INSOLVENCYCOMING

Once approved, UPC will send 30-day notice of cancellation on all of their remaining business. The exact date of this cancellation will depend on when the Florida courts approve the receivership orders but is expected in the next week or two.

In a February 10th filing with the federal U.S. Securities and Exchange Commission, parent company United Insurance Holdings Corp. said UPC was expected to be placed into receivership because of insolvency.

“United was deemed insolvent on February 6, 2023, because if all of the assets of United, if made immediately available, would be insufficient to discharge all of the liabilities of United. … [The OIR] has determined that United is operating in an unsound condition that is hazardous to policyholders, creditors, stockholders and the public,” according to Virginia Christy, director of the office’s Property & Casualty Financial Oversight unit

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Agents should prepare to move their entire UPC book of business over the next month.

IIABL will continue to keep members informed as we learn more about this developing situation.