HCI plans to acquire Prepared Insurance

Florida-based HCI Group, the owner of Homeowners Choice Property & Casualty Insurance, 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 Company provides homeowners' insurance to approximately 21,500 Florida policyholders representing approximately $48 million of annualised premium.

The letter of intent sets the purchase price at $27 million, less the amounts owing under certain notes payable and other incidental items.