Florida-based insurtech HCI Group has announced the renewal of its quota share reinsurance agreement with United Property & Casualty Insurance Company.
The new agreement, effective June 1st, 2022, extends the previous agreement between the two companies that expired as of May 31st.
As part of the transition of policies from United, HCI has agreed to provide 100% quota share reinsurance on all of United’s in-force, new and renewal policies in the states of Georgia, North Carolina and South Carolina
This arrangement will run through to next year, ending May 31st, 2023.
In exchange, HCI will pay United a ceding commission of 16% of premium.
The agreement represents approximately $73 million of annual premiums, which will ultimately transfer to HCI’s affiliate TypTap Insurance Company.
