The following is a summary of the HCI Group, Inc. (HCI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• HCI Group reported pre-tax income of $77.4 million in earnings per share of $3.81 in Q1 2024.

• The gross loss ratio improved to 31% from 34% in the previous year's quarter.

• HCI delivered 54th consecutive quarterly dividend at $0.40 per share.

• 42% increase was noted in gross premiums earned compared to the same quarter last year, and investment income increased by 40% due to higher cash and investment balances and higher rates.

Business Progress:

• A total enforce premium of $40 million was completed through the first assumption at Condo Owners Reciprocal Exchange (CORE), and an additional $15 million in the next quarter.

• Growth in Florida played a significant role in the reported gross premiums earned.

• The company decreased debt by more than $60 million and increased shareholder equity by more than double to $395 million.

• HCI is setting up to capture potential market opportunities for significant business expansion, backed by their robust technology platform.

• Loss costs for old accident quarters, prior to legislative changes, are developing as expected with no adverse development in Q1 2024.

• For accident quarters post-legislative changes, 35% fewer lawsuits have been logged; company expresses optimism in the current progress but needs more time for appropriate adjustments based on these developments.

More details: HCI Group IR

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