CorporatePresentationJanuary2018 NYSE:HCI

NYSE:HCITM

ImportantCautionsRegardingForward-LookingStatementsThis presentation includes certain forward-looking statements and information, including statements regarding plans,strategies and expectations of HCI Group, Inc. (“HCI” or the “Company”). When used in this presentation, words such as“believes,” “anticipates,” “expects,” “estimates,” or words of similar meaning are generally intended to identifyforward-looking statements. All statements other than statements of historical fact included in this presentation areforward-looking statements. These forward-looking statements are subject to risks, uncertainties, assumptions andother factors, many of which are beyond the control of the Company. Important factors that could cause actual resultsto differ materially from those expressed or implied by the forward-looking statements are described in the Company’sfilings it makes from time to time with the Securities and Exchange Commission, including within the “Risk Factors”section of the Annual Report on Form 10-K for the year ended December 31, 2016 filed February 22, 2017.

©2018HCIGroup,Inc.AllRightsReserved

NYSE:HCITMKeyCompanyStatisticsasofSept.30,2017

(1) Grossrevenue=totalrevenuebeforepremiumsceded(2) $193.1M/9.036M(3) PerAST;includes814,000sharessubjecttoprepaidforwardcontracts;sharesoutstandingperGAAPare9.036M(4) Asof9/30/17(5) PerNASDAQ.com

2

$64

$113$126

$149

$239

$344

$380

$427$399

'08 '09 '10 '11 '12 '13 '14 '15 '16

($M)GrossRevenues(1)

FiscalyearendedDecember31

StockPrice(1/8/18) $33.26

CurrentPricetoBook(P/B) 1.56x

52WeekLow/High $27.11/50.93

52WeekLow/HighP/B 1.35x/2.00x

CommonSharesOut.3 9.85M

FullyDilutedShareCt.4 12.35M

FreeFloat,est. 7.8M

Avg.DailyVol.(3mo.)5 172,511

MarketCapitalization $327.6M

GrossRevenue¹(TTM) $385.7M

EPS(TTM) ($1.58)

P/E(TTM) NM

DividendYield 4.2%

Cash(MRQ) $292.4M

TotalAssets(MRQ) $1,029.3M

TotalDebt(MRQ) $236.3M

BookValue/Share2 (MRQ) $21.37

Stockholders’Equity(MRQ) $193.1M

InstitutionalOwnership 73.4%

InsiderOwnership 20.7%

Employees 331

Founded/IPO 2006/2008 Sources:HCI,CapitalIQNM=notmeaningful;MRQ=mostrecentquarter;TTM=trailingtwelvemonths.MRQandTTMfiguresasofquarterend9/30/17

NYSE:HCITMOurBusinessLines

HCIGroupownsenterprisesengagedindiverseyetcomplementarybusinessactivities

l Property&CasualtyInsurance:

l HomeownersChoice – homeownersinsurance

l TypTap InsuranceCompany – privatefloodinsuranceofferedthroughtheTypTap.comonlineplatform

l Reinsurance: Claddaugh,HCI’scaptivereinsurer,participatesinthereinsuranceprogramforHomeownersChoice

l RealEstate: GreenleafCapitalmanagesanddevelopsHCI’sgrowingrealestateportfolio

l Technology: Exzeo developsinnovativeproductsandvalue-addedservicesforHomeownersChoice,TypTapandtheinsuranceindustry

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NYSE:HCITM

Executed$144MConvertibleNotesOffering

KeyMilestones:GrowthThroughInnovation

4

LaunchedInformationTechnologyDivision(Exzeo)Executed$103MConvertibleNotesOffering

