UIHC - United Insurance Holdings Corp. Announces Personal Lines Withdrawal Plans in Florida Texas Louisiana and New York and Pursuit of Strategic Alternatives
United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today that its personal lines subsidiary, United Property & Casualty Insurance Company (United P&C) has filed plans of withdrawal in Florida, Louisiana and Texas and intends to file a plan of withdrawal in New York that entail non-renewing personal lines policies in these states. Regulatory approval has been received in Louisiana but is still pending in Florida and Texas. These plans would effectively place United P&C into an orderly run-off so long as United P&C remains in compliance with the rules and regulations of each state. Second, United P&C was notified by Demotech of Demotech’s intent to withdraw United P&C’s Financial Stability Rating.
“Due to significant uncertainty around the future availability of reinsurance for our personal lines business, I believe placing United P&C into an orderly run-off is prudent and necessary to protect the Company and its policyholders. The Company is actively pursuing opportunities to leverage our people, technology, and other capabilities. Our commercial business continues to perform well and provides the Company a stable platform to build new engines of growth and profitability,” said Dan Peed, Chairman & CEO.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services personal and commercial residential property and casualty insurance policies using a group of wholly owned insurance subsidiaries through a variety of distribution channels. The Company currently writes policies in Florida, Louisiana, New York, and Texas. The Company also writes policies in Georgia, South Carolina, and North Carolina, where renewal rights have been sold and all premiums and losses are ceded. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220825005227/en/
United Insurance Holdings Corp.
Jessica Barclay
Deputy CFO
(727) 895-7737 / jbarclay@upcinsurance.com
INVESTOR RELATIONS:
The Equity Group
Karin Daly
Vice President
(212) 836-9623 / kdaly@equityny.com