ST. PETERSBURG, Fla.--(BUSINESS WIRE)--United Insurance Holdings Corp. (NASDAQ:UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced its participation in the Texas Windstorm Insurance Association (TWIA) Depopulation Program.
UPC Insurance has mailed offers of coverage to the agents of record on nearly 60,000 TWIA policies, as well as information about UPC Insurance and the steps it takes to transfer TWIA policies to UPC Insurance with ease and confidence.
“Since 1999, we’ve worked hard to be the premier provider of property insurance in coastal states with our unwavering commitment to Keep the PromiseSM to our agents and policyholders,” said John Forney, President and CEO of UPC Insurance. “Our company has paid claims on 16 separate tropical storms and hurricanes during our 16-year history, while consistently growing our financial strength. We are pleased to be able to offer that track record of reliability and financial security to existing TWIA policyholders and their agents.”
“We have been writing actively in Texas since December 2013 and look forward to continuing to grow our book of business in this important state,” Forney added.
Jennifer Armstrong, TWIA Director of Compliance & Communications commented, “The purpose of TWIA’s depopulation program is to create opportunities for TWIA policyholders to access additional coverage options through other carriers. UPC’s announcement evidences that the program is working.”
UPC Insurance will offer the same or better coverage as TWIA, including automated renewals, convenient payment plans, improved policyholder rights consistent with the voluntary market, and the financial strength of a reinsurance program that goes up to the 1-185 year level combined with the transparency of a publicly traded company.
For more information about the UPC Texas Wind Program, please visit upcinsurance.com/WindProgram.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries. United Property & Casualty Insurance Company, the primary operating subsidiary of UPC Insurance, writes and services property and casualty insurance in Florida, Louisiana, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas and is licensed to write in Alabama, Connecticut, Delaware, Georgia, Hawaii, 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.
About the Texas Windstorm Insurance Association
The Texas Windstorm Insurance Association (TWIA) is the state's insurer of last resort for wind and hail coverage in the 14 coastal counties and parts of Harris County (east of Highway 146). TWIA provides wind and hail coverage when insurance companies exclude it from their homeowners and other property policies sold to coastal residents. TWIA employees are committed to promoting hurricane safety and education, together with the development and enforcement of coastal building codes, in an effort to save lives and property. For more information, please visit www.twia.org.
Forward-Looking Statements
Statements in this press release that are not historical facts are forward-looking statements that are subject to certain risks and uncertainties that could cause actual events and results to differ materially from those discussed herein. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” “or “continue” or the other negative variations thereof or comparable terminology are intended to identify forward-looking statements. The forward-looking statements in this press release include statements regarding: the successful participation in the depopulation program discussed above. The risks and uncertainties that could cause our actual results to differ from those expressed or implied herein include, without limitation, the success of the Company's marketing initiatives, inflation and other changes in economic conditions (including changes in interest rates and financial markets); the impact of new Federal and State regulations that affect the property and casualty insurance market; the costs of reinsurance and the collectibility of reinsurance, assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to obtain regulatory approval for requested rate changes, and the timing thereof; legislative and regulatory developments; the outcome of litigation pending against us, including the terms of any settlements; risks related to the nature of our business; dependence on investment income and the composition of our investment portfolio; the adequacy of our liability for losses and loss adjustment expense; insurance agents; claims experience; ratings by industry services; catastrophe losses; reliance on key personnel; weather conditions (including the severity and frequency of storms, hurricanes, tornadoes and hail); changes in loss trends; acts of war and terrorist activities; court decisions and trends in litigation, and health care; and other matters described from time to time by us in our filings with the Securities and Exchange Commission, including, but not limited to, the Company's Annual Report on Form 10-K filed on February 25, 2015. In addition, investors should be aware that generally accepted accounting principles prescribe when a company may reserve for particular risks, including litigation exposures. Accordingly, results for a given reporting period could be significantly affected if and when a reserve is established for a major contingency. Reported results may therefore, appear to be volatile in certain accounting periods. The Company undertakes no obligations to update, change or revise any forward-looking statement, whether as a result of new information, additional or subsequent developments or otherwise.