CompletedWind-OnlyCitizensAssumption

LaunchedTypTapfor PrivateFloodInsurance

ExecutedFollow-onOffering

LaunchedRealEstateDivision(Greenleaf)AcquiredHomeWiseInsuranceBookofBusiness

DeclaredFirstCashDividend

AnnouncedFirstShareBuyback

FormedCaptiveInsuranceDivision(Claddaugh)CompletedInitialPublicOffering

ExecutedonFirstCitizensAssumption

IncorporatedinFlorida

2016

2006

2007

2008

2009

2010

2011

2012

2013

2015

2017

NYSE:HCITMInvestmentHighlights

l Top10 Floridahomeownersinsurer (1) ledbyveteranmanagementteamwithsuccessfulentrepreneurialtrackrecord

l Opportunity forcontinuedprofitablegrowthl Marketsharegainsinhomeownersinsurance through:M&A,leveragingindependentagents,

andfutureassumptionsfromCitizens

l ExpansionoffloodinsuranceinFloridaandothergeographies

l OpportunitiestoexpandoutsideofcoreFloridamarket(3)

l Expansionpossibilitiesinotherdivisions,suchasreinsurance,realestateandtechnology

l Disciplinedbusinessexecutionresultsinconsistentprofitability andbest-in-classmargins(2)

l Profitablein39oflast40quarters

l 28consecutivequartersofdividends

l Proprietarytechnologydevelopedin-houseprovidessustainablecompetitiveadvantage

l Well-structuredreinsuranceprogram protectscapitalbase

5

(1) Source:FloridaOfficeofInsuranceRegulationat6/30/17;excludesStateFarm(2) Ascomparedtopublicpeercompanies:FederatedNationalHoldingCompany(FNHC),HeritageInsuranceHoldings,Inc.(HRTG),UnitedInsuranceHoldings

Corp.(UIHC),UniversalInsuranceHoldings(UVE)(3) HomeownersChoicehasreceivedregulatoryapprovaltowritefloodinsurancepoliciesinArkansas,Maryland,NewJersey,North Carolina,Pennsylvania,

SouthCarolina,andTexas.

NYSE:HCITMExpertiseDrivesProfitableResults

(1) Ascomparedtopublicpeercompanies:FederatedNationalHoldingCompany(FNHC),HeritageInsuranceHoldings,Inc.(HRTG),UnitedInsuranceHoldingsCorp.(UIHC),UniversalInsuranceHoldings(UVE)

Developedproprietaryriskselectiontechnologyandserviceprocessesthatdeliverindustry-leadingresults (1)

l Predictiveunderwritingmodel

l Analyzes48keydatapointsthroughproprietaryalgorithms

l Identifieshistoricallosstrendstoforecastfutureclaimsandprofitability

l Insourcingofallkeyfunctions

l In-housepolicyadministrationandclaimsprocessingfunctionsresultinbettercostcontainmentandlowerlosses

l Bettercustomerexperienceleadstohigherretentionrates

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NYSE:HCITMConservativeApproachtoRisk

*Source:FloridaOfficeofInsuranceRegulationat6/30/17;excludesStateFarm

HCIproactivelymanagesitsriskexposurethroughmultiplestrategies

l RiskSelection

l Premiumadequacy(sufficientpremiumforrisk)

l RiskManagement

l Non-catastrophicexposures(theft,fire&water)

l RiskAllocation

l Geographicdiversificationofpolicies

l RiskTransfer

l Reinsurancepartnerships

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FloridaP&CInsuranceMarketbyPremiums&RiskExposure*

FloridaP&CInsurer

AnnualPremiums

($M) Rank

RiskExposure

($B) Rank

Premiumper$250KofTIV Rank

Universal $896.9 1 $135.0 1 $1,660 3

Citizens 831.5 2 108.8 2 1,911 2

Heritage 528.0 3 92.0 5 1,435 4

FederatedNational 476.8 4 97.0 3 1,229 5

SecurityFirst 366.3 5 92.8 4 986 7

HomeownersChoice $350.3 6 $43.4 17 $2,020 1

United 308.4 7 72.7 6 1,061 6

HCIranks1st inpremiumsper$250,000oftotalinsurablevalue(TIV),whileranking6th bypremiumswritteninFloridaand17th by

riskexposure

NYSE:HCITM

HomeownersChoice’sRecentPortfolioAcquisitionshaveIncreaseditsGeographic

Diversification

GeographicallyDiversifiedinFlorida

(1) HCIInternalData:Q3-17 8

PoliciesinForceDistributedAcrossAll67CountiesinFlorida,withOnlyFourCountiesIndividually

