ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ:UIHC)(UPC Insurance or
the Company), a property and casualty insurance holding company,
announced its participation in the Texas Windstorm Insurance Association
(TWIA) Depopulation Program.
UPC Insurance has mailed offers of coverage to the agents of record on
nearly 60,000 TWIA policies, as well as information about UPC Insurance
and the steps it takes to transfer TWIA policies to UPC Insurance with
ease and confidence.
“Since 1999, we’ve worked hard to be the premier provider of property
insurance in coastal states with our unwavering commitment to Keep
the PromiseSM to our agents and policyholders,” said John
Forney, President and CEO of UPC Insurance. “Our company has paid claims
on 16 separate tropical storms and hurricanes during our 16-year
history, while consistently growing our financial strength. We are
pleased to be able to offer that track record of reliability and
financial security to existing TWIA policyholders and their agents.”
“We have been writing actively in Texas since December 2013 and look
forward to continuing to grow our book of business in this important
state,” Forney added.
Jennifer Armstrong, TWIA Director of Compliance & Communications
commented, “The purpose of TWIA’s depopulation program is to create
opportunities for TWIA policyholders to access additional coverage
options through other carriers. UPC’s announcement evidences that the
program is working.”
UPC Insurance will offer the same or better coverage as TWIA, including
automated renewals, convenient payment plans, improved policyholder
rights consistent with the voluntary market, and the financial strength
of a reinsurance program that goes up to the 1-185 year level combined
with the transparency of a publicly traded company.
For more information about the UPC Texas Wind Program, please visit upcinsurance.com/WindProgram.
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, Louisiana,
Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina
and Texas and is licensed to write in Alabama, Connecticut, Delaware,
Georgia, Hawaii, Maryland, Mississippi, New Hampshire and Virginia. 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.
About the Texas Windstorm Insurance Association
The Texas Windstorm Insurance Association (TWIA) is the state's insurer
of last resort for wind and hail coverage in the 14 coastal counties and
parts of Harris County (east of Highway 146). TWIA provides wind and
hail coverage when insurance companies exclude it from their homeowners
and other property policies sold to coastal residents. TWIA employees
are committed to promoting hurricane safety and education, together with
the development and enforcement of coastal building codes, in an effort
to save lives and property. For more information, please visitwww.twia.org.
Forward-Looking Statements
Statements in this press release that are not historical facts are
forward-looking statements that are subject to certain risks and
uncertainties that could cause actual events and results to differ
materially from those discussed herein. Without limiting the generality
of the foregoing, words such as “may,” “will,” “expect,” “believe,”
“anticipate,” “intend,” “could,” “would,” “estimate,” “or “continue” or
the other negative variations thereof or comparable terminology are
intended to identify forward-looking statements. The forward-looking
statements in this press release include statements regarding: the
successful participation in the depopulation program discussed above.
The risks and uncertainties that could cause our actual results to
differ from those expressed or implied herein include, without
limitation, the success of the Company's marketing initiatives,
inflation and other changes in economic conditions (including changes in
interest rates and financial markets); the impact of new Federal and
State regulations that affect the property and casualty insurance
market; the costs of reinsurance and the collectibility of reinsurance,
assessments charged by various governmental agencies; pricing
competition and other initiatives by competitors; our ability to obtain
regulatory approval for requested rate changes, and the timing thereof;
legislative and regulatory developments; the outcome of litigation
pending against us, including the terms of any settlements; risks
related to the nature of our business; dependence on investment income
and the composition of our investment portfolio; the adequacy of our
liability for losses and loss adjustment expense; insurance agents;
claims experience; ratings by industry services; catastrophe losses;
reliance on key personnel; weather conditions (including the severity
and frequency of storms, hurricanes, tornadoes and hail); changes in
loss trends; acts of war and terrorist activities; court decisions and
trends in litigation, and health care; and other matters described from
time to time by us in our filings with the Securities and Exchange
Commission, including, but not limited to, the Company's Annual Report
on Form 10-K filed on February 25, 2015. In addition, investors should
be aware that generally accepted accounting principles prescribe when a
company may reserve for particular risks, including litigation
exposures. Accordingly, results for a given reporting period could be
significantly affected if and when a reserve is established for a major
contingency. Reported results may therefore, appear to be volatile in
certain accounting periods. The Company undertakes no obligations to
update, change or revise any forward-looking statement, whether as a
result of new information, additional or subsequent developments or
otherwise.
United Insurance Holdings Corp.
John Rohloff, 727-895-7737
Director
of Financial Reporting
jrohloff@upcinsurance.com
or
Texas
Windstorm Insurance Association
Julie Springer, 512-637-4075
Director
of Communications
jspringer@twia.org
Source: United Insurance Holdings Corp.