UNITED INSURANCE HOLDINGS CORP. FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits
Item 1.01. Entry into a Material Definitive Agreement.
On
with its wholly-owned subsidiary,
Company
("UPC"), entered into a Renewal Rights Agreement, dated as of
(the "Renewal Rights Agreement"), with
company organized under the laws of the
which, UPC agreed to transfer to Slide the renewal rights to UPC's personal
lines homeowners business in
Under the terms of this transaction, UPC cancelled approximately 72,000
personal lines policies on
replacement policies. Additionally, Slide will make offers of coverage to
additional
In addition, on
subsidiary, United Insurance Management, L.C., a
company ("UIM"), entered into an Asset Purchase and Services Agreement (the
"Service Agreement"), with Slide, pursuant to which, UIM agreed to sell, and
Slide agreed to purchase certain intellectual property and data. Under the terms
of this agreement, UIM will also provide Slide with policy administration
services in exchange for Slide reimbursing UIM's costs for providing such
services. In exchange for the sale of intellectual property and data, Slide will
pay UIM two percent of gross earned premium of the policies renewed by pursuant
to the Renewal Rights Agreement.
The description of the Renewal Rights Agreement and the Service Agreement are
qualified in their entirety by reference to the full text of the applicable
agreement, which are filed as Exhibit 10.1 and Exhibit 10.2, respectively, to
this Current Report on Form 8-K and incorporated herein by reference.
Item 2.01 Completion of Acquisition or Disposition of Assets.
The information contained in Item 1.01 concerning the Renewal Rights Agreement
and the Service Agreement is hereby incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit No. Description 10.1 Renewal Rights Agreement, dated as ofFebruary 1, 2023 , by and amongUnited Property and Casualty Insurance Company andSlide Insurance Company . 10.2 Asset Purchase and Services Agreement, dated as ofFebruary 1, 2023 , by and among United Insurance Management,L.C. and Slide Insurance Company . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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