United Insurance Holdings Corp., a property and casualty insurance holding company, has announced that its personal subsidiary, United Property & Casualty (United P&C), has filed evacuation plans in Florida, Louisiana and Texas and has made withdrawals. Intend to enter plan. New York. These plans include policies for non-renewable personal lines in these states.
United P&C has also been notified by rating agency Demotech for its intention to withdraw the financial stability rating of United P&C.
Regulatory approval for evacuation plans has been received in Louisiana but is still pending in Florida and Texas. As long as the company remains in compliance with each state’s regulations, the plans effectively keep United P&C in an orderly runoff.
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Dan Peid, president and CEO of United Insurance Holdings, said, “Due to significant uncertainty about the future availability of reinsurance for our personal line business, I believe placing United P&C in a systematic runoff prudent and necessary to protect the company and its policyholders.” Corp. “The company is actively pursuing opportunities to leverage our people, technology and other capabilities. Our commercial business continues to perform well and provides the company with a stable platform to build new engines of growth and profitability. Is.”