing 8 million shares at $21.00 each to raise $168 million and achieving an implied valuation of $1.9 billion. HCI Group retained 75 million shares, representing about 81.54 percent ownership post-offering.

• Exzeo Platform applications: nine
• Exzeo 2024 Revenue: $134 million
• Exzeo 2024 Profits: Over $53 million
• Carriers using Exzeo platform (as of Sept 2025): Five (including one non-HCI controlled carrier)

Financial Capital: Strong balance sheet supporting over $1.2 billion in premium-in-force

The financial foundation is rock solid, which is defintely necessary when operating in the Florida property and casualty space. The balance sheet strength supports the volume of business HCI Group writes. For the third quarter of 2025, gross premiums earned reached $301.1 million, contributing to year-to-date earned premiums of $904.1 million. Holding company liquidity, which is key for flexibility, stood at approximately $285 million as of the end of Q3 2025. The capital structure is lean, with long-term debt at only $32 million and a debt-to-capital ratio around 8%. This strength translated directly to shareholder value, with total shareholders' equity at $821 million and book value per share increasing to roughly $63 by Q3 2025.

Reinsurance Subsidiary: Claddaugh Casualty Insurance Company Ltd. (Bermuda-based)

Claddaugh Casualty Insurance Company Ltd., HCI's Bermuda-based Class 3A reinsurer, is a crucial component for managing catastrophic risk. It writes reinsurance on a fully collateralized basis. For the 2025-2026 treaty year, HCI secured over $3.5 billion in excess of loss aggregate limit across its reinsurance towers, with Claddaugh participating selectively. Claddaugh's estimated maximum retained loss is set at approximately $117 million for a first event and $35 million for a second event. In Q3 2025, premiums ceded for reinsurance totaled $106.1 million.

Real Estate Portfolio: Commercial properties owned and managed in Florida

The real estate division, operating under the Greenleaf Capital brand, provides diversification. This portfolio consists of multiple commercial properties in Florida, including waterfront properties, retail shopping centers, and an office building, all held for investment purposes. The Greenleaf Tampa campus is reported as fully leased. Furthermore, capital flexibility improved as HCI doubled its credit facility with Fifth Third Bank to $150 million and released real estate collateral associated with it.

Experienced Underwriting Team: Driving the low gross loss ratio of 22.0% in Q3 2025

The underwriting discipline is perhaps the most visible resource, directly impacting profitability. The team delivered an exceptionally low gross loss ratio of 22.0% for the third quarter of 2025. This performance is a significant improvement from the 39.8% gross loss ratio reported in Q3 2024. For the first nine months of 2025, the gross loss ratio was even lower at 21%, compared to 33.6% for the same period in 2024. This efficiency is reflected in the net combined ratio, which hit 64% in Q3 2025. The team also managed to keep losses and loss adjustment expenses down to $66.2 million in Q3 2025, compared to $105.7 million in Q3 2024, which had included $40.0 million in net losses from Hurricane Helene.

Here's a quick look at how the Q3 2025 operational performance stacked up:

Finance: you should run a sensitivity analysis on the impact of a 500-basis-point increase in the gross loss ratio on Q4 2025 projected net income by end of week.

HCI Group, Inc. (HCI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why policyholders choose HCI Group, Inc. (HCI) for their property insurance needs as of late 2025. It boils down to protection, cost structure, and financial backing.

Catastrophe Risk Coverage

HCI Group, Inc. provides reliable homeowners insurance, particularly focused on Florida's coastal exposure areas. This is supported by a structure designed to handle significant weather events, as evidenced by the company reporting net losses of $40.0 million from Hurricane Helene in the third quarter of 2025.

Operational Efficiency

The value proposition here is a technology-driven, low-cost structure passed on to policyholders. This efficiency is reflected in key underwriting metrics from the third quarter of 2025:

This low loss ratio helped drive diluted earnings per share to $4.90 in Q3 2025.

Financial Security

Financial strength is paramount in insurance, and HCI Group, Inc. backs its policies with substantial external protection. For the 2025-2026 treaty year, running from June 1, 2025, through May 31, 2026, the company secured over $3.5 billion in aggregate limit across three catastrophe reinsurance towers. This represents a 30% increase from the $2.7 billion limit secured the previous year. Furthermore, all participating reinsurers are rated 'A-' (Excellent) or better by AM Best or have fully collateralized their obligations. This strong backing supports a book value per share that reached $63 year to date in 2025.

