United Insurance Holdings Corp. Announces Personal Lines Withdrawal Plans in Florida, Texas, Louisiana and New York, and Pursuit of Strategic Alternatives
August 25 2022 - 9:05AM
Business Wire
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.
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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
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