- United Property & Casualty Insurance Company, a subsidiary of United Insurance Holdings ( NASDAQ: UIHC ), on Thursday has filed plans of withdrawal in Florida, Louisiana and Texas involving non-renewing personal lines policies in those states.
- Regulatory approval has been received in Louisiana but is still pending in Florida and Texas. United P&C intends to pursue the same such action in New York.
- “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," said CEO and Chairman Dan Peed.
- Peed added the his Florida-based company's commercial business "continues to perform well."
- Previously, (August 8) United Insurance Non-GAAP EPS of -$1.49 misses by $1.26, revenue of $115.79M beats by $1.81M .
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United Insurance files withdrawal plans in three states due to personal-lines uncertainty