United Insurance completes renewal rights, reinsurance deal with HCI

Property/casualty insurer United Insurance Holdings (UPC) has completed its renewal rights and reinsurance deal with HCI Group.

The transaction transfers renewal rights on UPC’s personal lines business in the Northeast states of Connecticut, New Jersey, Massachusetts, and Rhode Island to HCI.

HCI said the deal is a part of its strategic plan to expand nationally.

“We’re excited to enter into this agreement with United,” said HCI Group chairman and chief executive officer Paresh Patel. “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.”

Brad Martz, president and chief financial officer of UPC Insurance, said: “Completion of this transaction supports our efforts to reduce operating leverage, improve risk-based capital adequacy and focus on growing our specialty commercial property business.”

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