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TypTap receives approval to write homeowners’ insurance in Michigan

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HCI-owned InsurTech TypTap has received regulatory approval to write homeowners’ insurance in the state of Michigan.

It marks the ninth state outside of Florida to permit the company to write the class of business in recent months, as the InsurTech pursues an ambitious expansion plan. Other states the carrier operates in include Nevada, Indiana, Mississippi, Montana, South Carolina, South Dakota and Utah.

In an interview with this publication last year, TypTap president Kevin Mitchell revealed that the company is looking to double gross written premiums to around $200mn during 2021.

While the carrier began as a flood insurer, speaking at the time, Mitchell said that 85% of TypTap’s book is now homeowners’ business.

The company predates the current InsurTech boom and was spun out of an HCI technology initiative called Exzeo, which launched in 2012.

In its third quarter results in November, HCI Group reported a 20% jump in gross written premiums, which it attributed largely to growth at TypTap.

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