Appeals court sides with HCI Group

TAMPA — A U.S. appeals court has backed a trial-court decision in favor of Tampa-based insurer HCI Group Inc. in a revenue-sharing disagreement with Aon Benfield.

HCI hired Aon Benfield to assist it in securing reinsurance coverage for its Florida homeowners' insurance business in 2009. As part of its agreement with Aon, HCI says that Aon agreed to pay it a portion of the income it received from the reinsurer.

HCI says later Aon refused to pay that revenue after HCI choose another intermediary for the following year. Aon cited a clause that said no revenue would be paid out at any time after HCI decided to replace Aon and that HCI had forfeited its share of the revenue.