ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ:UIHC) (the Company or UPC
Insurance), a property and casualty insurance holding company, today
announced the closing of its previously disclosed $57.5 million
underwritten public offering of 4,600,000 shares of its common stock,
including 600,000 shares of common stock which were issued pursuant to
the exercise of the underwriters’ over-allotment option, at a price of
$12.50 per share. The Company received aggregate net proceeds from the
sale of the shares of approximately $54.1 million after deducting
underwriting discounts and commissions and estimated offering expenses.
The Company intends to use the net proceeds from this offering for
general corporate purposes, including statutory capital in support of
its growth.
Raymond James & Associates, Inc. and Wells Fargo Securities, LLC acted
as Joint Book-Running Managers for the offering and Sterne, Agee &
Leach, Inc. acted as Co-Manager. A registration statement relating to
this offering was declared effective by the Securities and Exchange
Commission on October 10, 2013. The final prospectus supplement and
accompanying prospectus related to this offering is available on the
SEC’s website located at www.sec.gov.
Copies of the final prospectus supplement and accompanying prospectus
may also be obtained from: Raymond James & Associates, Inc., Attention:
Prospectus Department, 880 Carillon Parkway, St. Petersburg, Florida
33716, telephone: (800) 248-8863 or email: prospectus@raymondjames.com;
Wells Fargo Securities, LLC Attention: Equity Syndicate Dept., 375 Park
Avenue, New York, New York 10152, telephone: (800) 326-5897 or email: cmclientsupport@wellsfargo.com;
or Sterne, Agee & Leach, Inc., Prospectus Department, 277 Park Avenue,
24th Floor, New York, New York 10172, phone: (212) 338-4708, fax: (205)
414-6373, email: syndicate@sterneagee.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
Certain statements included in this press release are intended as
“forward-looking statements.” These statements include statements
relating to UPC Insurance’s expectations regarding the intended use of
proceeds. UPC Insurance cautions investors not to place undue reliance
on the forward-looking statements contained in this release. These
forward-looking statements involve certain risks and uncertainties that
could cause the results to differ materially from those expected by UPC
Insurance. There can be no assurance that the net proceeds of the
offering will be used as indicated. The application of the net proceeds
from the offering are subject to numerous conditions, many of which are
beyond the control of the Company, including, without limitation,
general economic conditions, market conditions, and other factors,
including those set forth in the Risk Factors section of the Company’s
periodic reports and other documents filed with the SEC, copies of which
are available on the SEC’s website, www.sec.gov.
Any forward-looking statements made in this press release speak only as
of the date of this release and, except as required by law, UPC
Insurance undertakes no obligation to update any forward-looking
statement contained in this press release, even if UPC Insurance’s
expectations or any related events, conditions or circumstances change.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that
sources, writes and services residential property and casualty insurance
policies using a network of independent agents and a group of wholly
owned insurance subsidiaries. United Property & Casualty Insurance
Company, the primary operating subsidiary of UPC Insurance, writes and
services property and casualty insurance in Florida, Massachusetts, New
Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is
licensed to write in New Hampshire and Georgia. 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.
United Insurance Holdings Corp.
John Rohloff
Director
of Financial Reporting
727-895-7737
jrohloff@upcinsurance.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior
Senior
Vice-President
212-836-9606
aprior@equityny.com
or
Terry
Downs
Associate
212-836-9615
tdowns@equityny.com
Source: United Insurance Holdings Corp.