HCHC - HC2's insurance segment to be acquired by Continued General

HC2 Holdings (HCHC) +7.05% AH, received a non-binding indication of interest for the potential acquisition of the company's insurance segment from Continental General Holdings for a total potential transaction value of ~$90M.Purchase price consists of a $65M in cash and the transfer to HC2 (or cancellation) and/or modification of the terms of certain HC2 and HC2-affiliate securities owned by Continental.Insurance segment is comprised of Continental Insurance Group and its indirect, wholly-owned subsidiaries, Continental General Insurance Company and Continental LTC.Recently. HC2 completed a $65 million rights offering and is evaluating its portfolio to simplify its business, position the company for growth and profitability, and enhance its capital structure.

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HC2's insurance segment to be acquired by Continued General