United Insurance Holdings, a property and casualty insurance holding company, said that United Property & Casualty Insurance Company, a wholly-owned subsidiary will be submitting applications to write property and casualty insurance in the seven states, Massachusetts, Connecticut, Rhode Island, New York, North Carolina, South Carolina and New Jersey.
United Insurance currently offers homeowners, dwelling fire, and flood policies in Florida, and is expected to offer similar products in the seven states in which it becomes authorized to write policies.
United’s cash and investment holdings totaled $194.7m at September 30, 2009, and the company intends to leverage its financial resources, reinsurance network, and underwriting expertise to provide property and casualty insurance in these states.
Don Cronin, CEO of United Insurance, said: “We decided that the time was right to explore other markets and potentially expand our geographic footprint and we think United’s products particularly fit the needs of homeowners in these regions of the United States. Our experience in Florida at managing our exposure and adapting to changing market conditions will assist us greatly in our attempts to expand into new markets.”