Our Story
UPC Insurance was founded in 1999 in Florida, and has operated successfully ever since. During our history, we have paid more than $1 billion in total claims while maintaining consistent profitability and growing financial strength. From $5 million of capital at our inception, we have grown today to have more than $219 million of equity capital and over $487 million of total in-force premium in eight states. UPC is a public company listed on NASDAQ (UIHC). Our focus has always been on providing world-class insurance products and services and Keeping the Promise to our agents and policyholders in everything we do. So you can count on us for being here at the time of greatest need.
Five Foundations of UPC Insurance
Our financial strength assures our ability to pay claims
Your policy is worthless if the company issuing it can’t pay claims after a major event. UPC Insurance is tested in this regard, having paid claims on thousands of routine events and 16 separate tropical storms and hurricanes. Throughout it all, we remain financially sound. We have more than $219 million of equity capital and buy well over $1 billion of additional reinsurance coverage to protect our policyholders.
Flexible product options meet unique needs
We offer a selection of customizable products, designed to provide affordable options with superior protection. For both residential and commercial lines, we listen to our agents to understand the needs of policyholders and develop products that meet these needs.
Timely, fair resolution of claims
We process all claims using professional in-house UPC associates who share our commitment to excellence. No matter the situation, we strive to provide all policyholders a timely response and fair resolution of their claims. The results are high customer satisfaction levels and claims complaint ratios among the lowest in our peer group.
We’re super-easy to work with!
We know you’re busy, so for both agents and policyholders, we want your experience of doing business with UPC to be easy and efficient. That means the ability to report claims and access policy information online, easy access to a UPC representative by phone to answer your questions, and much more.
Our sensible pricing supports everyone’s best interests
We pledge always to provide a price that accurately reflects the risk we are assuming in writing a policy. That is fair pricing, and in the long run it works to the benefit of agents and policyholders. We want to be competitive with other carriers, but we won’t cut prices to win business if it jeopardizes our financial stability and ability to pay claims in all circumstances.
Over $1 Billion of Protection
UPC’s financial strength and stability is a combination of our $1.25 billion reinsurance program, equity capital of more than $219 million and our proven access to capital markets as a public company. We purchase catastrophe reinsurance from 34 unaffiliated reinsurers who either carry A.M. Best financial strength ratings of “A” or higher, or fully collateralize their obligations in cash. Our agreements structure coverage into layers, whereby if the aggregate limit of the preceding layer is exhausted, the next layer protection drops down for subsequent events until exhausted; thereby, guaranteeing there are no gaps in coverage. This unique structure provides robust protection against both large single and multiple smaller events. UPC has modeled every historical hurricane affecting the United States over the last 115 years with the following results:
SEVERITY PROTECTION (SINGLE EVENT)
Since 1900, there has never been a hurricane that would have exhausted even half of UPC’s 2015 catastrophe reinsured program.
FREQUENCY PROTECTION (MULTIPLE EVENTS)
Neither of the two most active seasons on record (2004 or 2005) would have exhausted UPC’s 2015 catastrophe reinsurance program. Even if all thirteen storms hit in one season, they would not have depleted our catastrophe reinsurance program.