United Insurance terminates Sunshine acquisition

United Insurance Holdings has terminated the proposed acquisition of Sunshine State Insurance, a Florida domiciled property and casualty insurance company.

The withdrawal of the non-binding letter of intent comes less than two weeks after the letter was announced on May 15, 2014.

John Forney, president & chief executive officer of UPC Insurance, said: “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. 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.”