Accountingfor>10%

Broward(Ft.Lauderdale)

14%

Pinellas(St.Petersburg)

14%

PalmBeach(PalmBeach)

14%Miami-Dade(Miami)13%

AllOthers(63Counties)

45%

GeographicDiversification1 HomeownersChoiceInsuredValuebyCounty1

NYSE:HCITMReinsurance:TransferringRisk

l HomeownersChoice’sreinsuranceprogramtransferscatastrophicriskto55highly-ratedorfullycollateralized reinsurancepartners

l The2017-2018programprovides$968millionofcatastrophiccoverage (1st eventcover)

l Grossreinsurancepremiumsof~$130millionandfirsteventretentionofonly$16millionforHomeownersChoice

l Since1964,inFloridatherehavebeenonly10stormsratedCategory3orhigherinFlorida

l HCI’scaptivereinsurer,Claddaugh,helpslowercostsbyretainingriskselectivelyfromyeartoyear;afterassumingclaimsforHurricanesIrmaandMatthew,netaftertaxcumulativesavingsareestimatedtobe$55.3million.

9

NYSE:HCITM2017-2018ReinsuranceProgram

Note:Figurenotdrawntoscale(1) RMSRiskLinkv15.0Long-TermHurricane,withLossAmplification,excludingStormSurge,withoutSecondaryUncertainty(2) FloridaHurricaneCatastropheFund 10

ConservativeReinsuranceProgramProvidesProtectionAgainstCatastrophicEvents

NYSE:HCITMCapitalizingonFloridaMarketOpportunity

l ~135,000policies inforce(1)

l AhighlyfragmentedmarketresultsinacquisitionopportunitiesforHCI

l Top10insurerscontrolonly46%

l Weakerplayersimpactedbyrecenthurricanesandneedforcapital

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FloridaP&CInsuranceMarketbyPremiumsWritten*

Rank FloridaP&CInsurer

AnnualizedPremiums

($M)

MarketShare(%)

1 Universal $896.9 9.0%

2 Citizens 831.5 8.3%

3 Heritage 528.0 5.3%

4 FederatedNational 476.8 4.8%

5 Security First 366.3 3.7

6 HomeownersChoice $350.3 3.5%7 United 308.4 3.1%

8 FirstProtective 285.3 2.9%

9 AmericanIntegrity 274.2 2.7%

10 USAA 258.7 2.6%

TotalforTop10Companies $4,576.4 45.8%

TotalforAllCompaniesinFL $10.002.2 100.0%

*Source:FloridaOfficeofInsuranceRegulationat6/30/17;excludesStateFarm(1) ExcludesTypTapInsuranceCo.

NYSE:HCITMFloodInsurance:$1BMarketinFlorida

(1) HomeownersChoicehasreceivedregulatoryapprovaltowritefloodinsuranceinthefollowingstates:AR,MD,NC,NJ,PA,SC,andTX

(2) Source:FederalEmergencyManagementAgency,asof8/31/17(3) HomeownersChoicehasreceivedregulatoryapprovaltowriteflood

insuranceinthesetoptenstates(4) ThisincludesAR,MD,andPA.HomeownersChoicehasreceivedregulatory

approvaltowritefloodinsuranceinthesestates,whichhaveanaggregatewrittenpremiumin-forceof$117.1M

NationalFloodInsuranceProgram(NFIP)

l $23billionunderfunded

l Passedlegislationtocoverdeficit

l Increasingpremiumsupto25%peryear

HCI’sFloodInsuranceStrategy

l InitiallyfocusedonFlorida,withexpansionintootherstates(1)

l Offersuperiorcoverageandcompetitiverates

l Utilizein-housesoftwaretominimizeunderwritingcosts

l Limitednumberofcompetitors

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StateFloodInsuranceMarketbyPremiumsWritten(2)

