Brief: HCI To Buy Some Insurance Businesses From United Insurance

American Coastal Insurance

17/12/2020 13:50

Dec 17 (Reuters) - Hci Group Inc  HCI.N :
    * 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

Source text for Eikon:  urn:newsml:reuters.com:*:nGNX3c1m5K
Further company coverage:  HCI.N 

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