HCI Group Q4 profits fall 22%

Florida's HCI Group reported a 22 percent decline in fourth
quarter profits to $11.1mn as underwriting results deteriorated
despite top line growth.
The company said gross earned premiums (GEP) for the period
increased 11.5 percent to $101.9mn, largely as a result of take-out
premiums from state-backed insurer Citizens assumed from last
December and the impact of subsequent renewals.
A change in policy mix to assume wind-only policies with the
December take-out had a knock-on effect on reinsuran