Rank State PremiumsWritten($M)

1 Florida $944.5(3)

2 Texas 363.1(3)

3 Louisiana 354.0

4 NewJersey 224.8(3)

5 NewYork 205.7

6 California 192.4

7 SouthCarolina 134.8(3)

8 NorthCarolina 107.9(3)

9 Massachusetts 77.5

10 Virginia 77.3

Total forTop10States $2,682.1

TotalforOtherStates $830.7(4)

TotalforAllStates $3,512.8

NYSE:HCITMTypTap:Technology-EnabledFloodInsurance

l 100%online-basedinsurancecompanypoweredbyproprietarytechnology

l CurrentlyservingFloridafloodinsurancemarketasalternativetopoliciesofferedbyNationalFloodInsuranceProgram(NFIP)l CosteffectivealternativetorisingratesofNFIP

product

l Threeeasystepsprovideaquoteinseconds:l TypeintheFloridaaddress

l Answerhowmanymonthsoutoftheyearthehomeislivedin

l Providehowmanyfloodclaimshavebeenreportedattheproperty

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FloodInsurance

NYSE:HCITMLeveragingProprietaryTechnologyPlatform

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l Proplet: Enablesagentstheabilitytosearch,underwriteand purchaseinsurance

l Exzeo: Facilitatesacollaborative,real-time workenvironment

l Intelligentautomationforbusinessprocessesofinsuranceindustry

l AtlasViewer:Identify,trackandmanage dailyclaimsaswellasmajorclaimevents

HCI’stechnologydivisiondevelopsinnovativeproductsandoffersvalue-addedservicestoHomeownersChoice,TypTap,andtheinsuranceindustry

NYSE:HCITMShareholderValueCreation

l Shareholdersbenefitfromfocusonprofitability

l Robustearningsprofilesupportsconservativeandstrongcapitalstructure

l Paid$13.6Mofdividendsoverthepast12months

l FocusonincreasingBookValueperShareandStockholders’Equity

l ShareRepurchaseActivity:l 2009/2011:Boughtback$~4Mof$6M

plan(519,463shares)

l 2013:Boughtback$30Minconnectionwithconvertibleoffering

l 2014/2015:Boughtback100%of$40Mplan(1,028,570shares)

l 2015/2016: Boughtback100%of$20Mplan(643,703shares)

l 2017:Boughtback$29.7Minconnectionwithconvertibleoffering,and$6.2Minconnectionwith2017$20Mplan

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$0.30$0.53

$0.88 $0.95$1.10 $1.20 $1.20

$1.401

2010 2011 2012 2013 2014 2015 2016 2017

AnnualDividendsPaidPerShare1(inDollars/Share)

$64

$121$161

$183

$238 $244

$193

$8.28$10.93

$14.68$17.92

$23.10$25.23

$21.37

$5.00

$10.00

$15.00

$20.00

$25.00

$30.00

$35.00

$40.00

2011 2012 2013 2014 2015 2016 9/30/17 $-

$30

$60

$90

$120

$150

$180

$210

$240

$270

TotalStockholders’Equity($millions)

&BookValue/CommonShare

Stockholders'EquityBV/CommonShare

15

(1) Basedonquarterlydividendspaidthrough9/30/17andannualizedforfullcalendaryear.

(2) Reflects$42MaftertaximpactofHurricaneIrma.

(2)

NYSE:HCITMHighlyFocusedonProfitability

l PrudentriskmanagementenablespositivereturnseveninyearswithCATevents

l Predictiveunderwritingandtechnologyenablefocusonunderwritingmostprofitablebusiness

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$16

$50

$106 $101 $106

$47$36

2011 2012 2013 2014 2015 2016 YTD17*

Pre-TaxEarnings(1) ($M)

14%

25%

41% 34%

30%

12%

2011 2012 2013 2014 2015 2016

ReturnonEquity

55% 42%

28% 32% 31% 51%

33%

30%

30% 34% 33%

38%

88%

72%

58% 66% 64%

89%

2011 2012 2013 2014 2015 2016

CombinedGAAPUnderwritingRatios(2)

