Florida-based insurer United Insurance Holdings has obtained regulatory nod for the licensure of its new property and casualty insurance business.
The new subsidiary, dubbed Journey Insurance Company, has been created in association with Tokio Marine Kiln.
United Insurance will own 66.7% in the new subsidiary, while the remaining stake will be owned by Tokio Marine subsidiary R.J. Kiln & Co.
The new business will initially provide homeowners and commercial residential property insurance in Florida, Texas and South Carolina.
United Insurance president and CEO John Forney said: “Journey marks the fifth insurance company in the UPC family, and the first one to be rated by A.M. Best. We’re thrilled to be able to launch this new partnership with Tokio Marine and we appreciate their support.
“Journey gives us an exciting new way to grow our business in key markets by serving customers and distribution channels we previously could not reach. We can’t wait to get started.”
United Insurance, set up in 1999, currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas. The company also has the licence to write policies in Alabama, Delaware, Maryland, Mississippi, New Hampshire, as well as Virginia.