The Board of property and casualty insurer, United Insurance Holdings Corp. (UPC Insurance), is undertaking a review of the firm’s strategic and capital raising alternatives, which could lead to a sale or merger.
According to UPC Insurance, the Board has now initiated the review and will explore a wide range of options for the carrier.
This includes, amongst other things, a potential sale or merger, subsidiary divestiture, formation of a new Florida-based reciprocal exchange, as well as the sale of equity, surplus notes, and other financing or strategic transactions.
UPC Insurance was founded in 1999 and writes and services personal and commercial residential property and casualty insurance policies via its insurance subsidiaries. Currently, the company underwrites business in Florida, Louisiana, New York, and Texas. It also writes policies in Georgia, South Carolina, and North Carolina, where renewal rights have been sold and all premiums and losses are ceded.
Despite the Board starting its review, UPC Insurance notes that there can be no assurances that the process will result in it pursuing a particular transaction.
Insurance Advisory Partners, LLC has been retained as UPC Insurance’s financial advisor, and Debevoise & Plimpton LLP as its legal counsel to assist in the review process.
