United Insurance to acquire Family Security Holdings for $9M United Insurance Holdings has entered into an Agreement and Plan of Merger with Family Security Holdings, LLC. Under the terms of the agreement, which is subject to FSH shareholder approval, UPC Insurance will acquire all of the issued and outstanding shares, units and other ownership rights of FSH for $9M. The merger consideration will be paid 100% in shares of the company’s common stock, with the number of shares issued to be determined by the average closing price of the company’s stock in the 180-days immediately prior to closing. In addition to the merger consideration, UPC Insurance agreed to pay FSH contingent consideration of 3% of all gross premiums written on the renewal of FSIC policies in-force as of the closing during the subsequent twelve month period following the closing of the transaction. The contingent consideration will be paid in the form of additional shares of the company’s stock issued in a manner similar to the merger consideration within approximately 30 days following the twelve month anniversary of the closing. The shares underlying both the merger consideration and the contingent consideration will be subject to a one-year lock-up from the time they are issued.