LossRatio ExpenseRatio

*AdjustedforIrmaimpact(1) YTD=theninemonthperiodendedSeptember30(2) Combinedratio=totalofallexpensesinrelationtonetpremiumsearned

ImpactedbyHurricaneMatthew

NYSE:HCITM

3.1x

2.4x2.1x 2.0x

2.3x

2013 2014 2015 2016 9/30/2017

UnderwritingLeverage(1)

StrongandConservativeBalanceSheet

17(1) GrossWrittenPremiums/STATSurplus[HomeownersChoicePropertyandCasualtyInsuranceCo.](2) Underwritingleverage@9/30/17=Premiumsin-force/STATSurplus[HomeownersChoicePropertyandCasualtyInsuranceCo.]

l HCImaintainsastronger,moreconservativebalancesheetthanindustrypeers

l Highlevelofliquidityatholdingcompanyleveltotakeadvantageofmarketopportunities

l Morethanadequatecapitalinallinsurancecompanies

l HighcashpositionminimizescreditriskinoverallinvestmentportfolioandallowsHCItobenimbleincapitalizingonrisinginterestrates

l Conservativeunderwritingleveragereducespressureinachallengingunderwritingenvironment

HCIfocusesonmaintainingastrongbalancesheet asakeycomponentofitsstrategy

(2)

NYSE:HCITM

ConservativeInvestmentPortfolioWellPositionedforRisingRates

(1) Asof9/30/17(2) Excludesotherthantemporaryimpairmentexpense(OTTI)(3) Includesinvestmentsinlimitedpartnerships,realestate,andjointventures

l Significantportfoliocashbalanceavailableforfutureinvestment(43%)(1)

l Generatedinvestmentrelatedincomeof$10.8millionthrough9/30/17and$6.9through9/30/16(2)

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HistoricalInvestmentPortfoliobyAsset Type(1)

$M 2012 2013 2014 2015 2016 9/30/17

Equity $8.9 3% $17.6 4% $45.6 10% $48.2 10% $53.0 9% $64.1 9%

RealEstate&Other(3) 16.1 6% 16.2 4% 26.1 5% 59.7 12% 79.6 14% 71.6 10%

FixedIncome 35.9 12% 112.2 25% 97.1 20% 125.0 25% 166.2 29% 256.1 38%

Cash 230.2 79% 293.4 67% 314.7 65% 267.7 53% 280.5 48% 292.4 43%

Total $291.1 100% $439.4 100% $483.5 100% $500.6 100% $579.3 100% $684.2 100%

Equity9% RealEstate&

Other10%

FixedIncome38%

Cash 43%

Asof9/30/17

NYSE:HCITMExpandingRealEstateOpportunity

(1) BasedonNovember2015appraisal(CypressCommons)andMarch2017appraisal(Ocala)(2) BasedonMarch2017appraisal(3) BasedonApril2016appraisal(gainrecognizedQ32016)(4) BasedonOctober2014appraisal(gainrecognizedQ42016)(5) BasedonOctober2016appraisal(gainrecognizedQ42016)

GreenleafCapitalmanagesanddevelopsHCI’sgrowingrealestateportfolio

l Investmentphilosophyseeksimmediatecashflowandcapitalappreciationthroughopportunistictransactions

l Opportunitytoincreasereturnswithdebtfinancingatcurrentlyfavorablerates

l Estimated$30millionrealestatemarketvalueinexcessofcarryingamountnotrecognizedinstockholders’equity

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ExistingCommercialProperties

Property SizeNetBookValueas of9/30/17

MarketValue

ClassAOfficeBuildings 138,000Sq.Ft. $9.4M $20M (1)

Marina/Restaurant 10Acres,with12,500Sq. Ft.Restaurant 9.8M 26M (2)

LargeRegionalGrocery&OutParcels

16Acres,with61,400Sq.Ft.Retail 15.4M 16M (3)

Marina/Retail 9Acres,with 21,500Sq.Ft.Retail 8.1M 11M (4)

LargeRegionalGrocery&OutParcels

12Acres,with49,995Sq. Ft.Retail 16.0M 17M (5)

FuelStation&ConvenienceStore

8,000 Sq.Ft.Retail+GroundLease 4.5M 4.5M

Total $63.2M $94.5M.

