Flood insurance firm receives $100 million capital infusion

TAMPA — TypTap Insurance Group Inc. has announced that a New York-based investment firm has injected $100 million, or roughly 11.75% of its value, into the homeowners and flood insurer.

The Tampa-based HCI Group Inc. subsidiary intends to use the allocation from Centerbridge Partners L.P. to execute a national expansion of its offerings and to enhance its technology, according to a statement. The Centerbridge investment implies a valuation for TypTap of roughly $850 million.