Benzinga | Jan 22, 2021 04:35PM EST

HCI Group Agrees To Acquire Insurance Business In The Four Northeast States From United Insurance Holdings Corp; No Terms Disclosed

TAMPA, Fla., Jan. 22, 2021 (GLOBE NEWSWIRE) -- HCI Group, Inc.(NYSE:HCI), an InsurTech company with operations in insurance, software development and real estate, has entered into a renewal rights agreement, dated January 18, 2021, with United Insurance Holding Corp. (NASDAQ:UIHC) pursuant to which United is to transition to HCI all its personal lines insurance business in the states of Connecticut, New Jersey, Massachusetts and Rhode Island.



"We're excited to enter into this agreement with United," said HCI Group Chairman and Chief Executive Officer Paresh Patel. "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."