Exhibit 99.1

HCI Group Reports Second Quarter 2022 Results

Gross Premiums Earned Grew 30%

Implemented Rate Increases to Offset Inflation

Tampa, Fla. – August 8, 2022 – HCI Group, Inc. (NYSE:HCI), a holding company with operations in homeowners insurance, information technology services, real estate, and reinsurance, reported a net loss of $8.5 million, or $1.04 per share, in the second quarter of 2022 compared with net income of $3.8 million, or $0.24 diluted earnings per share, in the second quarter of 2021. Adjusted net loss (a non-GAAP measure which excludes net unrealized gains or losses on equity securities) was $5.4 million, or $0.71 per share, in the second quarter of 2022 compared with adjusted net income of $2.7 million, or $0.11 diluted earnings per share, in the second quarter of 2021. This press release includes an explanation of adjusted net income as well as a reconciliation to net income and earnings per share calculated in accordance with generally accepted accounting principles (known as “GAAP”).

Management Commentary

“Inflation accelerated in the quarter which led to an increase in our gross loss ratio. We responded swiftly, increasing rates 10% at Homeowners Choice and 12% at TypTap effective August 2022,” said HCI Group Chairman and Chief Executive Officer Paresh Patel. “These actions will offset higher severity and improve our underwriting margins in the future. Inflation aside, we continue to see benefits from operating leverage as our business expands.”

“We remain optimistic about the future. In May, we raised over $170 million of capital through our convertible note offering, which gives added flexibility to our strategy. The strategy remains unchanged: to maximize returns for our shareholders.”

Second Quarter 2022 Commentary

Consolidated gross written premiums of $186.2 million increased from $185.0 million in the second quarter of 2021. Homeowners Choice gross written premiums declined to $113.1 million from $124.2 million as the quota share with United Property and Casualty (UPC) transitioned to TypTap. TypTap Insurance Company gross written premiums grew to $73.0 million from $60.7 million.

Consolidated gross premiums earned of $181.1 million increased 29.9% from $139.4 million in the second quarter of 2021. Homeowners Choice gross premiums earned grew to $113.7 million from $100.4 million, and TypTap gross premiums earned grew to $67.4 million from $39.0 million.

Premiums ceded for reinsurance of $56.2 million increased from $46.4 million in the second quarter of 2021 primarily due to the growth of both Homeowners Choice and TypTap and declined as a percentage of gross premiums earned to31.0% from 33.3% in the second quarter of 2021.

Net investment income of $3.7 million increased from $2.6 million in the second quarter of 2021. The increase was attributable to higher income from fixed maturity securities offset by reductions in income from limited partnership investments.

Net realized and unrealized investment losses were $4.2 million compared to net realized and unrealized gains of $4.1 million in the second quarter of 2021. Combined, changes in realized and unrealized gains/losses accounted for $8.3 million of the $16.6 million change in pre-tax net income from the second quarter of 2021.

Losses and loss adjustment expenses of $86.8 million increased from $55.9 million in the same period of 2021. The increase was primarily attributable to the company’s growing premium base as well as inflation and prior year loss development.

Policy acquisition and other underwriting expenses of $26.9 million increased from $23.2 million in the same quarter of 2021, but declined from 16.6% of gross premiums earned to 14.8% reflecting lower commission rates at TypTap.

General and administrative expenses of $15.3 million increased from $10.5 million for the second quarter of 2021 due to an increase in personnel and related expenses in connection with the growth of the business.

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Year-to-Date 2022 Results

For the six months ended June 30, 2022, the company reported a net loss of $5.8 million, or $0.92 per share, compared with net income of $10.7 million, or $0.98 diluted earnings per share, for the six months ended June 30, 2021. Adjusted net income (a non-GAAP measure which excludes net unrealized gains or losses on equity securities) for the six-month period was $0.08 million, which, after adjustments for the purpose of calculating earnings per share, equates to a loss of $0.33 per share compared with adjusted net income of $9.8 million, or $0.87 diluted earnings per share, in the same period of 2021. An explanation of this non-GAAP financial measure and reconciliations to the applicable GAAP numbers accompany this press release.

Consolidated gross written premiums of $363.4 million increased 16.9% from $310.8 million in the six months ended June 30, 2021. Homeowners Choice gross written premiums were $204.3 million compared with $205.2 million. TypTap Insurance Company gross written premiums grew to $159.2 million from $105.6 million. The increase was primarily due to the UPC quota share arrangement and organic growth.

Consolidated gross premiums earned of $360.0 million increased 33.2% from $270.4 million in the six months ended June 30, 2021. Homeowners Choice gross premiums earned grew to $232.0 million from $202.6 million, and TypTap gross premiums earned grew to $128.1 million from $67.8 million.

Premiums ceded for reinsurance of $109.4 million increased from $89.5 million in the first six months of 2021 primarily due to the growth of both Homeowners Choice and TypTap and declined as a percentage of gross premiums earned from 33.1% to 30.4% in the first half of 2021.

