United Insurance Holdings (UPC Insurance) has entered into an agreement and plan of merger to acquire Family Security Holdings (FSH), for around $9m.
FSH is an insurance holding company with two wholly-owned subsidiaries, Family Security Insurance Company (FSIC) and Family Security Underwriters (FSU).
"Strategically, it is a great fit for UPC Insurance. Operationally, Family Security has built a strong team of professionals which we look forward to integrating into the UPC Insurance team."
FSIC is a property and casualty insurer authorized in Hawaii and Louisiana, while FSU is a managing general agency performing administrative and marketing services for FSIC.
UPC Insurance president and CEO John Forney said: ""The acquisition of Family Security provides us with a second insurance company that has an excellent book of business in Louisiana and access to the Hawaii homeowners’ market.
Subject to certain customary conditions, including receipt of required regulatory and antitrust approval, the transaction is expected to be completed in January 2015.
Established in 1999, UPC Insurance sources, writes and services residential property and casualty insurance policies through a network of independent agents and a group of wholly owned insurance subsidiaries.