HCI announces five-year employment agreement with CEO Paresh Patel

Florida-based insurtech HCI Group has announced a five-year Executive Employment Agreement with Paresh Patel, who serves as its Chairman and Chief Executive Officer (CEO).

This new agreement includes a long-term equity incentive with a vesting threshold set at $200 per share. This represents a significant premium compared to HCI’s current share price, ensuring that Mr. Patel remains highly motivated to achieve the Company’s strategic objectives and goals.

Patel has been with HCI Group for 17 years, joining in 2007. During his tenure, he has witnessed the company’s growth to over $1 billion in annual premium, establishing itself as a leader in the industry.

In addition to his roles at HCI Group, Patel continues to serve as the Chairman and CEO of TypTap Insurance Group, a position he has held since 2016.

Gregory Politis, HCI’s lead independent director, expresses his enthusiasm for the employment agreement, stating, “We are fortunate to have Paresh continue to lead HCI Group. As a co-founder and key architect of the company’s technology ecosystem, the Board thought it was important to formalise an agreement that keeps Paresh at HCI for the foreseeable future.”

“Throughout his time leading the company, Paresh has developed an excellent track record as a visionary, insightful leader, and has delivered strong returns for shareholders,” Politis concludes.

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