A team of Foley lawyers advised HCI Group, Inc. (NYSE: HCI), an InsurTech company with operations in insurance, software development, and real estate, in connection with a $100 million investment in its subsidiary corporation, TypTap Insurance Group, Inc., by a fund affiliated with Centerbridge Partners, L.P.
TypTap, a rapidly growing InsurTech company, provides homeowners and flood insurance in Florida. With this investment, TypTap plans to expand its operations nationwide. The company will also continue to develop innovative insurance-related technologies.
In exchange for its investment, Centerbridge received from TypTap preferred shares with liquidation, dividend, redemption, and other rights and received from HCI a four-year warrant to purchase 750,000 HCI common shares at $54.40 per share.
Foley acted as legal advisor for HCI Group and was led by partner Curt P. Creely with support from partners Beth J. Felder and John Palmer and associates Libby Ridley and E.J. Risley.