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Stock Market & Financial Investment News

News Breaks
December 9, 2012
12:08 EDTUIHCUnited Insurance receives assessment from FIGA; to take pre-tax charge in Q4
The company also announced today that UPC received a mandatory assessment from the Florida Insurance Guaranty Association, FIGA, a nonprofit corporation created by the Florida legislature. The assessment, which was approved by the Florida Office of Insurance Regulation, is equal to 0.9% of UPC’s net direct written premiums in Florida for the 2011 calendar year and is applicable to all members of FIGA’s “All Other Account,” which includes UPC. The assessment is expected to result in a pre-tax charge to consolidated operations of $1.6M in Q412. The mandatory assessment is expected to be fully recouped through a surcharge on UPC’s Florida policies, pursuant to a filing that will be submitted to the Florida Office of Insurance Regulation and the company expects it will have a positive impact on operating results over a twelve-month period beginning February 1, 2013.
News For UIHC From The Last 14 Days
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December 15, 2014
09:07 EDTUIHCUnited 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.
December 10, 2014
10:00 EDTUIHCOn The Fly: Analyst Downgrade Summary
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07:39 EDTUIHCUnited Insurance downgraded to Market Perform from Outperform at Keefe Bruyette
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