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United Insurance Holdings Corp. (OTCBB: UIHC; UIHCW) (United or the Company), a property and casualty insurance holding company, announced today that the Rhode Island Department of Business Regulation approved United Property and Casualty Insurance Company (UPC), one of its wholly-owned subsidiaries, to write property and casualty insurance in the state as an admitted carrier. This brings the total number of states in the U.S. covered by UPC to four, along with Florida, Massachusetts and South Carolina.
“We are very pleased to be approved to write our products in another state,” said Don Cronin, United’s CEO. “By adding three additional east coast states over the past 13 months, we have significantly diversified our policy base into areas where our products and service fit the needs of homeowners, a process that continues to be our primary focus.”
As Mr. Cronin indicated, the Company will continue its expansion program. Its UPC subsidiary is in varying stages of discussion with other state insurance regulatory authorities regarding its desire to write property insurance in other states.
About United Insurance Holdings Corp.
Founded in 1999, United Property and Casualty Insurance Company, a subsidiary of United Insurance Holdings Corp., writes and services homeowners insurance in Florida and South Carolina and is licensed to write property and casualty insurance in Massachusetts and Rhode Island. From its headquarters in St. Petersburg, United's team of dedicated employees manages a completely integrated insurance company, including sales, underwriting, customer service and claims. The Company distributes its homeowners, dwelling fire and flood products through many agency groups and conducts business through three wholly-owned subsidiaries. Homeowners insurance constitutes the majority of United's premiums and policies.
Forward Looking Statements
This press release includes “forward looking statements” that are subject to risks and uncertainties. Such forward looking statements relate to future events or performance, but reflect United management’s current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, see United’s securities filings, including its 2010 Annual Report under the heading Risk Factors in the Management’s Discussion and Analysis section. The securities filings can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission’s website at
www.sec.gov or through United’s website
www.upcic.com. Except as expressly required by applicable securities law, United disclaims any intention or obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise.