UIHC - United Insurance Holdings Corp. Announces Reorganization Plan
United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today a proposed reorganization plan to consolidate its four Florida domiciled insurance carriers into three, creating a more efficient operating structure going forward. The Company intends to seek regulatory approval to merge Journey Insurance Company into American Coastal Insurance Company with American Coastal being the surviving entity. We anticipate Journey’s financial strength rating will ultimately sunset and its capital will be redistributed between American Coastal Insurance Company, Family Security Insurance Company, and United Property & Casualty Insurance Company.
“Our plan will enable us to achieve more balance between commercial and personal lines by reallocating existing capital across our group and allowing American Coastal Insurance Company to focus exclusively on continued profitable growth in commercial lines while Family Security Insurance Company and United Property & Casualty Insurance Company focus exclusively on restoring underwriting profitability in our personal lines business,” 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 and one majority owned insurance subsidiary 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, North Carolina and Massachusetts, 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.
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CONTACT:
United Insurance Holdings Corp.
Jessica Barclay
Deputy CFO
(727) 895-7737 / jstrathman@upcinsurance.com
OR
INVESTOR RELATIONS:
The Equity Group
Karin Daly
Vice-President
(212) 836-9623 / kdaly@equityny.com