RTTNews | Mar 1, 2021 10:12AM EST

10:11 Monday, March 1, 2021 (RTTNews.com) - Shares of HCI Group Inc. (HCI) reached a 52-week high of $80.00 Monday morning, and are currently trading at $74.99, up $17.12 or 29.58% with trading volume rising over 202K versus an average volume of 46.3K shares.

As recently as on Feb. 26, the company's subsidiary corporation TypTap Insurance Group Inc. announced that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of about $850 million.

In exchange for its investment, Centerbridge received from TypTap preferred shares with liquidation, dividend, redemption, and other rights and received from HCI a four-year warrant to purchase 750 thousand HCI common shares at $54.40 per share.

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