Property insurance company eyes ‘options’
The parent of United Property & Casualty Insurance Co., a major player in Florida’s property-insurance market, said its board has started a “review of its strategic and capital raising alternatives” that could include moves such as a sale.
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The St. Petersburg-based United Insurance Holdings Corp. made the announcement in a news release Wednesday amid widespread financial problems in Florida’s property-insurance industry.
“As part of this process, the board will consider a wide range of options for the company including, amongst other things, a potential sale, merger, subsidiary divestiture, formation of a new Florida-domiciled reciprocal exchange, as well as the sale of equity, surplus notes or other financing or strategic transactions,” the news release said.
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“There can be no assurance that this process will result in the company pursuing a particular transaction and the company does not intend to disclose further developments unless and until it determines that further disclosure is appropriate or necessary.”
The company had about 185,000 policies in Florida as of March 31, down from nearly 199,000 at the end of 2021, according to a May investor presentation. United Insurance Holdings reported a $33.2 million net loss during the first quarter of 2022.
As of March 31, the company also had policies in South Carolina, North Carolina, Texas, Louisiana, Georgia and New York, according to the investor presentation.
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