United Insurance Holdings Corp. (UPC Insurance or the Company)
(NASDAQ:UIHC), announced today that it has terminated its non-binding
letter of intent regarding the proposed acquisition of 100% of Sunshine
State Insurance Company (SSIC), a Florida domiciled property and
casualty insurance company. The execution of the letter of intent was
previously announced by the Company on May 15, 2014.
“While we are disappointed not to be able to move forward with this
acquisition, we are confident that this decision is in the best interest
of our shareholders,” said John Forney, President & CEO of UPC
Insurance. “Our organic growth both in Florida and elsewhere continues
to be robust, and that has always been the main driver of our policy
growth. We will continue to seek other complementary growth
opportunities, but we will always remain disciplined in our approach.”
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that
sources, writes and services residential property and casualty insurance
policies using a network of independent agents and a group of wholly
owned insurance subsidiaries. United Property & Casualty Insurance
Company, the primary operating subsidiary of UPC Insurance, writes and
services property and casualty insurance in Florida, Massachusetts, New
Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is
licensed to write in Louisiana, Georgia and New Hampshire. 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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