HCI Group Authorizes Share Buyback Of Up To $80M

The board of directors of HCI Group, Inc. (NYSE:HCI) has authorized a program to repurchase up to $80 million of the company's common shares, subject to market conditions.

The program permits the company to repurchase shares for cash periodically in open market purchases, block transactions, privately negotiated transactions in accordance with applicable federal securities laws, or by other means, including through the use of trading programs intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under that Act. The timing and total amount of any stock repurchases will be determined at management's discretion and depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations. The share repurchase program has a term of one year, does not obligate HCI Group to acquire a specific number of shares of common stock, and may be canceled or suspended at any time without notice.