Form 8-K UNITED INSURANCE HOLDING For: Jun 16
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
June 16, 2021
|(Exact name of registrant as specified in its charter)|
|(State or other jurisdiction of incorporation)||(Commission File Number)||(IRS Employer Identification No.)|
|(Address of principal executive offices)||(Zip Code)|
|(Registrant's telephone number, including area code)|
|(Former name or former address, if changed since last report.)|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|Title of Each Class||Trading Symbol(s)||Name of Each Exchange on Which Registered|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On June 16, 2021, in connection with the sale of United Property & Casualty Insurance Company’s (UPC’s) northeast business (excluding New York) to Homeowners Choice Property & Casualty Insurance Company, Inc. (“HPC”), UPC entered into a new Quota Share Reinsurance Agreement with HPC and Typtap insurance Company (Typtap) effective June 1, 2021, through May 31, 2022.
The Quota Share Reinsurance Agreement cedes 100% of UPC’s in-force, new and renewal policies in the states of Connecticut, New Jersey, Massachusetts, and Rhode Island. The cession is 50% to HPC and 50% to TypTap, with both companies paying UPC a ceding commission of 24% of the direct written premium.
This Item 8.01 may contain forward-looking statements about our reinsurance program and related attachment point, total coverage and costs. These statements are subject to the Private Securities Litigation Reform Act of 1995 and are based on management's estimates, assumptions and projections. These forward-looking statements can generally be identified as such because the context of the statement includes words such as estimate, expect or words of similar nature. The actual changes to our reinsurance program and related attachment point, total coverage and costs may differ materially from those discussed in this report, depending on our reinsurers' capacity to pay claims and related adjustment provisions in our agreements with the private reinsurers.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.
|UNITED INSURANCE HOLDINGS CORP.|
|June 23, 2021||By:||/s/ B. Bradford Martz|
|B. Bradford Martz, President and Chief Financial Officer|
(principal financial officer and principal accounting officer)
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