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HCI Group Inc. Chairman and CEO Paresh Patel has signed an agreement to remain with the Tampa insurance, IT and real estate firm for at least another five years.
Patel was part of the HCI founding team in 2007 and has guided the company to over $1 billion in annual insuance premium, officials say. The new employee agreement, according to a public filings with the SEC, keeps Patel’s base salary at $950,000 a year. He also has a “long-term equity incentive with a vesting threshold of $200 per share,” the company says. That represents a significant premium to the share price of $114.79 as of Tuesday's market close.
The contract structure, the company says in the release, assures “Patel remains highly incentivized to execute on the company’s strategic objectives and goals.”
“We are fortunate to have Paresh continue to lead HCI Group," Gregory Politis, HCI’s lead independent director, says in the statement. "As a co-founder and key architect of the company’s technology ecosystem, the board thought it was important to formalize an agreement that keeps Paresh at HCI for the foreseeable future. Throughout his time leading the company, Paresh has developed an excellent track record as a visionary, insightful leader and has delivered strong returns for shareholders."
A native of Kenya who grew up in India and London, Patel, prior to HCI, founded NorthStar Bank in Tampa. He served on that bank’s board, too, before it was acquired.
HCI Group Inc. owns subsidiaries in homeowners insurance, information technology services, insurance management, real estate and reinsurance. It’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Co., provides homeowners insurance primarily in Florida. HCI’s real estate subsidiary, Greenleaf Capital LLC, owns and operates multiple properties in Florida, including office buildings, retail centers and marinas. HCI Group's leading insurance operation, TypTap Insurance Co., is a technology-driven homeowners insurance company with operations powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA Inc.
The company had $550 million in revenue in 2023.
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