HCI Group
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The Florida carrier has yet to finalise its programs as it awaits potential reforms. -
The company’s convertible notes now have $24mn outstanding.
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Investors are taking a second look at private valuations, as they realize that an IPO or a SPAC exit is no longer an attractive option in the short term.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.
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The Inside P&C research team looks forward to the big issues of the new year.
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Lemonade, Root, and Metromile remain the focus of short sellers, as most firms see little short interest change.
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The deal follows a similar transaction on northeast business in January.
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Lemonade and Root remain the focal points of short sellers, while Metromile’s stock loan fee rate increases (pending acquisition).
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Short interest fell in InsurTechs, but not enough to ease the pressure on the sector.
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Storm losses were down 30% to $13mn, but the prior-year result had benefitted from a one-off gain.
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