UPC Insurance announces reorganization plan
UPC Insurance , a property and casualty insurance holding company, announced a proposed reorganization plan to consolidate its four Florida domiciled insurance carriers into three, creating a more efficient operating structure going forward.
UPC intends to seek regulatory approval to merge Journey Insurance Company into American Coastal Insurance Company with American Coastal being the surviving entity. The company anticipates Journey’s financial strength rating will ultimately sunset and its capital will be redistributed between American Coastal Insurance Company, Family Security Insurance Company, and United Property & Casualty Insurance Company.
“Our plan will enable us to achieve more balance between commercial and personal lines by reallocating existing capital across our group and allowing American Coastal Insurance Company to focus exclusively on continued profitable growth in commercial lines while Family Security Insurance Company and United Property & Casualty Insurance Company focus exclusively on restoring underwriting profitability in our personal lines business.” – Dan Peed, Chairman & CEO.