United Insurance Holdings Corp. Announces Transfer of Business in Northeast to HCI Group, Inc. ST. PETERSBURG, Fla. (Business Wire)
United Insurance Holdings Corp. (NASDAQ: UIHC), a property and casualty insurance holding company
(“UPC”) and HCI Group, Inc. (
NYSE: HCI), an InsurTech company with operations in insurance, software development and real estate
(“HCI”), have reached an agreement in principle to transfer UPC’s personal lines business in four Northeast states of Connecticut, New Jersey, Massachusetts, and Rhode Island to HCI. UPC, and its wholly owned subsidiaries, United Property & Casualty Insurance Company (“UPCIC”) and Interboro Insurance Company, will continue writing policies and servicing policyholders in New York. The transaction will better enable UPC to focus on growing its specialty commercial property business and improve its statutory risk based capital position by reducing operating leverage.