HCI Group Inc

NYSE:HCI   10:39:04 AM EDT
+0.43 (+0.79%)
Strategic Combinations, Mergers / Acquisitions, Equity Financing / Related

HCI To Buy Some Insurance Businesses From United Insurance

Published: 12/17/2020 14:00 GMT
HCI Group Inc (HCI) - Hci Group to Acquire Insurance Business in Four Northeast States From United Insurance Holdings Corp.
Hci Group Inc - United and Hci Will Enter Into a Policy Replacement Agreement.
Hci Group Inc - Hci Will Replace All of United's Personal Lines Policies in Four States.
Hci Group Inc - Will Provide United 100,000 Shares of Hci Common Stock.
Hci Group Inc - Will Also Pay United a Cash Payment of Up to $3.1 Million Depending on Amount of Premium Transitioned to Co.
Hci Group Inc - United Will Agree Not to Compete With Hci for Issuance of Personal Lines for Homeowners Business in Four States Until July 1, 2024.
Hci Group - Will Provide 69.5% Quota Share Reinsurance on All of United's In-force, New and Renewal Policies in 4 States From Dec 31, 2020 to May 31, 2021.
Hci Group Inc - Will Pay United Allowance of $4.4 Million Towards Already Purchased Catastrophe Reinsurance, Provisional Ceding Commission of 25% of Premium.