Multi-State Availability

While heavily focused on Florida, HCI Group, Inc. actively broadens its underwriting reach beyond its home state. The company's TypTap Insurance Company offers flood insurance products in several other states, including:

• Arkansas
• California
• Maryland
• New Jersey
• Ohio
• Pennsylvania
• South Carolina
• Texas

The second reinsurance tower specifically covers all TypTap Insurance Company policies regardless of whether they are issued inside or outside Florida.

Diverse Product Offerings

HCI Group, Inc. offers a range of property and casualty coverage through its subsidiaries. The primary product lines include:

• Homeowners insurance (via Homeowners Choice Property & Casualty Insurance Company, Inc.)
• Flood insurance (via TypTap Insurance Company)
• Condominium insurance (via Condo Owners Reciprocal Exchange, CORE)

The company's Q3 2025 results reflect the management of these diverse property risks. Finance: draft 13-week cash view by Friday.

HCI Group, Inc. (HCI) - Canvas Business Model: Customer Relationships

You're looking at how HCI Group, Inc. manages its connection with policyholders in late 2025. It's a mix of high-tech efficiency and traditional agent presence, all while managing massive policy volumes.

Technology-Enabled Service: Streamlining claims and policy management via Exzeo.

HCI Group's proprietary technology platform, Exzeo, is central to its customer interaction model, moving beyond just internal use. For the first quarter of 2025, the Exzeo Group segment generated $52 million in revenue and $24 million in pretax income. This technology stack supports approximately $1.2 billion in premium-in-force across the HCI group as of March 31, 2025. The strategic importance of this unit was cemented by its successful initial public offering (IPO) this week, which raised approximately $168 million in capital. HCI Group retains an 81.5% ownership stake post-IPO. This segment accounted for 16.3% of total revenue for the three months ended June 30, 2025. A key operational milestone was the onboarding of a fifth carrier to the Exzeo insurance platform during the third quarter of 2025.

Agent-Supported: Relying on independent agents for personalized sales and service.

While technology drives efficiency, the relationship structure still leans on agent support for personalized sales. The core insurance operations, which include the agent-driven distribution channels, remain the overwhelming source of revenue. For the three months ended June 30, 2025, the Insurance Operations segment accounted for 77.9% of total revenue. This indicates that while Exzeo is growing, the direct customer acquisition and service relationship often flows through the agent network.

Stability Commitment: Publicly stating no planned rate increases in Florida for 2025.

HCI Group is signaling a commitment to policyholder stability by shifting its growth focus. Management announced they would not participate in the December Citizens takeout round. The CEO suggested the available pool was 'dried up,' signaling a move away from prioritizing pure volume assumption toward underwriting quality. This strategic pivot directly impacts the relationship by prioritizing sustainable, profitable policy retention over aggressive volume acquisition.

Standardized Policy Interaction: High volume, transactional policy issuance and renewal.

The sheer volume of policies HCI Group processes defines the transactional nature of many customer interactions. Policy growth is substantial, driven both organically and through assumption programs. For the first nine months of 2025, consolidated gross premiums earned grew 15.1% to $904.1 million. The company assumed approximately 13,900 policies from Citizens Property Insurance Corporation in the first half of 2025, which equated to about $35.8 million in annualized gross written premiums. Furthermore, in October 2025, the subsidiaries assumed 47,000 new policies, adding $175 million in in-force premium. This high-volume intake necessitates standardized, efficient processing, which is where the Exzeo technology plays its supporting role.

Here's a quick look at the premium volume supporting these customer relationships:

The company's focus on underwriting quality is also reflected in its loss ratio performance, which dropped to 22% in Q3 2025, compared to 39.8% in Q3 2024.

Finance: draft Q4 2025 policy retention analysis by next Wednesday.

HCI Group, Inc. (HCI) - Canvas Business Model: Channels

The distribution of HCI Group, Inc. (HCI) products and services relies on a multi-faceted channel strategy spanning its specialized insurance subsidiaries, technology enablement, and non-insurance asset management.

Insurance Subsidiaries: Homeowners Choice, TypTap, Tailrow, and CORE

HCI Group, Inc. channels its primary insurance offerings through its distinct subsidiaries, which collectively generated $301.1 million in gross premiums earned in the third quarter of 2025. Homeowners Choice Property & Casualty Insurance Company, Inc. and TypTap Insurance Company are key players, having assumed over 42,000 policies from Citizens Property Insurance Corporation in late 2024, representing approximately $200 million of in-force premium at that time. Tailrow Insurance Exchange, a reciprocal insurance company, shares reinsurance protection with Homeowners Choice, indicating a shared channel for policy distribution in Florida. CORE is listed as one of the companies HCI Group owns and manages. The insurance operations contributed $282.95 million to gross premiums earned in Q3 2025, while the Reciprocal Exchange Operations contributed $19.56 million in the same period.

