$HCI TypTap Raises $100 Million from Centerbridge
HCI subsidiary corporation, TypTap Insurance Group, Inc., is pleased to announce that a fund affiliated with Centerbridge Partners, L.P. has invested $100 million in the company. The investment, representing about 11.75% of TypTap, implies a post-money valuation for TypTap of approximately $850 million.
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. The preferred shares automatically convert to common shares upon completion of an initial public offering meeting certain parameters.
finance.yahoo.com/news/leading-insurtech-company-typtap-raises-213000484.html
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. The preferred shares automatically convert to common shares upon completion of an initial public offering meeting certain parameters.
finance.yahoo.com/news/leading-insurtech-company-typtap-raises-213000484.html
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