The board of directors of property and casualty insurer United Insurance Holdings Corp. (UPC Insurance), is undertaking a review of the company’s strategic and capital-raising alternatives, which could lead to a sale or merger.
According to UPC Insurance, the Council has now launched the review and will explore a wide range of options for the carrier.
This includes, among other things, a potential sale or merger, divestiture of a subsidiary, formation of a new Florida-based reciprocal exchange, as well as the sale of excess stock, notes and other financing transactions. or strategic.
UPC Insurance was founded in 1999 and underwrites and administers personal and commercial property and casualty insurance policies through its insurance subsidiaries. Currently, the company underwrites business in Florida, Louisiana, New York and Texas. It also underwrites policies in Georgia, South Carolina and North Carolina, where renewal rights have been sold and all premiums and losses are ceded.
Although the Council has begun its review, UPC Insurance notes that there can be no guarantee that the process will result in the prosecution of any particular transaction.
Insurance Advisory Partners, LLC has been retained as financial advisor to UPC Insurance, and Debevoise & Plimpton LLP as legal advisor to assist in the review process.