HCI Group Inc. has announced a multi-year lease agreement with Geico, enabling the insurance giant to expand its operations in Florida by occupying a significant office complex in Tampa.
Facilitated through HCI’s real estate division, this agreement aligns with Geico’s ambitious plan to create over 1,000 new jobs within the state. The company will commence hiring in April for various roles, including insurance sales, customer service, and claims processing. Additionally, Geico will introduce leadership development programs to support career advancement into management positions. The company anticipates moving into the new space this summer.
Berkshire Hathaway, Geico’s parent company, is Florida’s second-largest private passenger auto insurer, holding a 21.12% market share, according to BestLink. Progressive Insurance Group leads the market with a 22.85% share, while State Farm Group ranks third with 16.51%.
On a national scale, Geico stands as the third-largest auto insurer, commanding a 12.26% market share, following State Farm at 18.26% and Progressive at 15.2%.
Geico’s financial performance has been robust, with earnings more than doubling to $7.81 billion over the past year. Premiums written also saw a 7.7% increase, reaching $42.92 billion, as reported by BestWire.
Based in Tampa, HCI Group Inc. is a diversified holding company specializing in property and casualty insurance, with a primary focus on homeowners and commercial residential coverage. The company’s strategic real estate investments continue to support its growth and industry influence.
