United Insurance Holdings Corp. Subsidiary Assumes More Than 15,000 Policies From Citizens
Jan 10, 2013
The following article was posted to thestreet.com website on January 10, 2013:
By Business Wire
United Insurance Holdings Corp. (NASDAQ: UIHC) (United or UIHC), a property and casualty insurance holding company, announced today that its wholly-owned subsidiary, United Property & Casualty Insurance Company (UPC Insurance), assumed 15,133 policies from Citizens Property Insurance Corporation, the State of Florida’s primary residual market property insurance entity. After finalizing the assumption, UPC Insurance’s total policies in-force will be approximately 150,000 representing in-force premiums of approximately $275M.
“We are pleased to have completed this takeout,” said John Forney, Chief Executive Officer of United, “and we welcome these new policyholders to the UPC Insurance family. We did rigorous screening to ensure that these policies meet our conservative underwriting standards, and we look forward to providing our new policyholders and their agents with great customer service and a company they can count on.”