United Insurance Holdings Corp. Announces Review of Strategic and Capital Raising Alternatives
United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today that its Board of Directors has initiated a review of its strategic and capital raising alternatives. As part of this process, the Board will consider a wide range of options for the Company including, amongst other things, a potential sale, merger, subsidiary divestiture, formation of a new Florida-domiciled reciprocal exchange, as well as the sale of equity, surplus notes or other financing or strategic transactions.
There can be no assurance that this process will result in the company pursuing a particular transaction and the company does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.
The Company has retained Insurance Advisory Partners, LLC as its financial advisor and Debevoise & Plimpton LLP as its legal counsel to assist in the review process.
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, 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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