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United Insurance ceases plans to purchase Sunshine State Insurance

United Insurance Holdings has terminated its non-binding letter of intent pertaining to the proposed acquisition of 100% stake in Sunshine State Insurance Company (SSIC).

The execution of the letter of intent was earlier announced on 15 May 2014.

If the proposed transaction had been successful, it would have significantly improved the United Insurance’s overall spread of risk and would have fostered its growth in a key part of Florida where it currently has very limited exposure.

Established in 1997, the Jacksonville-based SSIC offers personal property insurance products including homeowners, dwelling fire and federal flood insurance through independent agents primarily in the Northeast and North Central territories of Florida.

UPC Insurance president & CEO John Forney said, "While we are disappointed not to be able to move forward with this acquisition, we are confident that this decision is in the best interest of our shareholders."

"Our organic growth both in Florida and elsewhere continues to be robust, and that has always been the main driver of our policy growth.

"We will continue to seek other complementary growth opportunities, but we will always remain disciplined in our approach," Forney added.