Independent Insurance Agents: Primary distribution for policy sales

While specific Q3 2025 direct sales figures versus agent-driven sales aren't explicitly broken out in premium contribution, the structure of the Citizens policy assumption process suggests a strong reliance on efficient, technology-backed selection, which often supports agent networks. The success in policy assumption, where Homeowners Choice had an 88% acceptance rate and TypTap had an 80% acceptance rate for the assumed policies, points to a channel capable of high-volume, targeted policy intake.

• Policy selection criteria are enabled by technology to fit underwriting profitability.
• The assumption process itself acts as a significant, albeit non-recurring, channel for premium volume growth.

Online/Digital Platforms: Utilizing Exzeo for efficient policy processing

The digital channel is primarily manifested through Exzeo, HCI's insurance technology subsidiary. Exzeo's platform is central to processing and underwriting efficiency across HCI's insurance entities. As of Q1 2025, Exzeo managed premiums exceeding $1.2 billion. The platform's success led to its initial public offering (IPO), which raised $155 million, with HCI retaining a majority stake. This technology platform is now expanding its reach beyond HCI, having onboarded its first non-HCI-controlled carrier during the third quarter of 2025. As a standalone entity, Exzeo reported $52 million in revenue and $24 million in pretax income for the first quarter of 2025.

Real Estate Leasing: Direct leasing and management of commercial properties

HCI channels revenue through its real estate subsidiary, Greenleaf Capital, LLC, which owns and operates commercial properties in Florida. This division provides a non-insurance revenue stream via direct leasing. In the third quarter of 2025, Greenleaf Capital achieved full occupancy at its Tampa campus. Furthermore, the division expanded its physical footprint by acquiring a new property in Pinellas County, Florida, during that same quarter. Greenleaf Capital previously secured a multi-year lease with GEICO for its Tampa office campus, indicating a channel success with major corporate tenants.

HCI Group, Inc. (HCI) - Canvas Business Model: Customer Segments

You're looking at the specific groups HCI Group, Inc. serves across its insurance and technology operations as of late 2025. The core is definitely Florida, but the expansion strategy involves clear targets outside the state and a distinct B2B client base for its technology arm.

Florida Homeowners: Core market for property and casualty insurance.

This segment is the foundation, served primarily through subsidiaries like Homeowners Choice Property & Casualty Insurance Company and Tailrow Insurance Exchange. Growth here is heavily influenced by the Florida Citizens Property Insurance Corporation depopulation program. For instance, Tailrow Insurance Exchange assumed just under 14,000 policies from Citizens, representing approximately $35 million of in-force premium. Homeowners Choice assumed approximately 22,000 policies from Citizens in October 2024. The gross premiums earned specifically in Florida were $272.5 million for the three months ended June 30, 2025. Overall, HCI Group manages over $1.2 billion in premium-in-force across its insurance carriers as of March 31, 2025.

Non-Florida Homeowners: Target for national expansion via TypTap.

TypTap Insurance Company targets homeowners outside of Florida, aiming for national scale. This segment is a key growth vector. For the first quarter of 2025, TypTap wrote $142.4 million in gross premiums. In the first six months of 2025, non-Florida regions contributed $59.7 million to gross premiums earned. Back in 2021, the goal for TypTap was to reach $1 billion in annual premiums by 2025, driven by this expansion.

Here's a look at the premium flow across the primary insurance entities:

Condominium and Renters: Specific segments addressed by tailored policies.

HCI Group addresses the condominium market through Condo Owners Reciprocal Exchange (CORE). This entity is sponsored by HCI and its policies issued in Florida are specifically covered under Reinsurance Tower 3. The data on specific premium volume for this segment is not broken out separately from the overall homeowners' book.

• CORE policies are covered under Reinsurance Tower 3 for Florida risks.
• HCI owns and manages operations for carriers writing homeowners and commercial residential insurance.

Insurance Industry: Potential clients for Exzeo's technology post-spin-off.

Exzeo Group, which completed its IPO in November 2025, targets the broader insurance industry with its technology. As a standalone entity, Exzeo is positioned to serve clients beyond HCI Group. As of Q1 2025, assuming standalone operation, Exzeo reported $52 million in revenue and $24 million in pretax income. The proprietary platform manages approximately $1.2 billion of premiums in-force. This is a small fraction of the total U.S. homeowners insurance market, estimated at $150 billion. The IPO valued Exzeo at roughly $1.9 billion.

