U . s . Insurance Holdings Corp. (UPC Insurance coverage) stated it plans to get Family Protection Holdings LLC with regard to $9 zillion.
FSH is definitely an insurance keeping company along with two totally owned subsidiaries, Loved ones Security Insurance coverage Co., the Hawaii-domiciled P/C insurance provider authorized within Hawaii as well as Louisiana, as well as Family Protection Underwriters LLC, the managing common agency.
Underneath the agreement, UPC Insurance coverage will acquire all the issued as well as outstanding gives, units along with other ownership privileges of FSH with regard to $9 zillion. The acquisition is going to be paid 100 % in gives of UPC Insurance’s typical stock, with the amount of shares issued to become determined through the average shutting price from the stock within the 180 times immediately just before closing.
UPC Insurance coverage, which relies in Street. Petersburg, Fla., also decided to pay FSH depending consideration associated with 3 percent of gross rates written for those FSIC guidelines that restore within 12 months from the closing.
“The purchase of Loved ones Security offers us having a second insurance provider that comes with an excellent guide of company in Louisiana and use of the The islands homeowners marketplace, ” stated UPC Leader and BOSS John Forney. “Strategically, it’s a great match for UPC Insurance coverage. Operationally, Family Security has generated a powerful team associated with professionals that we anticipate integrating to the UPC Insurance coverage team. ”
U . s . Property & Injury Insurance Company., the main operating additional of UPC Insurance coverage, writes as well as services P/C insurance coverage in Sarasota, Massachusetts, Nj, North Carolina, Rhode Isle, South Carolina as well as Texas and it is licensed to create in Connecticut, Delaware, Atlanta, Louisiana, Annapolis, Mississippi, Brand new Hampshire as well as Virginia.