Tampa insurance CEO signs deal to remain in post until at least 2029

HCI Group Inc. Chairman and CEO Paresh Patel has signed an agreement to remain with the Tampa insurance, IT and real estate firm for at least another five years. 

Patel was part of the HCI founding team in 2007 and has guided the company to over $1 billion in annual insuance premium, officials say. The new employee agreement, according to a public filings with the SEC, keeps Patel’s base salary at $950,000 a year. He also has a “long-term equity incentive with a vesting threshold of $200 per share,” the company says. That represents a significant premium to the share price of $114.79 as of Tuesday's market close. 

The contract structure, the company says in the release, assures “Patel remains highly incentivized to execute on the company’s strategic objectives and goals.”