HCI - United Insurance to transfer personal lines in four states to HCI Group

United Insurance Holdings (UIHC) agrees to transfer its personal lines business in four Northeast states — Connecticut, New Jersey, Massachusetts, and Rhode Island — to HCI Group (HCI) so it can focus on growing its specialty commercial property business and reducing operating leverage.United Insurance and its United Property & Casualty Insurance Company ("UPCIC") and Interboro Insurance subsidiaries will continue writing policies and servicing policyholders in New York.As part of the transaction, HCI will pay United Insurance 100,000 shares of HCI common stock and up to $3.1M in cash depending on the amount of premium transitioned to HCI. In connection with the transaction, United Insurance agrees not to compete with HCI for the issuance of personal lines homeowners business in the four Northeast states until July 1, 2024.Under the terms of the transaction, HCI will provide 69.5% quota share reinsurance on UPCIC’s in-force, new, and renewal policies in Connecticut, Massachusetts, New Jersey and Rhode Island for the

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United Insurance to transfer personal lines in four states to HCI Group