HCI slashes reinsurance costs as profits double

Florida homeowners' insurer HCI Group reported net income of
$12mn for the first quarter, almost double the $6.1mn it reported
for the same period last year.
The $1.15 per share result exceeded the $1.03 consensus estimate
of five Wall Street analysts surveyed by MarketWatch.
Gross written premiums slid by 5.6 percent to $71.4mn during the
quarter. But the amount of premiums ceded to the group's
reinsurers fell by 29.2 percent to $28.6mn.
The insurer said the reduction was a result...