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Business Observer Tuesday, Dec. 21, 2021 6 months ago

Insurer to add $90M in premiums via acquisition

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Tampa-based HCI Group Inc. has agreed to buy United Insurance Holdings’ lines of business in three states.

TAMPA — HCI Group Inc. (NYSE:HCI) has reached an agreement to acquire the personal lines insurance business of United Insurance Holdings Corp. in Georgia, North Carolina and South Carolina, adding some $90 million in annual premiums to its portfolio.

HCI Group, headquartered in Tampa, is an insurance holding company that specializes in homeowners’ insurance, IT services, reinsurance and real estate. It’s the parent company of TypTap Insurance Co., an insurtech startup.

The acquisition, according to a news release, is subject to negotiation of definitive agreements and customary closing conditions, including receipt of all applicable regulatory approvals.

“This transaction offers another great opportunity for HCI,” HCI Group Chairman and CEO Paresh Patel states in the release. “HCI is expanding its relationship with United following a successful transaction in the Northeast. This latest agreement further accelerates HCI toward its growth ambitions, expands the company’s footprint in existing and new states and brings an established agent network. HCI has the financial strength to support and grow these new business opportunities.”

HCI Group reported gross annual revenue of $273.47 million in 2020, up from $242.47 million in 2019 — an increase of 12.7%.

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