Net realized and unrealized investment losses were $8.1 million compared with net realized and unrealized investment gains of $4.9 million in the six months ended June 30, 2021. Combined, changes in realized and unrealized gains/losses accounted for $13.1 million of the $22.8 million change in pre-tax net income from the first six months of 2021.

Losses and loss adjustment expenses of $159.5 million increased from $101.7 million in the six months ended June 30, 2021. The increase was primarily attributable to the company’s growing premium base as well as inflation and prior year loss development.

Policy acquisition and other underwriting expenses of $56.3 million increased from $46.2 million in the six months ended June 30, 2021, but declined from 17.1% of gross premiums earned to 15.6% reflecting lower commission rates at TypTap.

General and administrative expenses of $29.3 million increased from $20.2 million in the six months ended June 30, 2021 due to an increase in personnel and related expenses in connection with the growth of the business including higher stock based compensation.

Conference Call

HCI Group will hold a conference call tomorrow, August 9, 2022, to discuss these financial results. Chairman and Chief Executive Officer Paresh Patel, Chief Operating Officer Karin Coleman and Chief Financial Officer Mark Harmsworth will host the call starting at 8:30 a.m. Eastern time.

Interested parties can listen to the live presentation by dialing the listen-only number below or by clicking the webcast link available on the Investor Information section of the company's website at www.hcigroup.com.

Listen-only toll-free number: (888) 506-0062

Listen-only international number: (973) 528-0011

Entry Code: 781380

Please call the conference telephone number 10 minutes before the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at (949) 574-3860.

A replay of the call will be available by telephone after 8:00 p.m. Eastern time on the same day as the call and via the Investor Information section of the HCI Group website at www.hcigroup.com through September 8, 2022.

Toll-free replay number: (877) 481-4010

International replay number: (919) 882-2331

Replay ID: 46129

About HCI Group, Inc.

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HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners insurance, reinsurance, real estate and information technology services. HCI’s leading insurance operation, TypTap Insurance Company, is a rapidly growing, technology-driven insurance company that is expanding nationwide to provide homeowners and flood insurance. TypTap’s operations are powered in large part by insurance-related information technology developed by HCI’s software subsidiary, Exzeo USA, Inc. HCI’s largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., 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.

The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the Russell 2000 and S&P SmallCap 600 Index. HCI Group, Inc. regularly publishes financial and other information in the Investor Information section of the company’s website. For more information about HCI Group and its subsidiaries, visit www.hcigroup.com.

Forward-Looking Statements

This news release may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as "anticipate," "estimate," "expect," "intend," "plan," "confident," "prospects" and "project" and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various risks and uncertainties. For example, the estimation of reserves for losses and loss adjustment expenses is an inherently imprecise process involving many assumptions and considerable management judgment. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial condition and results of operations. HCI Group, Inc. disclaims all obligations to update any forward-looking statements.

Company Contact:

Simon Rosenberg

Investor Relations

HCI Group, Inc.

Tel (813) 405-5261

srosenberg@hcigroup.com

Investor Relations Contact:

Matt Glover

Gateway Group, Inc.

Tel (949) 574-3860

HCI@gatewayir.com

Media Contact:

Catherine Adcock

Gateway Group, Inc.

Tel (949) 574-6860

catherine@gatewayir.com

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HCI GROUP, INC. AND SUBSIDIARIES

Selected Financial Metrics

(Dollar amounts in thousands, except per share amounts)

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HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Dollar amounts in thousands)

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HCI GROUP, INC. AND SUBSIDIARIES

Consolidated Statements of Income

(Unaudited)

(Dollar amounts in thousands, except per share amounts)

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HCI GROUP, INC. AND SUBSIDIARIES

(Amounts in thousands, except per share amounts)

A summary of the numerator and denominator of basic and diluted earnings (loss) per common share calculated in accordance with GAAP is presented below.

Non-GAAP Financial Measures

Adjusted net income (loss) is a Non-GAAP financial measure that removes from net income (loss) of HCI's portion of the effect of unrealized gains or losses on equity securities required to be included in results of operations in accordance with Accounting Standards Codification 321. HCI Group believes net income without the effect of volatility in equity prices more accurately depicts operating results. This financial measurement is not recognized in accordance with accounting principles generally accepted in the United States of America ("GAAP") and should not be viewed as an alternative to GAAP measures of performance. A reconciliation of GAAP Net income (loss) to Non-GAAP Adjusted net income (loss) and GAAP diluted earnings (loss) per share to Non-GAAP Adjusted diluted earnings (loss) per share is provided below.

Reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net (Loss) Income

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HCI GROUP, INC. AND SUBSIDIARIES

(Amounts in thousands, except per share amounts)

A summary of the numerator and denominator of the basic and diluted earnings (loss) per common share calculated with the Non-GAAP financial measure Adjusted net income (loss) is presented below.

Reconciliation of GAAP Diluted EPS to Non-GAAP Adjusted Diluted EPS

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