United Insurance plans $50 million public offering of common stock

Raymond James assists in raising funds for general corporate purposes

By Toni Weeks

San Luis Obispo, Calif., Feb. 26 - United Insurance Holdings Corp. plans to raise up to $50 million in a public offering of common stock, according to a 424B5 filing with the Securities and Exchange Commission.

The deal includes a 30-day greenshoe for an additional $7.5 million of shares.

Proceeds will be used for general corporate purposes, including statutory capital in support of growth.

Raymond James & Associates, Inc. will lead an underwriting syndicate that also includes Sterne Agee & Leach, Inc. and Wells Fargo Securities, LLC.

The holding company for United Property & Casualty Insurance Co. is based in St. Petersburg, Fla.

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