UPC Insurance
| File:UPC Insurance Logo.png | |
| Template:NASDAQ | |
| Industry | Insurance |
| Founded | 1999 |
| Headquarters | , |
Key people | John Forney (CEO) |
| Products | Commercial insurance Residential insurance Homeowners’ insurance Flood insurance |
| Revenue | US$723.9 million (2018) |
| Website | www |
United Property & Casualty Insurance Company, Inc. (commonly known as UPC Insurance) operates out of Florida as a property and casualty insurer focusing on commercial, residential, homeowners’, and flood coverage in multiple coastal states.
As of , UPC Insurance administered approximately 159,170 active insurance policies, capturing slightly more than 2.5 percent market share within its targeted regions.
History
Established in 1999 in St. Petersburg, Florida, UPC Insurance appointed John Forney as its Chief Executive Officer in 2012. Forney’s background includes service as a U.S. Army infantry officer and Ranger School graduate, along with executive experience at Raymond James Financial.
In 2014, UPC purchased the AAA Auto South building to serve as its headquarters and attempted to acquire Family Security Holdings LLC for $9 million, though the latter bid was unsuccessful. That same year, Judy Copechal, the company’s Chief Underwriting Officer, was honored among the Top 10 Women in Insurance Leadership.
The company grew through strategic acquisitions, notably acquiring Interboro Insurance Company in 2015 for $57 million, which expanded its operations into New York, Alabama, South Carolina, Washington, D.C., and Louisiana. Additionally, UPC participated in the Texas Windstorm Insurance Association Depopulation Program to increase its market share.
A pivotal merger took place in 2017 when UPC combined forces with American Coastal Insurance Co., broadening its product offerings. Following this, UPC collaborated with Tokio Marine Kiln to establish Journey Insurance Company, providing homeowners and commercial residential property insurance across Florida, South Carolina, and Texas. Journey maintains an “A−“ Financial Strength Rating from A.M. Best.
In 2018, UPC revealed plans to construct a new headquarters building in downtown St. Petersburg—the first office development there since 2007—reflecting the company’s growth and commitment to infrastructure investment.
By 2019, UPC experienced significant catastrophe-related losses amounting to $13 million after taxes due to incidents such as the Brevard County hailstorm and hurricane claims.
In August 2022, UPC declared its intention to withdraw from the Florida Property Insurance market, planning to terminate all policies by May 31, 2023 ahead of the hurricane season. After Hurricane Ian struck Southwest Florida resulting in 25,000 claims filed, loss estimates escalated from an initial $660 million to $864 million by year-end.
Facing mounting financial challenges, Florida’s Office of Insurance Regulation petitioned for court authorization to place UPC into receivership. In early 2023, Slide Insurance took over 72,000 of UPC’s policies shortly before UPC was declared insolvent within less than a week.
Subsidiaries
UPC Insurance functions via five distinct subsidiaries:
- American Coastal Insurance Company
- Family Security Insurance Company
- Interboro Insurance Company
- Journey Insurance Company
- BlueLine
Services
The company provides various insurance products, such as:
- Homeowners Insurance
- Landlord and Seasonal Property Insurance
- Condominium Insurance
- Flood Coverage
- Commercial Residential Property Insurance
- Renters Insurance