NYSE:HCITM

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4

2

1

ProfitableStrategiesforFutureGrowth

GrowHomeownersInsuranceBookl Acquisitions: Utilizestrongbalancesheetandoperationalexpertisetotakeadvantage

ofacquisitionopportunitiesl NewStateExpansion: Exportcapabilitiestopenetrateattractivemarketsoutsideof

Floridal Organic: Originatenewpoliciesbyleveragingtechnologyplatform,potentialCitizens

takeouts andHomeownersChoice’snetworkof~3,600independentagents

CapitalizeonFirst-MoverAdvantageinPrivateFloodInsurancel Offerfloodinsurancetonewandexistingpolicyholdersfacingincreasingflood

insurancerates

ExecuteonEmergingRealEstateOpportunity

l Increaseourportfoliothroughanchortenantstrategyandotherrealestateventures

LeverageProprietaryTechnologyPlatforml Licenseinnovativeproductsandoffervalue-addedservicestoHomeownersChoice,

TypTapandtheinsuranceindustry20

NYSE:HCITMCumulativeTotalReturn

CumulativeTotalReturnonInitialInvestmentof$1,000September2008toOctober2017

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

BerkshireHathawayInc.- A UnitedInsuranceHoldingsCorp.MarkelCorporation AlphabetInc.HCIGroup,Inc. AmazonUniversalInsuranceHoldings

$2,351$2,367$3,198

$4,758

$12,600

$14,363

$8,292

NYSE:HCITMSeniorManagementTeam

22

PareshPatel MarkHarmsworth AndrewGraham

Chairman&CEO CFO GeneralCounsel

• Founder; Chairmansince2007 andCEOsince2011

• DesignedHCI’spolicyadministrationsystems,leveragingsoftwaredevelopmentexperience

• FoundedNorthStar Bankin2004andservedasDirectorfrom2006to2011

• CFOsince2017;previouslySeniorVP ofFinance

• FormersenioradvisortoStewartInformationServices(NYSE:STC)

• CFOofFirstAmericanTitleInsuranceCompanyfrom2006to2011

• SeniorEVPofFirstCanadianTitleInsuranceCompanyfrom2002to2006

• GeneralCounselsince2008

• Servedfrom1999to2007invariouscapacities,includingGeneralCounsel,forTrinsic

• Servedon InternalAuditCommitteeofHillsboroughCounty,Florida,since2011

• TrusteeofHillsboroughCommunityCollegefrom2007to2011

KevinMitchell AnthonySaravanos

VP ofInvestor Relations PresidentofGreenleafCapital

• VPofInvestorRelationssince2013

• AreaDirectorofFinancialInstitutionspractice atArthurJ.Gallagher(NYSE:AJG) from2008to2013

• EmployedbyOswaldCompanies,oneofthenation’slargestindependentinsurancebrokeragefirms,from2005to2008

• Directorsince2007; PresidentofGreenleafCapitalsince2013

• FormerVPoffull-servicerealestatefirminPalmHarbor,Florida,from2005to2013

• ManagingPartnerof13commercialCREentitiesinFloridaandNewYorksince2001

• DirectorofFirstHomeBanksince2011;Chairmansince2015

NYSE:HCITMContactus

CompanyContactKevinMitchell,VPofInvestorRelationsHCIGroup,Inc.Tel(813)405-3603kmitchell@hcigroup.com

InvestorRelationsContactMattGloverandNajimMostamand,CFALiolios InvestorRelationsTel(949)574-3860hci@liolios.com

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HCIGroup,Inc.5300W.CypressStreet,Suite100Tampa,FL33607Tel(813)849-9500www.hcigroup.comcontactus@hcigroup.com