Florida’s HCI Moves to Acquire Competitor Prepared Insurance

June 24, 2014

The parent company of one of Florida’s largest home insurers has entered into a non-binding deal to purchase another state-based insurer in a move that could affect 21,500 state policyholders.

HCI Group Inc. announced it will acquire Prepared Holdings LLC  and its subsidiary Prepared Insurance Co.

HCI Group is the parent company of the Tampa, Florida-based Homeowners Choice Property & Casualty Insurance Co.

The Tampa, Florida-based Prepared Insurance provides coverage to 21,500 policyholders, representing $48 million in annual premiums. The letter of intent sets the purchase price at $27 million less any monies owe under certain notes and other expenses.

The letter of intent also spells out other provisions of the deal, which have yet to be negotiated. Additionally, the deal is contingent on approval by the state’s Office of Insurance Regulation.

Homeowners Choice had 163,000 policyholders as of January 1, making it the seventh largest homeowners’ insurer in Florida.

Subscribe Insurance news headlines delivered to your email.
Get a free subscription to our popular email newsletter.

Add a Comment

Your email address will not be published. Required fields are marked *

*

More News
More News Features