Insurtech firm surpasses $100M in annual recurring revenue

TAMPA — TypTap Insurance Co., an insurance startup owned by HCI Group Inc., has surpassed $100 million in annual recurring revenue.

Founded in 2016 by Paresh Patel, HCI Group’s chairman, CEO and managing shareholder, TypTap uses data analytics — provided by Exzeo USA, another HCI Group subsidiary — to make quick and smart underwriting decisions and reduce risks. The majority of its homeowner and flood insurance policies, according to a press release, are sold via a network of independent insurance agents.

“The growing acceptance of our products and technology platform has enabled TypTap to reach this major milestone ahead of schedule,” TypTap President Kevin Mitchell states in the release. 

Headquartered in Tampa, HCI Group (NYSE: HCI) reported $242.47 million in gross revenue in 2019, up from $231.29 in 2018.