TAMPA, Fla., July 14, 2014 (GLOBE NEWSWIRE) -- HCI Group, Inc. (NYSE:HCI) announced today its negotiations to acquire Prepared Holdings LLC and its subsidiaries, including Florida-based insurer Prepared Insurance Company, have ended. A previously announced letter of intent has expired. The parties were unable to reach agreement on the definitive terms of the proposed acquisition.
About HCI Group, Inc.
HCI Group, Inc. owns subsidiaries engaged in diverse, yet complementary business activities, including homeowners' insurance, reinsurance, real estate and information technology services. The company's largest subsidiary, Homeowners Choice Property & Casualty Insurance Company, Inc., is a leading provider of property and casualty insurance in the state of Florida.
The company's common shares trade on the New York Stock Exchange under the ticker symbol "HCI" and are included in the S&P SmallCap 600 Index. Its 8% Senior Notes trade on the New York Stock Exchange under the ticker symbol "HCJ." For more information about HCI Group, visit www.hcigroup.com.