6 December 2016Insurance

UPC raises $30m; Twelve Capital to invest proceeds

United Insurance Holdings (UPC), a property/casualty insurance holding company, has raised $30 million through an offering of senior notes to private investors.

The private placement of senior notes issued by UPC has been invested in funds managed by Zurich-based Twelve Capital. Broker-dealer BMS Capital Advisory facilitated the issuance.

John Forney, president and chief executive officer of UPC, said: “We’re pleased to be able to put this capital in place. It is an efficient and cost effective way for us to continue to support our company’s ongoing organic growth while maintaining conservative operating and financial leverage ratios.”

John Butler, head of investment management at Twelve Capital, added: “Our private debt offering supports insurance companies in their quest to grow, strengthen and establish a more efficient capital base, and we are proud that UPC Insurance and BMS have chosen us as their partner for this transaction.”

Romulo Braga, chief executive officer of BMS, commented: “We are pleased to have facilitated this successful issuance between a company primarily focused on financial stability for its policyholders and a dynamic source of capital, actively working to respond to the demands of the marketplace and providing flexible capital solutions.”

The notes will mature ten years after the issue date, will not have any scheduled amortization, and may be redeemed at par value any time without a pre-payment penalty.


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More on this story

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22 November 2023   Potential for ‘substantial’ price gains may have shifted into the middle layer segment.
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5 November 2023   Reinsurers will be seeking changes on casualty business but cedants should be assessed on an individual basis, says BMS Re.
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17 October 2023   The executive to lead US capital advisory business at BMS.

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