At HCI, we are acutely aware of the risks linked to climate change, including the broader impact on society. We are committed to creating a more sustainable future and we want to have a positive impact on addressing environmental challenges, including climate change. We want to drive solutions that help our policyholders and partners overcome these risks.
In March 2020, we formalized our longstanding commitment to ESG by establishing a Sustainability Committee with responsibility for overseeing ESG initiatives across the organization and adopting a Human Rights and Environmental Policy. This committee works to identify areas where improvements can be made regarding environmental and social responsibility.
HCI's Insurance operations cope with climate change in the following ways:
Pricing and coverage
Our homeowners policies are issued with only a one-year duration and we have the ability to adjust pricing, coverage, and deductibles on an annual basis to manage increasing climate risk.
Technology-enabled underwriting and administration
We exercise significant discretion around which policies we choose to underwrite and administer our policies using an efficient and scalable platform that we developed internally. Our unique approach to risk selection and policy administration allows us to control costs in a way that is differentiated within our industry.
Reinsurance
Our insurance subsidiaries maintain robust reinsurance programs with sufficient limits to cover multiple large weather events. Our reinsurance program enjoys strong support from more than 40 reinsurance companies, many of which have partnered with HCI Group for many years.
We believe the combination of dynamic pricing, underwriting, technology, and reinsurance helps to mitigate the impact that climate change has on our business.
Our environmental policy includes two major components to help minimize our impact on the environment and achieve our objectives around the sustainability:
Waste Reduction and Recycling
We strive to preserve the environment by using the principles of reducing, reusing, and recycling. The company’s locations recycle office paper, plastics, and aluminum where possible.
Resource Conservation
HCI recognizes the positive impact we can have on the environment and the welfare of our employees by eliminating unnecessary commute times through flexible work schedules. During the COVID pandemic, HCI quickly embraced a work-from-home policy to protect the health and safety of our employees. After careful deliberation, with feedback from our stakeholders, we decided to make aspects of this arrangement permanent through the implementation of a hybrid model, incorporating flexible work schedules and Employee Collaboration Days.
Better managing the environmental footprint of our workforce also extends to our physical offices. As needed, old lamps, ballasts and light switches at company locations are being replaced with high efficiency lighting such as “green” lamps and ballasts. As needed, light switches are being replaced with energy saving motion detector switches that will automatically turn off the lights with a timer after the last person leaves a room. Energy features built into computer hardware, programs and equipment to automatically shut down computer monitors and other peripherals when not in use is being installed on computer equipment.
The environment is a top priority for HCI Group Inc. As a growing company, HCI believes that the well-being of our society depends on a healthy environment and that a proper ethic strives for a sustainable balance between growth and environmental preservation. We recognize our responsibility to provide solutions that help others manage environmental risks, to reduce our own environmental impact, and to make meaningful contributions to environmental causes.
To ensure professional growth within our organization, we provide access to educational resources and continued education courses. Additionally, we offer incentives through our Bravo program which allows employees to earn paid time off or cash bonuses by participating in charitable causes or engaging in professional development activities. Through these efforts we strive to attract and retain top talent while empowering creativity and innovation across the entire organization.
Our commitment to diversity and inclusion is reflected in the composition of our board and workforce. At the board level, at least half of our board members contribute to gender or ethnic diversity. With respect to our overall workforce, in 2022 62% of our US employees were female and 42% identify as members of a racial or ethnic minority group. In addition, we employ over 100 employees in Noida, India contributing to international diversity.
We celebrate diversity and inclusion across the company and forbid any form of discrimination based upon race, gender, religion, or ethnicity. To that end, beginning in 2022, we authorized Juneteenth (emancipation of enslaved people) as an annual paid holiday for employees.
We strive to conduct our business in a manner that respects the human rights and dignity of all, and we support international efforts to promote and protect human rights. HCI’s core values enumerated below work to further develop its culture as one committed to ethical business practices and good corporate citizenship. Our policy applies to all employees of HCI Group Inc., its subsidiaries, and affiliates worldwide.
In recent years, HCI’s insurance subsidiaries withstood several large named storms, including Hurricane Irma in 2017 and Hurricane Ian in 2022, while maintaining strong balance sheets and an Exceptional “A” Financial Stability Rating® from Demotech.
We have zero-tolerance policies in place regarding any form of bribery, corruption or unethical behavior. Our Code of Conduct is designed to ensure the conduct of employees, officers and directors remains in compliance with laws, regulations and ethical principles.
Board Structure
Shareholder Rights
Compensation
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