As TypTap’s cutting-edge technology advances, so does its active portfolio of policyholders across 12 states. HCI Group’s successful policy transfer agreement with United Property & Casualty Insurance Company (UPC) in the Northeast super-charged TypTap’s national expansion plans. Now, HCI Group is furthering this transaction with the transition of UPC’s books of business in the Southeastern states of Georgia, North Carolina, and South Carolina, representing approximately $73 million in *annual premiums. (*Annual premiums as of the effective date of the quota share on June 1, 2022)
As of June 1, 2022, TypTap started the transition of the in-force UPC policies in South Carolina, deepening its regional influence and broadening its national footprint. Policyholders in South Carolina now have access to a truly transformative homeowners insurance product enabled by TypTap’s proprietary technology, differentiated underwriting strategy, and customer service mentality. The company’s technology-driven model prioritizes simplicity, yielding a modernized insurance experience conducted strictly through the agent channel. Validated by notable success rates from the UPC Northeast transaction and additional expansion efforts, TypTap’s unique operative approach is prepared to meet HCI Group’s growth ambitions in the Southeast.
The recent expansions of TypTap’s homeowners insurance operations across the United States primed the carrier for its latest growth opportunity in the nation’s Southeast region. While the infusion of UPC policies rapidly accelerated TypTap’s outlook, the company took a diligent approach to executing the transaction in two phases to ensure scalable growth and effective implementation. As TypTap progresses toward the transition of UPC policies in North Carolina and Georgia, the team confidently expects to deliver similar success guided by technological innovation and quality coverage.