PointeNorth Insurance Group, a regional agency, has acquired Alabama Insurance Exchange, based in Birmingham, the company said in a news release.
AIE is now part of the PointeNorth Alliance, which offers access to additional carriers and services.
The Exchange provides commercial and personal lines and is headed by Clayton Taylor Jr. PointeNorth Insurance Group, headquartered in Atlanta, acquired two agencies in 2021 and has now expanded to more than 230 employees with operations in Georgia, Alabama, and South Carolina.
HCI Group Inc., an insurtech company, plans to buy three of United Insurance Holdings’ personal lines in Georgia and the Carolinas. The move will allow United to reallocate capital to its fast-growing commercial specialty property portfolio, the company announced.
Under the terms of the deal, HCI will provide 85% quota-share reinsurance on the in-force, new and renewal policies of United Property and Casualty Insurance (UPC) in Georgia, North Carolina and South Carolina for the period December 31, 2021 through May 31, 2022.
UPC’s 15% quota-share reinsurance with another reinsurer is expected to remain in place during this period. Under the quota-share arrangement, HCI will pay to UPC a provisional ceding commission of 25% of premium earned during the term of the contract that could increase up to 32%, depending on the direct loss ratio results for the reinsured business.
Topics Mergers & Acquisitions
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