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United Insurance Holdings Corp. Announces Reorganization Plan
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Very Positive)
Tags
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
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.
upc insurance is a flourishing and vibrant company that focuses on writing personal property insurance in catastrophe-exposed areas since 1999. upc is one of the fastest growing homeowners companies in the country. headquartered in st. petersburg, florida, we currently operate in several states with plans to rapidly expand. upc insurance maintains an “a”(exceptional) financial stability rating from demotech. at upc we believe that extraordinary associates drive our business. our team of talented and committed employees creates value for our customers and shareholders. we are traded on the nasdaq exchange with the symbol “uihc.” our ultimate vision is to be the premier provider of property insurance in catastrophe-exposed areas.
