ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ:UIHC)(UPC Insurance or
the Company), a property and casualty insurance holding company, today
announced that it received formal approval from the New York State
Department of Financial Services to acquire Interboro Insurance Company.
UPC Insurance expects to close the transaction on or before April 30,
2016.
“We are happy to have received approval from the State of New York to
complete our acquisition of Interboro,” said John Forney, President and
Chief Executive Officer of UPC Insurance. “We’re grateful to the
professionals at the NYDFS who worked with us on the approval process,
and we are excited to move to close on the deal. We look forward to
welcoming Interboro to the UPC Insurance family, and to serving brokers
and policyholders in New York, which will be a very important state for
us.”
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. UPC Insurance writes and services property
and casualty insurance in Connecticut, Florida, Georgia, Hawaii,
Louisiana, Massachusetts, New Jersey, North Carolina, Rhode Island,
South Carolina and Texas, and is licensed to write in Alabama, Delaware,
Maryland, Mississippi, New Hampshire, New York 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 Information
Some of the statements in this release, including those about
estimated catastrophe losses, are “forward-looking statements” as that
term is defined in the Private Securities Litigation Reform Act of 1995
(PSLRA). These forward-looking statements are made pursuant to the safe
harbor provisions of the PSLRA. Actual results may differ materially
from those suggested by the forward-looking statements as a result of
risks and uncertainties, which include, among others, those discussed or
identified from time to time in our public filings with the Securities
and Exchange Commission. UPC Insurance assumes no obligation to update
any forward-looking information set forth in this release, which speaks
as of its date.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160421006691/en/
United Insurance Holdings Corp.
John Rohloff, 727-895-7737
Director
of Financial Reporting
jrohloff@upcinsurance.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior, 212-836-9606
Senior
Vice-President
aprior@equityny.com
Source: United Insurance Holdings Corp.