United Insurance Terminates LOI To Buy Sunshine State Insurance

(RTTNews) - United Insurance Holdings Corp. (UIHC) said Wednesday that it has terminated its non-binding letter of intent regarding the proposed acquisition of 100% of Sunshine State Insurance Co., a Florida domiciled property and casualty insurance company.

The execution of the letter of intent was previously announced by the company on May 15.

"While we are disappointed not to be able to move forward with this acquisition, we are confident that this decision is in the best interest of our shareholders," said John Forney, President & CEO of UPC Insurance. "Our organic growth both in Florida and elsewhere continues to be robust, and that has always been the main driver of our policy growth. We will continue to seek other complementary growth opportunities, but we will always remain disciplined in our approach."