UPC to exit Florida
August 26, 2022 - United Insurance Holdings Corp., announced that United Property and Casualty Insurance Company, known as UPC Insurance, has filed plans to withdraw from Florida, Texas, Louisiana and New York. The company's Chairman and CEO Dan Peed said: “Due to significant uncertainty around the future availability of reinsurance for our personal lines business, I believe placing United P&C into an orderly run-off is prudent and necessary to protect the Company and its policyholders. The Company is actively pursuing opportunities to leverage our people, technology, and other capabilities. Our commercial business continues to perform well and provides the Company a stable platform to build new engines of growth and profitability." Earlier this year, United sold several of its parcels in St. Petersburg across from its headquarters at 800 2nd Ave. S.to an LLC connected to the St. Pete-based Moyer Law Group, in a $4.2 million deal. The news of the exit comes as UPC completed a reorganization plan to consolidate its four Florida domiciled insurance carriers into two and has experienced a downward spiral, reporting a $33 million loss in the first quarter, as well as a $59.9 million loss for 2021 and $95 million net loss in 2020.