 NEW YORK, Dec. 10, 2020 GLOBE NEWSWIRE -- HC2 Holdings, Inc. HC2 or the Company NYSE: HCHC, a diversified holding company, announced today that it has received a non-binding indication of interest the Indication of Interest for the potential acquisition of the Companys insurance segment from Continental General Holdings LLC the Buyer, an entity controlled by Michael Gorzynski, a director of the Company and beneficial owner of approximately 6.6 of the Companys outstanding common stock, for a total potential transaction value of approximately 90 million, subject to certain adjustments, consisting of, among other things, a combination of 65 million in cash and the transfer to HC2 or cancellation andor modification of the terms of certain HC2 and HC2-affiliate securities owned by Continental. The Companys insurance segment is comprised of Continental Insurance Group Ltd. and its indirect, wholly-owned subsidiaries, Continental General Insurance Company and Continental LTC Inc. collectively, Continental. 