• Exzeo IPO raised $168 million in November 2025.
• The technology platform manages $1.2 billion in premiums.
• The total U.S. homeowners insurance market is estimated at $150 billion.
• Exzeo's Q1 2025 standalone revenue was $52 million.

HCI Group, Inc. (HCI) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the HCI Group, Inc. business, especially after the major strategic moves in 2025. Honestly, for an insurer, the cost of risk transfer and claims handling will always dominate the structure, but the technology investment is a key differentiator now.

Let's break down the major outlays for the first nine months of 2025 (9M 2025).

Reinsurance Costs:

This is the premium you pay to offload risk to other reinsurers. For 9M 2025, the premiums HCI Group, Inc. ceded were $308.2 million. That's up from $254.5 million in 9M 2024, which makes sense since your policies in force and total insured value grew.

Losses and Loss Adjustment Expenses (LAE):

This covers what you actually pay out on claims. For 9M 2025, this category totaled $189.9 million. To be fair, this was a significant improvement from $264.0 million in 9M 2024, partly because 9M 2024 included net losses of $40.0 million from Hurricane Helene.

Policy Acquisition Costs:

These are the costs associated with getting new policies written. For 9M 2025, these expenses hit $89.5 million, up from $71.7 million the prior year. The driver here is clearly the higher volume of premiums in force you are writing.

General and Administrative (G&A):

This bucket includes the overhead to run the company. Personnel expenses, which are a big part of G&A, rose to $61.3 million for 9M 2025, compared to $52.9 million for 9M 2024. The increase was mainly due to higher stock-based and other incentive compensation, plus employee health benefits.

Here's a quick look at those key cost line items for 9M 2025:

Technology Development:

The investment here is intrinsically tied to Exzeo Group, Inc., your proprietary platform. While a direct 9M 2025 cost isn't itemized in the same way as the underwriting costs, the strategic cost/benefit is clear from the late 2025 events. Exzeo completed its Initial Public Offering (IPO) in November 2025, raising $168 million by selling 8 million shares at $21 apiece, though HCI Group, Inc. retained an 81.5% stake. This spin-off itself represents a massive capital event, but the ongoing cost structure includes the investment to maintain and grow that platform, which is now valued separately.

The technology focus means you are shifting costs toward platform enhancement, which is reflected in the G&A increases related to compensation.

• Exzeo IPO proceeds: $168 million raised.
• HCI Group, Inc. retained stake post-IPO: 81.5%.
• Exzeo IPO share price: $21 per share.
• Exzeo potential valuation post-IPO: about $1.91 billion.

The cost structure is definitely evolving as HCI Group, Inc. leans into its tech-enabled underwriting model. Finance: draft 13-week cash view by Friday.

HCI Group, Inc. (HCI) - Canvas Business Model: Revenue Streams

HCI Group, Inc. (HCI) revenue streams are anchored by its core insurance operations, supplemented by investment activities and technology services.

The primary revenue driver is premiums, which for the first nine months of 2025 reached $904.1 million, an increase of 15.1% from the $785.7 million reported for the same period in 2024, driven by a higher volume of policies in force. Premiums ceded for reinsurance for the nine months of 2025 were $308.2 million.

Investment income provides a secondary, stable stream. Net investment income for the second quarter of 2025 was $16.4 million.

Technology services revenue, derived from the Exzeo Group, represented 16.3% of HCI Group, Inc.'s second quarter 2025 revenue, according to the stated business model structure. The company also generates income from real estate holdings through rent and management fees.

The total revenue for the first nine months of 2025 was approximately $658.3 million, built from the following quarterly figures:

For comparison, the Q3 2025 revenue was reported as $216.4 million, which is a 23.4% increase from the $175.32 million reported in Q3 2024.

Key components of the revenue generation for HCI Group, Inc. include:

• Gross Premiums Earned (9M 2025): $904.1 million.
• Q2 2025 Net Investment Income: $16.4 million.
• Q2 2025 Total Revenue (as per model structure): $221.9 million.
• Q3 2025 Total Revenue: $216.4 million.
• Trailing Twelve Months Revenue (as of September 30, 2025): $816.58 million.

The structure of the revenue streams can be further detailed by the quarterly performance:

The Q2 2025 Gross Premiums Earned of $302.6 million represented a 14.8% increase year-over-year. The Q3 2025 Gross Premiums Earned of $301.1 million was a 13.4% rise from Q3 2024.

Finance: review the implied Exzeo revenue percentage against the actual reported revenue for Q2 2025 to confirm the 16.3% figure.