This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

HCI Group Reports Third Quarter And Nine-Month 2013 Results

TAMPA, Fla., Nov. 5, 2013 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) reported results today for the three and nine months ended September 30, 2013.

Third Quarter 2013 - Financial Results

Income available to common stockholders in the third quarter of 2013 totaled $13.4 million or $1.13 diluted earnings per common share, compared with $2.8 million or $0.27 diluted earnings per common share in the third quarter of 2012.

Gross premiums earned in the third quarter of 2013 increased 53.0% to $81.2 million from $53.1 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 third quarter of 2013 increased 73.0% to $52.9 million from $30.6 million in the same period in 2012. Premiums ceded in the third quarter of 2013 were 34.8% of the company's gross premiums earned, compared with 42.4% during the same period in 2012.

Losses and loss adjustment expenses during the third quarter of 2013 were $14.5 million compared with $15.0 million in the same period in 2012.

Policy acquisition and other underwriting expenses in the third quarter of 2013 were $8.9 million compared with $6.6 million in the previous year period. The increase was primarily attributable to commissions and premium taxes related to an increase in policy renewals. Other operating expenses, which include a variety of general and administrative expenses, totaled $8.8 million in the third quarter of 2013 compared with $4.7 million in the third quarter of 2012. The change was primarily due to increases in compensation and related expenses.

Interest expense from the company's senior notes issued in January 2013 totaled $847,000 in the third quarter of 2013.

Third Quarter 2013 - Financial Ratios

The company's loss ratio applicable to the third quarter of 2013 (defined as losses and loss adjustment expenses related to net premiums earned) was 27.4% compared with 49.1% in the third quarter of 2012. The loss ratio was positively impacted by a significant increase in premiums earned during the third quarter of 2013 as compared with the third quarter of 2012. In addition, third quarter 2012 results included losses totaling approximately $3.2 million related to claims from Tropical Storm Debby and Tropical Storm Isaac, which occurred in June and August 2012, respectively.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs