Connect with us


St. Pete insurer UPC is officially insolvent

Veronica Brezina



UPC's former St. Pete headquarters. File photo.

St. Petersburg-based UPC Insurance has officially declared insolvency after experiencing significant financial losses, primarily as a result of Hurricane Ian-related claims. 

State regulators moved forward Thursday with placing United Property and Casualty Insurance Co. (UPC) into receivership after higher-than-expected losses from the catastrophic hurricane that hit the state last year, according to The News Service of Florida. 

Interim Insurance Commissioner Michael Yaworksy penned a letter to state CFO Jimmy Patronis to initiate court approval to place the insurer into receivership and UPC agreed to the move, according to documents posted on the Office of Insurance Regulation (OIR) website.  

Earlier this month, UPC’s year-end review of unpaid loss and loss adjustment reserves showed the insurer incurred approximately $197 million of net loss and loss adjustment expense related to “catastrophe events” for the fourth quarter of 2022. 

The estimated gross losses from Hurricane Ian increased from $1 billion to approximately $1.54 billion, UPC’s Feb. 10 report reads.  

UPC initially anticipated retaining $36 million in losses from the hurricane. 

Although Hurricane Ian was the tipping point for the insurer’s ultimate solvency, UPC had net underwriting losses of more than $35 million each year since 2017, according to financial reports. 

The expected insolvency also comes after the OIR has signed a consent order approving Tampa-based insurer Slide’s assumption of the vast majority of UPC’s Florida homeowners policies. Under the agreement, Slide has acquired the exclusive renewal rights for over 91,400 Florida homeowners insurance policies from UPC, representing $272 million in annual premiums. 

Coinciding with UPC’s spiral, Tampa-based Third Lake Partners has recently scooped up UPC’s properties in St. Pete, including UPC’s former headquarters at 800 2nd Ave. S. and its additional office buildings and surrounding vacant land. 

Continue Reading


  1. Avatar

    Daisy Alvarez

    February 19, 2023at9:15 am

    I’m in Orlando and I have UPC, no wonder they raised my insurance to 3,889.00. they are crap now what do we do that they are crying broke. For the last two years they have been raising my insurance it was not just the hurricane that is bull shit, they were in trouble prior years!!!! I and others are paying the price.

  2. Avatar


    February 19, 2023at9:48 am

    UPC was already pulling out of Florida. They announced they would not be renewing policies about 9 months ago.

    My own policy with them lapses in May. I received the notice of non-renewal a couple of months ago.

    We have a true insurance crisis here in Florida and our intrepid Governor DeCeiveus expends the resources of the legislature and the state on stupid social non-issues trying to burnish his own rep while the people of Florida are sinking fast under his autocratic and disingenuous administration.

  3. Avatar

    Robert Cortes

    February 19, 2023at10:53 am

    Now my claim goes to FIGA, they deliberately went over the 90 days because they knew they were going to do this. Now how do I live, the loss of use money is gone. FIGA takes yrs to settle a claim. I have no home, it’s a total loss even the county said so. They knew it and still took their sweet old time.

  4. Avatar

    Mayda Bethancourth

    February 19, 2023at2:20 pm

    I have UPC for more than 10 years paying higher premiums years and years i submitted a claim for wind damage prio to Ian ..of course matters only got worse witj Ian. And i still waiting for an answer. I was asked to forgive about wind damage and i should submitt or file a claim hurraca damage i am waiting for a fair answer. My neighbors cases were resolved without any inconveniences and fair justice. Again me just waiting for i don’t know how much longer i still have tarps covering my to mention i kept a good policy all this time..

  5. Avatar


    February 22, 2023at12:43 pm

    The executive management should be charged with criminal fraud for operating without the cash reserves to provide the services they contacted for….

Leave a Reply

Your email address will not be published. Required fields are marked *

By posting a comment, I have read, understand and agree to the Posting Guidelines.

The St. Pete Catalyst

The Catalyst honors its name by aggregating & curating the sparks that propel the St Pete engine.  It is a modern news platform, powered by community sourced content and augmented with directed coverage.  Bring your news, your perspective and your spark to the St Pete Catalyst and take your seat at the table.

Email us:

Subscribe for Free

Share with friend

Enter the details of the person you want to share this article with.