United Insurance Holdings Corp. (UPC) has agreed to acquire 100 percent of Sunshine State Insurance Co. (SSIC), a Florida domiciled property/casualty insurance company.
SSIC, based in Jacksonville, Fla., offers homeowners, dwelling fire and federal flood insurance through 500 independent agents primarily in the Northeast and North Central territories of Florida.
St. Petersburg-based UPC said the combination is expected to significantly improve its overall spread of risk and foster growth in a key part of Florida where UPC currently has very limited exposure.
SSIC was founded in 1997; UPC in 1999.
SSIC reported $68 million in gross written premium in 2013.
UPC Insurance is a property/casualty insurance holding company. United Property & Casualty Insurance Co., the primary operating subsidiary of UPC Insurance, writes in Florida, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Louisiana, Georgia and New Hampshire.
UPC said it will also make a capital infusion into SSIC to restore its Demotech financial rating and satisfy regulatory requirements.
UPC said it expects to retain management and employees of SSIC at the time of closing and maintain continuity in policy forms and rates with no adverse impacts on current SSIC policyholders or the working relationships with SSIC agent partners.
Officers of SSIC include Joseph Braunstein Jr., chief executive officer; Richard Ervin, chief financial officer; Jeff Vanderpool, chief claims officer; and Michael Cratem, chief underwriting officer. John Schwartz is director of marketing and Beth Tolliver is sales representative.
The closing of UPC’s acquisition of SSIC is subject to a number of conditions, including regulatory approvals.