HCI Group in LOI to acquire Prepared Insurance Company HCI Group has entered into a non-binding letter of intent to acquire Prepared Holdings and its subsidiaries, including Florida-based insurer Prepared Insurance Company. Prepared Insurance provides homeowners' insurance to approximately 21,500 Florida policyholders representing approximately $48M of annualized premium. The letter of intent sets the purchase price at $27M, less the amounts owing under certain notes payable and other incidental items. The letter of intent represents a preliminary understanding and summarizes the principal provisions to be included in a more definitive agreement yet to be reached by the parties. The proposed acquisition is subject to various contingencies, including approval by the Florida Office of Insurance Regulation.
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