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.