ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ:UIHC)(UPC Insurance or
the Company), a property and casualty insurance holding company,
announced today that it has raised $30 million through an offering of
senior notes to private investors. The proceeds of the offering will
primarily be used for general corporate purpose and to support the
Company’s growth.
The notes will bear interest at a floating rate equal to the three month
LIBOR plus 5.75% per year, with interest payable quarterly in arrears.
The notes will mature ten years after the issue date, have no scheduled
amortization, and may be redeemed at par value any time without a
pre-payment penalty.
“We’re pleased to be able to put this capital in place,” said John
Forney, President and Chief Executive Officer of UPC Insurance. “It is
an efficient and cost effective way for us to continue to support our
company’s ongoing organic growth while maintaining conservative
operating and financial leverage ratios.”
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the senior notes, nor shall there be any
offer, solicitation or sale in any state or jurisdiction in which an
offer, solicitation or sale would be unlawful. The notes have not been
registered under the Securities Act or any state securities laws and may
not be offered or sold in the United States absent registration or an
applicable exemption from such registration.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that
sources, writes and services residential and commercial property and
casualty insurance policies using a network of independent agents and a
group of wholly owned insurance subsidiaries. Our insurance affiliates
write and service property and casualty insurance in Connecticut,
Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New
York, North Carolina, Rhode Island, South Carolina and Texas and are
licensed to write in Alabama, Delaware, 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.
Forward-Looking Statements
Statements in this press release, conference call identified above,
and otherwise, that are not historical facts are “forward-looking
statements” that anticipate results based on our estimates, assumptions
and plans that are subject to uncertainty.These statements are
made subject to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995 (PSLRA). These forward-looking statements
do not relate strictly to historical or current facts and may be
identified by their use of words like“may,” “will,” “expect,”
“believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “or
“continue” and other words with similar meanings. We believe these
statements are based on reasonable estimates, assumptions and plans.
However, if the estimates, assumptions or plans underlying the
forward-looking statements prove inaccurate or if other risks or
uncertainties arise, actual results could differ materially from those
communicated in these forward-looking statements. Factors that could
cause actual results to differ materially from those expressed in, or
implied by, the forward-looking statements may be found in our filings
with the U.S. Securities and Exchange Commission, including the “Risk
Factors” section in our most recent Annual Report on Form 10-K and
quarterly report on Form 10-Q. Forward-looking statements speak only as
of the date on which they are made, and we assume no obligation to
update or revise any forward-looking statement.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161205006270/en/
United Insurance Holdings Corp.
Jessica Strathman
SEC
Reporting Manager
(727) 895-7737 / jstrathman@upcinsurance.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior
Senior
Vice-President
(212) 836-9606 / aprior@equityny.com
Source: United Insurance Holdings Corp.