United Insurance Holdings Corp., a property and casualty insurance holding company know as UPC Insurance, reported the closing of its previously disclosed $57.5 million underwritten public offering of 4,600,000 shares of its common stock.
The St. Petersburg, Fla. company said it received aggregate net proceeds from the sale of the shares of approximately $54.1 million after deducting underwriting discounts and commissions and estimated offering expenses.
The company said it intends to use the net proceeds from this offering for general corporate purposes, including statutory capital in support of its growth.
Founded in 1999, UPC Insurance writes and services residential property/casualty insurance policies using independent agents and a group of wholly owned insurance subsidiaries. United Property & Casualty Insurance Co., the primary operating subsidiary of UPC Insurance, writes and services property and casualty insurance in Florida, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in New Hampshire and Georgia.