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HCI Exhibit 99.1 HCI Group Reports First Quarter 2021 Results Tampa , Fla . - May 6 , 2021 - HCI Group , Inc. ( NYSE : HCI ) , an InsurTech company with operations in insurance , software development and real estate , reported results for the quarter ended March 31 , 2021 . First Quarter 2021 - Financial Results Net income for the first quarter of 2021 totaled $ 6.1 million or $ 0.75 diluted earnings per share compared with $ 0.5 million or $ 0.07 diluted earnings per share in the first quarter of 2020. Adjusted net income ( a non - GAAP measure which excludes net unrealized gains or losses on equity securities ) for the quarter was $ 6.4 million or $ 0.77 diluted earnings per share compared with $ 4.2 million or $ 0.54 diluted earnings per share in the first quarter of 2020 . 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 " ) . Consolidated gross written premiums of $ 125.8 million for the first quarter of 2021 were up 64.4 % from $ 76.5 million in the first quarter of 2020. This increase was due to the growth of Homeowners Choice gross written premiums from $ 58.1 million to $ 81.0 million and the growth of TypTap Insurance Company gross written premiums from $ 18.4 million to $ 44.9 million . Consolidated gross premiums earned of $ 130.9 million for the first quarter of 2021 were up 41.8 % from $ 92.4 million in the first quarter of 2020. The increase was driven by the growth in Homeowners Choice gross premiums earned from $ 75.8 million to $ 102.1 million and the growth of TypTap gross premiums earned from $ 16.6 million to $ 28.8 million . Premiums ceded for reinsurance for the first quarter of 2021 increased to $ 43.1 million from $ 30.7 million in the first quarter of 2020 and represented 32.9 % and 33.3 % , respectively , of gross premiums earned . Net investment income was $ 4.6 million , compared with a net investment loss of $ 0.2 million in the first quarter of 2020. This increase was due to an increase in limited partnership income as well as a lawsuit settlement in the real estate division . Net realized investment gains were $ 1.1 million compared with a net realized investment losses of $ 2.2 million in the first quarter of 2020 . Net unrealized investment losses were $ 0.3 million in the first quarter of 2021 compared with net unrealized losses of $ 4.8 million in 2020 . Losses and loss adjustment expenses were $ 45.8 million compared with $ 28.1 million in the same period in 2020. The increase was driven primarily by the growth in gross premiums earned . Policy acquisition and other underwriting expenses were $ 23.1 million compared with $ 11.8 million in the same quarter of 2020. The increase relates to the growth in gross premiums earned . Interest expense decreased to $ 2.1 million in the first quarter of 2021 compared with $ 3.0 in the first quarter of 2020 due to the early adoption of a new accounting standard requiring the reversal of discounts previously recorded to account for the cash conversion feature of the Company's convertible debt instrument . As a result , interest expense no longer includes amounts representing the amortization of the discount . The effective tax rate for the first quarter was 32.2 % versus a rate of 16.7 % for the first quarter of 2020. The increase in the effective tax rate was primarily due to the derecognition of deferred tax assets attributable to unvested restricted stock that was cancelled in the quarter offset by a decrease in the non- deductibility of certain executive compensation . First Quarter 2021 - Other Events During the first quarter of 2021 , the Company repaid the $ 23.75 million outstanding balance of its revolving credit facility , leaving the full $ 65 million line of credit available to the Company as of March 31 , 2021 .