HCIHCI Group, Inc.

Fire, Marine & Casualty Insurance

Revenue: $901M; 20% YoY
Operating margin: —
EBITDA: —
Market cap: $2.5B
Employees: 594; $2M revenue each
Net debt / EBITDA: —; −$624M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 1 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$8M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
139% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentYes
61% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$2M · 51st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$0 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$408M	$500M	$551M	$750M	$901M	20%
Net income	$7M	−$55M	$89M	$128M	$320M	151%
Operating cash flow	$97M	−$12K	$231M	$332M	$444M	34%
Capex	$3M	$6M	$7M	$4M	$4M	10%
Stock-based comp	$14M	$15M	$9M	$10M	$11M	7.7%
Buybacks	$1M	$71M	$784K	$1M	$2M	47%
Dividends	$14M	$15M	$14M	$17M	$19M	16%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 16, 2025	Patel Paresh	SCHEDULE 13D/A	12.1%	Passive
Apr 25, 2024	Patel Paresh	SC 13D/A	14.8%	Passive
Mar 15, 2024	Centerbridge Special Credit Partners III-Flex, L.P.	SC 13D/A	4.8%	Passive
Jan 24, 2024	Centerbridge Special Credit Partners III-Flex, L.P.	SC 13D/A	7.9%	Passive
Dec 27, 2023	Patel Paresh	SC 13D/A	13.9%	Passive
Feb 1, 2023	Patel Paresh	SC 13D/A	13.9%	Passive
May 31, 2022	Patel Paresh	SC 13D/A	12.7%	Passive
Mar 29, 2022	Patel Paresh	SC 13D	10.5%	Passive
Mar 8, 2021	Centerbridge Special Credit Partners III-Flex, L.P.	SC 13D	8.5%	Passive
Mar 1, 2021	Patel Paresh	SC 13D/A	13.1%	Passive

Insider trading

No open-market trades in the last 12 months.

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$8M	$55M	406	132
FY2024	$20M	$22M	244	118
FY2023	$4M	$8M	180	70
FY2022	$1M	−$24M	79	31
FY2021	$8M	$29M	163	51