TAMPA, Fla., Aug. 1, 2013 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) reported results today for the three and six months ended June 30, 2013.
Second Quarter 2013 - Financial Results
Income available to common stockholders in the second quarter of 2013 totaled $16.2 million or $1.40 diluted earnings per common share, an improvement from $7.2 million or $0.74 diluted earnings per common share in the second quarter of 2012.Gross premiums earned in the second quarter of 2013 increased 52.4% to $82.0 million from $53.8 million in the same period in 2012. The increase was primarily due to policies assumed from Citizens Property Insurance Corporation in November 2012. Net premiums earned (defined as gross premiums earned less premiums ceded to reinsurance companies) in the second quarter of 2013 increased 54.7% to $57.3 million from $37.1 million in the same period in 2012. Premiums ceded in the second quarter of 2013 were 30.0% of the company's gross premiums earned, compared with 31.1% during the same period in 2012. Net investment income in the second quarter of 2013 was $295,000 compared with $302,000 in the same period in 2012. Losses and loss adjustment expenses during the second quarter of 2013 were $17.4 million compared with $16.2 million in the same period in 2012. Policy acquisition and other underwriting expenses in the second quarter of 2013 were $7.3 million compared with $6.2 million in the comparable period in 2012. The increase was primarily attributable to commissions and premium taxes related to the increase in policy renewals. Other operating expenses, which include a variety of general and administrative expenses, totaled $7.4 million in the second quarter of 2013 compared with $4.4 million in the second quarter of 2012. The change was primarily due to increases in compensation and related expenses.
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