HCI - HCI Group to acquire insurance business in three states from United Insurance

HCI Group (NYSE:HCI) has reached an agreement in principle with United Insurance Holdings (NASDAQ:UIHC) to transition all of United’s personal lines insurance business in the states of Georgia, North Carolina, and South Carolina to HCI. The business to be transitioned represents ~$90M of annual premiums. Under the agreement, HCI will provide 85% quota share reinsurance on all of United’s in-force, new and renewal policies in Georgia, North Carolina, and South Carolina from Dec. 31, 2021 through May 31, 2022. As part of the transaction, HCI will pay United a renewal rights ceding commission of 6%, with a portion of the ceding commission paid up-front. This latest agreement further accelerates HCI towards its growth ambitions, expands the company’s footprint in existing and new states, and brings an established agent network.

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HCI Group to acquire insurance business in three states from United Insurance