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 has received an “A-“ Financial Strength Rating and
“a-“ Issuer Credit Rating from A.M. Best with a stable outlook for its
new subsidiary Journey Insurance Company (JIC). The Company also
received regulatory approval from the Florida Office of Insurance
Regulation for licensure of JIC as a Florida domiciled property and
casualty insurance company.
Journey Insurance Company is 66.7% owned by UIHC and 33.3% by R.J. Kiln
& Co. (No. 3) Limited, a subsidiary of Tokio Marine Kiln Group Limited
(TMK). TMK is an affiliate of the Tokio Marine Group, a global insurance
group established in 1879 operating in 38 countries and regions with
over 38,000 employees worldwide which carries an “A++” rating from A.M.
Best.
Journey Insurance Company was formed by UIHC in strategic partnership
with Tokio Marine Kiln. Its initial focus will be on offering homeowners
and commercial residential property insurance in Florida, Texas and
South Carolina.
“Journey marks the fifth insurance company in the UPC family, and the
first one to be rated by A.M. Best,” said John Forney, President & CEO
of UPC Insurance. “We’re thrilled to be able to launch this new
partnership with Tokio Marine and we appreciate their support. Journey
gives us an exciting new way to grow our business in key markets by
serving customers and distribution channels we previously could not
reach. We can’t wait to get started.”
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that
sources, writes and services personal and commercial residential
property and casualty insurance policies using a group of wholly owned
insurance subsidiaries through a variety of distribution channels. The
Company currently writes policies in Connecticut, Florida, Georgia,
Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina,
Rhode Island, South Carolina and Texas, and is 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. UPC
Insurance is a company committed to financial stability and solvency.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180920005917/en/
United Insurance Holdings Corp.
Jessica Strathman,
727-895-7737
Director of Financial Reporting
jstrathman@upcinsurance.com
OR
INVESTOR
RELATIONS:
The Equity Group
Adam Prior, 212-836-9606
Senior
Vice-President
aprior@equityny.com
Source: United Insurance Holdings Corp.