ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (OTCBB: UIHC) (United or the Company), a
property and casualty insurance holding company, announced today that
the North Carolina Department of Insurance approved United Property &
Casualty Insurance Company (UPC), one of its wholly-owned subsidiaries,
to write property and casualty insurance in the state as an admitted
carrier. This brings the total number of states in the U.S. covered by
UPC to five, along with Florida, South Carolina, Massachusetts, and
Rhode Island.
United Property & Casualty Insurance Company expects to continue its
expansion program and is in varying stages of discussion with other
state insurance regulatory authorities regarding its desire to write
property insurance in other states.
The Company also announced today that UPC received a mandatory
assessment from the Florida Insurance Guaranty Association, Inc. (FIGA),
a nonprofit corporation created by the Florida legislature. The
assessment, which was approved by the Florida Office of Insurance
Regulation, is equal to 0.9% of UPC’s net direct written premiums in
Florida for the 2011 calendar year and is applicable to all members of
FIGA’s “All Other Account,” which includes UPC.
The assessment is expected to result in a pre-tax charge to consolidated
operations of $1.6 million in the fourth quarter of 2012. The mandatory
assessment is expected to be fully recouped through a surcharge on UPC’s
Florida policies, pursuant to a filing that will be submitted to the
Florida Office of Insurance Regulation and the Company expects it will
have a positive impact on operating results over a twelve-month period
beginning February 1, 2013.
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, South Carolina, Massachusetts, and
Rhode Island and is licensed to write in North Carolina. From its
headquarters in St. Petersburg, United's team of dedicated professionals
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 four wholly-owned subsidiaries. Homeowners
insurance constitutes the majority of United's premiums and policies.
Cautionary Statements
The Company has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration
statement and other documents the Company has filed with the SEC for
more complete information about the Company and this offering. You may
get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, the Company, any underwriter or any dealer participating
in the offering will arrange to send you the prospectus if you request
it by calling toll-free 1-800-248-8863.
This prospectus is available at http://www.sec.gov/Archives/edgar/data/1401521/000119312512484392/d420389ds1a.htm
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 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 United’s securities
filings, including its 2011 Annual Report under the heading Risk Factors
in the Management’s Discussion and Analysis section. Except as expressly
required by applicable securities law, United disclaims any intention or
obligation to update or revise any forward looking statements whether as
a result of new information, future events or otherwise.
United Insurance Holdings Corp.
John Rohloff
SEC
Reporting Manager
(727) 895-7737 / jrohloff@upcic.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior
Vice
President
(212) 836-9606 / aprior@equityny.com
or
Terry
Downs
Account Executive
(212) 836-9615 / tdowns@equityny.com
Source: United Insurance Holdings Corp.