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.
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.