TypTap Insurance Group, Inc. Asset Profile

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Year established

2016

Location

Ocala FL US

Primary Industry

Insurance

About

Based in Florida, US, and founded in 2016, TypTap Insurance Group, Inc. is a subsidiary of HCI Group Inc., is an insurance technology company. Paresh Patel is the chairman and CEO of the company. In March 2021, Centerbridge Partners acquired an 11.75% minority stake in TypTap Insurance Group, Inc. from HCI Group for USD 100 million, valuing the company at USD 850 million, and in November 2021, the company filed an IPO to raise up to USD 100 million. The enterprise employs 276 employees. The firm provides property, flooding, and casualty insurance. The company Homeowners' product is reliable, easy to quote, and quick to bind. TypTap also offers a competitive alternative to the national flood insurance program with many key benefits, including the ability to customize coverage based on priorities. The organization's policies offer security, stability, and simplicity. The organization generated revenue of USD 30.9 million and USD 78.8 million in 2019 and 2020 respectively. The company plans to use the March 2021 investment to support its growth and expansion into new states across the US and ypTap also plans to list on the NYSE under the symbol TYTP.

Current Investors

Centerbridge Partners

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Primary Industry

Insurance

Sub Industries

Commercial Insurance

Website

www.typtap.com

Verticals

InsureTech

Company Stage

Mature - Growth Capital

Total Amount Raised

Subscriber access only

Deals

Deals Type
Growth

Deal Status	Target (s)	Deal Date	Investor(s)	Seller(s)	Deal size (Mn)	Enterprise value (Mn)	Post-money valuation (Mn)	EBITDA multiple (x)	Revenue multiple (x)	Lead partner (s)
Completed	TypTap Insurance Group, Inc.	01 Mar 2021

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