HCI Group Inc
For the period ended Dec 31, 2023. Filed Mar 8, 2024.
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FY2023 · Filed Mar 8, 2024
HCI$188.53+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets at December 31, 2023 and 2022
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Assets | ||
| Fixed-maturity securities, available-for-sale, at fair value (amortized cost: $387,687 and $494,197, respectively and allowance for credit losses: $0 and $0, respectively) | $383,238 | $483,901 |
| Equity securities, at fair value (cost: $44,011 and $36,272, respectively) | 45,537 | 34,583 |
| Limited partnership investments | 23,583 | 25,702 |
| Investment in unconsolidated joint venture, at equity | — | 18 |
| Real estate investments | 67,893 | 71,388 |
| Total investments | 520,251 | 615,592 |
| Cash and cash equivalents (a) | 536,478 | 234,863 |
| Restricted cash (a) | 3,287 | 2,900 |
| Receivable from maturities of fixed-maturity securities | 91,085 | — |
| Accrued interest and dividends receivable | 3,507 | 1,952 |
| Income taxes receivable | — | 2,807 |
| Deferred income taxes, net | 512 | — |
| Premiums receivable, net (allowance: $3,152 and $5,362, respectively) | 38,037 | 34,998 |
| Assumed premiums receivable | 19,954 | — |
| Prepaid reinsurance premiums | 86,232 | 66,627 |
| Reinsurance recoverable, net of allowance for credit losses: | ||
| Paid losses and loss adjustment expenses (allowance: $0 and $0, respectively) | 19,690 | 71,594 |
| Unpaid losses and loss adjustment expenses (allowance: $118 and $454, respectively) | 330,604 | 616,765 |
| Deferred policy acquisition costs | 42,910 | 45,522 |
| Property and equipment, net | 29,251 | 17,910 |
| Right-of-use assets - operating leases | 1,407 | 777 |
| Intangible assets, net | 7,659 | 10,578 |
| Funds withheld for assumed business | 30,087 | 48,772 |
| Other assets (a) | 50,365 | 31,671 |
| Total assets | $1,811,316 | $1,803,328 |
(a)See Note 16 for details of balances associated with variable interest entity.
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Liabilities and Equity | ||
| Losses and loss adjustment expenses | $585,073 | $863,765 |
| Unearned premiums | 501,157 | 368,047 |
| Advance premiums | 15,895 | 18,587 |
| Reinsurance payable on paid losses and loss adjustment expenses | 3,145 | 8,606 |
| Ceded reinsurance premiums payable | 8,921 | 17,646 |
| Assumed premiums payable | 850 | — |
| Accrued expenses | 19,722 | 14,534 |
| Income tax payable | 7,702 | — |
| Deferred income taxes, net | — | 1,704 |
| Reinsurance recovered in advance on unpaid losses | — | 19,863 |
| Long-term debt | 208,495 | 211,687 |
| Lease liabilities - operating leases | 1,408 | 721 |
| Other liabilities | 35,623 | 23,361 |
| Total liabilities | 1,387,991 | 1,548,521 |
| Commitments and contingencies (Note 25) | ||
| Redeemable noncontrolling interest (Note 21) | 96,160 | 93,553 |
| Equity: | ||
| Common stock (no par value, 40,000,000 shares authorized, 9,738,183 and 8,598,682 shares issued and outstanding in 2023 and 2022, respectively) | — | — |
| Additional paid-in capital | 89,568 | — |
| Retained income | 238,438 | 172,482 |
| Accumulated other comprehensive loss, net of taxes | (3,163) | (9,886) |
| Total stockholders’ equity | 324,843 | 162,596 |
| Noncontrolling interests | 2,322 | (1,342) |
| Total equity | 327,165 | 161,254 |
| Total liabilities, redeemable noncontrolling interest and equity | $1,811,316 | $1,803,328 |
See accompanying Notes to Cons olidated Financial Statements.
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