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HomePress ReleasesUnited Insurance coverage Holdings Corp. Declares Reorganization Plan

United Insurance coverage Holdings Corp. Declares Reorganization Plan


ST. PETERSBURG, Fla.–(BUSINESS WIRE)–
United Insurance coverage Holdings Corp. (Nasdaq: UIHC)(UPC Insurance coverage or the Firm), a property and casualty insurance coverage holding firm, introduced in the present day a proposed reorganization plan to consolidate its 4 Florida domiciled insurance coverage carriers into three, making a extra environment friendly working construction going ahead. The Firm intends to hunt regulatory approval to merge Journey Insurance coverage Firm into American Coastal Insurance coverage Firm with American Coastal being the surviving entity. We anticipate Journey’s monetary energy ranking will in the end sundown and its capital might be redistributed between American Coastal Insurance coverage Firm, Household Safety Insurance coverage Firm, and United Property & Casualty Insurance coverage Firm.

“Our plan will allow us to attain extra steadiness between business and private strains by reallocating present capital throughout our group and permitting American Coastal Insurance coverage Firm to focus solely on continued worthwhile progress in business strains whereas Household Safety Insurance coverage Firm and United Property & Casualty Insurance coverage Firm focus solely on restoring underwriting profitability in our private strains enterprise,” mentioned Dan Peed, Chairman & CEO.

About UPC Insurance coverage

Based in 1999, UPC Insurance coverage is an insurance coverage holding firm that sources, writes and providers private and business residential property and casualty insurance coverage insurance policies utilizing a gaggle of wholly owned insurance coverage subsidiaries and one majority owned insurance coverage subsidiary by way of a wide range of distribution channels. The Firm at the moment writes insurance policies in Florida, Louisiana, New York, and Texas. The Firm additionally writes insurance policies in Georgia, South Carolina, North Carolina and Massachusetts, the place renewal rights have been offered and all premiums and losses are ceded. From its headquarters in St. Petersburg, UPC Insurance coverage’s group of devoted professionals manages a very built-in insurance coverage firm, together with gross sales, underwriting, customer support and claims.


CONTACT:


United Insurance coverage Holdings Corp.

Jessica Barclay

Deputy CFO

(727) 895-7737 / jstrathman@upcinsurance.com

OR

INVESTOR RELATIONS:

The Fairness Group

Karin Daly

Vice-President

(212) 836-9623 / kdaly@equityny.com

Supply: United Insurance coverage Holdings Corp.



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