HCI Group, Inc. (NYSE:HCI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Compensatory Arrangements of Certain Officers
On February 20, 2020, to a performance bonus plan adopted April 8, 2019, our compensation committee awarded a $1,476,572 cash bonus to our chief executive officer, Paresh Patel. The committee determined Mr. Patel exceeded the minimum performance targets under the plan, which were based on two 2019 measures: earnings before interest and income taxes and return on equity.
The committee also exercised discretion to award Mr. Patel an additional 2019 cash bonus of $73,428. In awarding this bonus, the committee determined the formulaic performance bonus did not fully reflect the value of Mr. Patel’s strategic guidance and leadership in transitioning the company toward technology. For example, the growth of TypTap Insurance Company, our technology driven insurance subsidiary, exceeded expectations and led to a return to premium growth at the overall HCI Group enterprise during 2019.
About HCI Group, Inc. (NYSE:HCI)
HCI Group, Inc. (HCI) is a holding company. The Company is engaged in providing property and casualty insurance to homeowners, condominium owners, and tenants in the state of Florida through its subsidiaries. The Company operates through property and casualty insurance operations segment. The Company’s operations include Insurance Operations and Other Operations. The Company’s Insurance Operations include property and casualty insurance, and reinsurance. HCI’s Other Operations include information technology (IT) and real estate. The Company, through its subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., provides property and casualty insurance. Its real estate operations consist of properties it owns, operations located at those owned properties and investments in approximately three commercial development projects. Its IT operations are focused on developing cloud-based products or services, including Exzeo, Proplet and Atlas Viewer.