February 14, 2020 / 1:28 PM / 2 days ago

BRIEF-HCI Group Insurance Subsidiary Enters Into Policy Replacement Agreement With Anchor Property & Casualty Insurance Company

Feb 14 (Reuters) - Hci Group Inc:

* HCI GROUP INSURANCE SUBSIDIARY ENTERS INTO POLICY REPLACEMENT AGREEMENT WITH ANCHOR PROPERTY & CASUALTY INSURANCE COMPANY

* HCI GROUP INC - UNDER AGREEMENT WITH ANCHOR PROPERTY & CASUALTY INSURANCE COMPANY, ANCHOR WILL CANCEL ALL ITS POLICIES AS OF APRIL 1, 2020

* HCI GROUP INC - UNDER AGREEMENT, HOMEOWNERS CHOICE WILL OFFER TO ANCHOR’S POLICYHOLDERS SHORT-TERM REPLACEMENT POLICIES, FOR POLICIES CANCELLED

* HCI GROUP INC - ANCHOR’S POLICYHOLDERS WILL BE UNDER NO OBLIGATION TO ACCEPT REPLACEMENT POLICIES

* HCI GROUP INC - ANCHOR WILL RETAIN LIABILITY FOR POLICYHOLDER CLAIMS ARISING FROM EVENTS OCCURRING ON OR BEFORE MARCH 31, 2020

* HCI GROUP INC - UPON EXPIRATION OF REPLACEMENT POLICIES, HOMEOWNERS CHOICE WILL OFFER RENEWALS TO POLICYHOLDERS AT ITS OWN RATES AND TERMS

* HCI GROUP INC - AGREEMENT CONTAINS NO PURCHASE PRICE FOR TRANSITION OF BUSINESS TO HOMEOWNERS CHOICE

* HCI GROUP - AGREEMENT WITH ANCHOR INCLUDES A PAYMENT BASED ON PREMIUM IN FORCE ASSOCIATED WITH REPLACEMENT POLICES REMAINING IN FORCE AT JUNE 1 Source text for Eikon: Further company coverage:

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