HCI Group, Inc. reported a pre-tax income of $5.9 million and diluted EPS of $0.23 for the fourth quarter of 2024. For the full year 2024, the company achieved a pre-tax income of $173.4 million and diluted EPS of $8.89, an increase from $7.62 diluted EPS in 2023.
Consolidated gross premiums earned in the fourth quarter increased by 38.0% to $297.5 million, driven by policy assumptions from Citizens Property Insurance Corporation. Full-year gross premiums earned grew by 41.5% to $1,083.2 million, primarily due to growth in Florida.
Losses and loss adjustment expenses in Q4 2024 included a net loss of $78.0 million from Hurricane Milton, partially offset by $24.5 million of favorable development. For the full year, losses included $78.0 million from Milton, $43.0 million from Hurricane Helene, and $6.5 million from Hurricane Debby.
Management announced plans to keep rates flat for the foreseeable future in Florida, signaling confidence in the underlying profitability of the market. Additionally, HCI is taking initial steps to make its technology available to other carriers and in additional geographies, indicating a strategic expansion of its tech segment.
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