UPC Insurance

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UPC Insurance
Nasdaq: UIHC
IndustryInsurance
Founded1999
Headquarters
St. Petersburg, Florida
,
United States
Key people
John Forney (CEO)
ProductsCommercial insurance
Residential insurance
Homeowners’ insurance
Flood insurance
RevenueUS$723.9 million (2018) [1]
Websitewww.upcinsurance.com

United Property & Casualty Insurance Company, Inc. (UPC Insurance) is an American property and casualty insurance company with headquarters in Florida. It writes commercial, residential, homeowners’, and flood insurance policies in several coastal states.[2] According to the most recent data available, UPC Insurance had about 159,170 active policies, accounting for just over 2.5 percent market share.[3]

History

UPC Insurance was founded in 1999 in St. Petersburg, Florida.[3]

In 2012, John Forney was named CEO. Forney is a former U.S. Army infantry officer and graduate of Ranger School. Before joining UPC Insurance, he served in several capacities at Raymond James Financial.[4]

In 2014, UPC Insurance purchased the AAA Auto South building, which had been owned by the Peninsula Motor Club Inc. since 1987, as its new headquarters.[5] The company tried to acquire Family Security Holdings LLC but never completed the $9 million deal.[6] Also in 2014, Judy Copechal, Chief Underwriting Officer at UPC Insurance, was named as one of the Top 10 Women in Insurance Leadership by Insurance Networking News.[7]

In 2015, UPC Insurance acquired Interboro Insurance Company, a property and casualty insurance company authorized in New York, Alabama, South Carolina, Washington, D.C., and Louisiana, from Interboro, LLC for $57 million.[8][third-party source needed] The company also participated in the Texas Windstorm Insurance Association (TWIA) Depopulation Program.[9]

In 2017, UPC Insurance merged with American Coastal Insurance Co.[10] Journey Insurance Company offers homeowners and commercial residential property insurance through independent agents and brokers in Florida, South Carolina, and Texas.[11] It received an “A−“ Financial Strength Rating and “a-“ Issuer Credit Rating from A.M. Best.[12]

In 2018, UPC Insurance announced plans to build another new headquarters in downtown St. Petersburg, the first new office construction in the area since the Duke Energy Florida headquarters in 2007.[13] The company also collaborated with R.J. Kiln & Co., a subsidiary of Tokio Marine Kiln, to form a property and casualty insurance subsidiary called Journey Insurance Company.[14]

In 2019, UPC Insurance reported first-quarter catastrophe losses of $13 million after-tax due to several catastrophic events, including the Brevard County hailstorm, as well as possible loss creep from Hurricane Irma and Hurricane Michael.[15]

UPC announced in August 2022 that they would leave the Florida Property Insurance market with a plan to cancel all remaining policies May 31, 2023 before the start of the hurricane season on June 1.[16] Unfortunately, Hurricane Ian struck Florida in late September 2022 near Fort Myers. UPC policies were concentrated in Southwest Florida and the company experienced 25,000 claims. The company initially projected losses of $660 million but by the end of 2022, losses were revised to $864 million.[16] When UPC notified Florida's Office of Insurance Regulation of their dire financial situation, the Insurance Commissioner sent a letter to CFO Jimmy Patronis to seek court approval to place UPC into receivership. In early February 2023 Slide Insurance assumed 72,000 of the 135,000 UPC policies. Less than a week later, UPC was declared insolvent.[16]

Subsidiaries

UPC Insurance has five subsidiaries.[17]

  • American Coastal Insurance Company
  • Family Security Insurance Company
  • Interboro Insurance Company
  • Journey Insurance Company
  • BlueLine

Services

References

  1. ^ "United Insurance Holding Corp. (UIHC) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018". Last10K.com. February 2019. Retrieved November 19, 2019.
  2. ^ "$91.5 million corporate building and 17-story hotel planned near St. Petersburg's Edge District". Tampa Bay Times. Retrieved 2019-10-28.
  3. ^ a b Johnston, Caitlin (October 4, 2018). "UPC Insurance to build new St. Pete headquarters, bring 300 jobs". Tampa Bay Times. Retrieved 2019-10-28.
  4. ^ "UT Fellows Forum to Welcome CEOs of UPC Insurance, GuideWell Mutual Holding Corp. and Macquarie Bank Limited on Feb. 19". The University of Tampa. February 12, 2019.
  5. ^ Manning, Margie (Sep 12, 2014). "UPC Insurance preps for big commitment to downtown St. Petersburg". Tampa Bay Business Journal.
  6. ^ "UPC Insurance to Acquire Family Security Holdings". Insurance Journal. 2014-12-16. Retrieved 2019-11-19.
  7. ^ "United Insurance Holdings Corp. Chief Underwriting Officer Awarded Women in Insurance Leadership Award". www.businesswire.com. 2014-10-21. Retrieved 2019-11-19.
  8. ^ "United Insurance Holdings Corp. to Acquire Interboro Insurance Company". www.businesswire.com. 2015-09-28. Retrieved 2019-11-19.
  9. ^ "UPC Insurance Participating in Texas Windstorm Insurance Association's Depopulation Program". www.businesswire.com. 2015-03-25. Retrieved 2019-11-19.
  10. ^ "UPC Insurance, American Coastal Complete Merger". Insurance Journal. 2017-04-11. Retrieved 2019-11-19.
  11. ^ "UPC Insurance, Tokio Marine Kiln Form New Florida-Based Property Insurer 'Journey'". Insurance Journal. 2018-09-27. Retrieved 2019-11-19.
  12. ^ "United Insurance Holdings Corp. Launches New Company with A- Rating from A.M. Best". MarketWatch. Retrieved 2019-11-19.
  13. ^ Manning, Margie (2019-04-23). "City deal with UPC Insurance poised to move forward". St Pete Catalyst. Retrieved 2019-10-28.
  14. ^ "UPC & Tokio Marine Kiln partner on start-up insurer Journey - Reinsurance News". ReinsuranceNe.ws. 2018-09-21. Retrieved 2019-10-28.
  15. ^ Evans, Steven (2019-04-23). "United (UPC), Heritage, HCI all confirm hail as largest Q1 Florida cat loss". Artemis. Retrieved 2019-10-28.
  16. ^ a b c Saunders, Jim (February 21, 2023). "Insolvent Insurer United Property & Casualty Headed to Receivership". News Service of Florida. Daily Business Review. Retrieved 18 April 2023.
  17. ^ "United Insurance Holdings Corp. Announces Renewal of Catastrophe Reinsurance Programs". www.businesswire.com. 2019-06-04. Retrieved 2019-11-19.
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