Regulatory approval means that TypTap, a subsidiary of HCI Group, will be able to write policies in six additional states
TAMPA — TypTap Insurance Co., a subsidiary of HCI Group Inc., has received regulatory approval to write homeowners’ insurance policies in six additional states.
With the approvals, the Tampa-based firm is expected to expand into Indiana, Mississippi, Montana, South Carolina, South Dakota and Utah, the company announced. The approvals come five months after TypTap, which now generates more than $100 million in revenue annually, announced plans for a nationwide expansion.
TypTap is the leading insurance platform of HCI Group, an InsurTech company engaged in insurance, software development and real estate.
TypTap, which has focused on homeowners and flood insurance policies primarily in Florida, is a technology-driven firm that has grown rapidly in recent years thanks in part to HCI Group software.
The company was formed in 2016 by Paresh Patel, who is HCI Group’s CEO, chairman and managing shareholder. The majority of its policies are sold through a network of independent insurance agents.