United Insurance Holdings sold the renewal rights to UPC Insurance’s personal lines business in the state of Florida, and sold certain data and intellectual property to Slide Insurance. The transaction accelerates the run-off of UPC Insurance’s personal lines portfolio, further reducing its exposure to Florida liabilities and allowing UPC Insurance to focus on its fast-growing commercial specialty property portfolio, underwritten by American Coastal Insurance Company. Under the terms of the transaction, UPC Insurance will cancel approximately 72,000 Florida personal lines policies on February 1, 2023, and Slide will immediately issue replacement policies. Additionally, Slide will make offers of coverage to additional Florida personal lines policies expiring in April 2023. UPC Insurance retains all liabilities with respect to claims with a date of loss on or prior to January 31, 2023. UPC Insurance and Slide also entered into an Asset Purchase and Services Agreement effective February 1, 2023, whereby UPC Insurance sold certain intellectual property and data to Slide and UPC Insurance will provide Slide with policy administration services in exchange for two percent of gross earned premium of the policies subject to the Renewal Rights Agreement plus costs incurred by UPC Insurance to provide services.
Published first on TheFly
