Best Insurance Stock - UIHC Underwritten public offering on common stock : United Insurance Holdings Corp. (NASDAQ: UIHC) (the Company), a property and casualty insurance holding company, today announced that in connection with its previously announced underwritten public offering of 5,300,075 shares of its common stock that closed on December 14, 2012,
the underwriters exercised in full their option to purchase an additional 750,000 shares of newly issued common stock from the Company at a public offering price of $5.15 per share. The Company expects to receive aggregate net proceeds from the sale of the additional shares of approximately $3.7 million after deducting underwriting discounts and commissions and estimated offering expenses, bringing the total net proceeds to the Company from the offering to approximately $27.6 million. Subject to customary closing conditions, the closing of the sale of the additional shares is expected to occur on January 8, 2013.
Raymond James & Associates, Inc. is serving as book-running manager of the offering and Sterne, Agee & Leach, Inc. is serving as co-manager. A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on December 10, 2012. This offering is being made only by means of a prospectus, copies of which may be obtained from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, Florida 33716, (800)-248-8863.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
Certain of the statements made in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among others, statements relating to United's expectations regarding the closing of the sale of the additional shares in the public offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to market and other conditions, the satisfaction of customary closing conditions related to the sale of additional shares in the public offering and the impact of general economic, industry or political conditions in the United States or internationally. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to the proposed offering, United, and its business can be found under the heading "Risk Factors" in United's Annual Report on Form 10-K for the year ended December 31, 2011, the prospectus relating to the offering, and other documents filed with the SEC. United does not undertake any obligation to update forward-looking statements and expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.
About United Insurance Holdings Corp.
Founded in 1999, United Property & Casualty Insurance Company, a subsidiary of United Insurance Holdings Corp., writes and services homeowners insurance in Florida, South Carolina, Massachusetts, and Rhode Island and is licensed to write in North Carolina. From its headquarters in St. Petersburg, United's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. The Company distributes its homeowners, dwelling fire and flood products through many agency groups and conducts business through four wholly-owned subsidiaries. Homeowners insurance constitutes the majority of United's premiums and policies.