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HCI completes renewal rights for UPC’s northeast personal lines book

Florida carriers HCI Group and United Insurance Holdings (UPC) have completed a renewal rights transaction that could see HCI acquire as much as $130mn in personal lines premium United had written in four northeast states.

The transaction was originally announced in December and includes policies in Connecticut, Massachusetts, New Jersey and Rhode Island.

The deal includes a cash payment of as much as $3.1mn, depending on how many policies are transferred to HCI, as well as shares 100,000 in HCI that had been worth around $5.2mn when the deal was originally announced.

HCI will also provide reinsurance support.

“We’re excited to enter into this agreement with United,” said HCI chairman and CEO Paresh Patel said in a statement. “When fully consummated, these transactions will accelerate our strategic plan to expand nationally. We will acquire not only a seasoned book of business, but also an established agent network and important underlying data.”  

Brad Martz, UPC’s president and chief financial officer added: “Completion of this transaction supports our efforts to reduce operating leverage, improve risk-based capital adequacy and focus on growing our specialty commercial property business.”

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