ST. PETERSBURG, Fla.--(BUSINESS WIRE)--United Insurance Holdings Corp. (UPC Insurance or the Company) (NASDAQ:UIHC), announced today that it has terminated its non-binding letter of intent regarding the proposed acquisition of 100% of Sunshine State Insurance Company (SSIC), a Florida domiciled property and casualty insurance company. The execution of the letter of intent was previously announced by the Company on May 15, 2014.
“While we are disappointed not to be able to move forward with this acquisition, we are confident that this decision is in the best interest of our shareholders,” said John Forney, President & CEO of UPC Insurance. “Our organic growth both in Florida and elsewhere continues to be robust, and that has always been the main driver of our policy growth. We will continue to seek other complementary growth opportunities, but we will always remain disciplined in our approach.”
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, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Louisiana, Georgia and New Hampshire. 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.