UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On June 16, 2021, in connection with our ongoing transaction with United Property & Casualty Insurance Company, we entered into a new Quota Share Reinsurance Agreement with United. As part of the transition of policies from United to HCI, we have agreed to provide 100% quota share reinsurance on all of United’s in-force, new and renewal policies in the states of Connecticut, New Jersey, Massachusetts and Rhode Island from June 1, 2021 through May 31, 2022. In exchange, we will pay United a ceding commission of 24% of premium.
The agreement represents approximately $120 million of annual premiums, which will be divided equally between our insurance subsidiaries, Homeowners Choice Property & Casualty Insurance Company, Inc. and TypTap Insurance Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: June 22, 2021.
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HCI GROUP, INC. |
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BY: |
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/s/ James Mark Harmsworth |
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Name: James Mark Harmsworth Title: Chief Financial Officer |
A signed original of this Form 8-K has been provided to HCI Group, Inc. and will be retained by HCI Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.