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United P&C to tug out of 5 states



United P&C to pull out of five states

United Insurance coverage Holdings Corp., a property and casualty insurance coverage holding firm, has introduced that its private strains subsidiary, United Property & Casualty (United P&C) has filed plans of withdrawal in Florida, Louisiana and Texas and supposed to file a plan of withdrawal in New York. These plans entail non-renewing private strains insurance policies in these states.

United P&C has additionally been notified by scores company Demotech of its intent to withdraw United P&C’s monetary stability score.

Regulatory approval for the withdrawal plans has been obtained in Louisiana however remains to be pending in Florida and Texas. The plans would successfully place United P&C into an orderly runoff so long as the corporate stays in compliance with every state’s laws.

Learn subsequent: HCI Group acquires United Insurance coverage’s private strains insurance coverage enterprise in three states

“As a result of important uncertainty across the future availability of reinsurance for our private strains enterprise, I imagine putting United P&C into an orderly runoff is prudent and obligatory to guard the corporate and its policyholders,” stated Dan Peed, chairman and CEO of United Insurance coverage Holdings Corp. “The corporate is actively pursuing alternatives to leverage our individuals, know-how, and different capabilities. Our business enterprise continues to carry out properly and supplies the corporate a steady platform to construct new engines of development and profitability.”

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