ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (OTCBB: UIHC; UIHCW; UIHCU)(United
or the Company), a property and casualty insurance holding company,
announced today that it has entered into a management services agreement
with 1347 Advisors LLC (1347 Advisors) pursuant to which 1347 Advisors
will provide the services of an interim Chief Financial Officer to
United, as well as certain strategy consulting, corporate development,
corporate finance, and actuarial services.
United also announced the appointment of Hassan Baqar as interim Chief
Financial Officer. Mr. Baqar has extensive finance and accounting
experience in the property and casualty insurance industry. He is
currently a Managing Director of 1347 Advisors, as well as a Vice
President of Kingsway America Inc. Mr. Baqar’s services as interim Chief
Financial Officer of the Company are provided under the terms of the
management services agreement. “We are very pleased to have Hassan begin
working with our team at United,” said Don Cronin, its CEO.
About United Insurance Holdings Corp.
Founded in 1999, United Property & Casualty Insurance Company, a
subsidiary of United Insurance Holdings Corp., writes and services
homeowners insurance in Florida and South Carolina and is licensed to
write property & casualty insurance in Massachusetts. From its
headquarters in St. Petersburg, United's team of dedicated employees
manages a completely integrated insurance company, including sales,
underwriting, customer service and claims. The Company distributes its
homeowners, dwelling fire and flood products through many agency groups
and conducts business through three wholly-owned subsidiaries.
Homeowners insurance constitutes the majority of United's premiums and
policies.
About 1347 Advisors LLC
1347 Advisors LLC (1347 Advisors) provides corporate development and
other insurance services to the insurance industry. 1347 Advisors is a
wholly owned subsidiary of Kingsway Financial Services Inc. (Kingsway),
an insurance holding company listed on the Toronto Stock Exchange and
the New York Stock Exchange under the trading symbol “KFS”.
Forward Looking Statements
This press release includes “forward looking statements” that are
subject to risks and uncertainties. Such forward looking statements
relate to future events or performance, but reflect Kingsway or United
management’s current beliefs, based on information currently available.
A number of factors could cause actual events, performance or results to
differ materially from the events, performance and results discussed in
the forward looking statements. For information identifying important
factors that could cause actual results to differ materially from those
anticipated in the forward looking statements, see Kingsway’s or
United’s securities filings, including its 2010 Annual Report under the
heading Risk Factors in the Management’s Discussion and Analysis
section. The securities filings can be accessed on the Canadian
Securities Administrators’ website at www.sedar.com
for Kingsway, on the EDGAR section of the U.S. Securities and Exchange
Commission’s website at www.sec.gov
for United and/or Kingsway or through their respective websites (www.upcic.com
and www.kingsway-financial.com).
Except as expressly required by applicable securities law, Kingsway and
United disclaim any intention or obligation to update or revise any
forward looking statements whether as a result of new information,
future events or otherwise.
Source: United Insurance Holdings Corp.
Contact:
United Insurance Holdings Corp.
John Rohloff, 727-895-7737
SEC
Reporting Manager
jrohloff@upcic.com
or
Investor
Relations:
The Equity Group
Adam Prior, 212-836-9606
Vice
President
aprior@equityny.com
or
Terry
Downs, 212-836-9615
Account Executive
tdowns@equityny.com