HCI Group authorizes $80 million share repurchase program

HCI Group’s board of directors has authorized a share repurchase program allowing the company to buy back up to $80 million of its common stock.

The Tampa-based insurer said the repurchases may occur periodically through open market purchases, block trades, privately negotiated transactions, or other methods permitted under federal securities laws, including Rule 10b5-1 trading plans. The timing and amount of repurchases will depend on market conditions, stock price, corporate requirements, and other considerations.

The program will run for one year and does not require the company to repurchase a specific number of shares. HCI may suspend or terminate the program at any time.

HCI Group is a diversified holding company with operations spanning insurance, reinsurance, real estate, claims services, and insurance technology. Its portfolio includes multiple property and casualty underwriters and exchanges, a captive reinsurer, a claims management business, a commercial real estate investment company, and insurance technology firm Exzeo Group.

Founded in 2006, HCI Group operates in 13 states and trades on the New York Stock Exchange under the ticker HCI. The company is included in the Russell 2000 and S&P SmallCap 600 indexes.