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TAMPA — HCI Group Inc. has entered into a non-binding letter of intent to acquire Prepared Holdings LLC and its subsidiaries, which includes Tampa-based insurer Prepared Insurance Co., for $27 million.
The letter of intent still needs to be defined before any sale can move forward and any agreement would need to be approved by the Florida Office of Insurance Regulation. HCI says it plans no material changes to Prepared Holding's management or operations.
Prepared Insurance provides homeowners' insurance to 21,500 Florida policyholders representing $48 million in annual premium. It offers home, condominium, rental, flood and life insurance.
HCI Group Inc. (symbol: HCI; recent price: $41.72) owns a number of subsidiaries that provide homeowners' insurance, reinsurance, real estate and IT services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company Inc., sells property and casualty insurance in Florida.
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