ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (UIHC) (the Company or UPC Insurance), a property and casualty insurance holding company, today announced the closing of its previously disclosed $57.5 million underwritten public offering of 4,600,000 shares of its common stock, including 600,000 shares of common stock which were issued pursuant to the exercise of the underwriters' over-allotment option, at a price of $12.50 per share. The Company received aggregate net proceeds from the sale of the shares of approximately $54.1 million after deducting underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from this offering for general corporate purposes, including statutory capital in support of its growth.
Raymond James & Associates, Inc. and Wells Fargo Securities, LLC acted as Joint Book-Running Managers for the offering and Sterne, Agee & Leach, Inc. acted as Co-Manager. A registration statement relating to this offering was declared effective by the Securities and Exchang e Commission on October 10, 2013. The final prospectus supplement and accompanying prospectus related to this offering is available on the SEC's website located at www.sec.gov. Copies of the final prospectus supplement and accompanying prospectus may also be obtained from: Raymond James & Associates, Inc., Attention: Prospectus Department, 880 Carillon Parkway, St. Petersburg, Florida 33716, telephone: (800) 248-8863 or email: prospectus@raymondjames.com; Wells Fargo Securities, LLC Attention: Equity Syndicate Dept., 375 Park Avenue, New York, New York 10152, telephone: (800) 326-5897 or email: cmclientsupport@wellsfargo.com; or Sterne, Agee & Leach, Inc., Prospectus Department, 277 Park Avenue, 24th Floor, New York, New York 10172, phone: (212) 338-4708, fax: (205) 414-6373, email: syndicate@sterneagee.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Certain statements included in this press release are intended as "forward-looking statements." These statements include statements relating to UPC Insurance's expectations regarding the intended use of proceeds. UPC Insurance cautions investors not to place undue reliance on the forward-looking statements contained in this release. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by UPC Insurance. There can be no assurance that the net proceeds of the offering will be used as indicated. The application of the net proceeds from the offering are subject to numerous conditions, many of which are beyond the control of the Company, including, without limitation, general economic conditions, market conditions, and other factors, including those set forth in the Risk Factors section of the Company's periodic reports and other documents filed with the SEC, copies of which are available on the SEC's website, www.sec.gov.
Any forward-looking statements made in this press release speak only as of the date of this release and, except as required by law, UPC Insurance undertakes no obligation to update any forward-looking statement contained in this press release, even if UPC Insurance's expectations or any related events, conditions or circumstances change.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries. United Property & Casualty Insurance Company, the primary operating subsidiary of UPC Insurance, wr ites and services property and casualty insurance in Florida, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in New Hampshire and Georgia. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims.
- Finance
- Investment & Company Information
John Rohloff
Director of Financial Reporting
727-895-7737
jrohloff@upcinsurance.com
or
INVESTOR RELATIONS:
The Equity Group
Adam Prior
Senior Vice-President
212-836-9606
aprior@equityny.com
or
Terry Downs
Associate
212-836-9615
tdowns@equityny.com
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