Corporate Report: June 3

United Insurance Holdings buys share of auto-insurance company
United Property & Casualty Insurance Co., a wholly owned subsidiary of St. Petersburg-based United Insurance Holdings Corp., purchased promissory notes issued by Hamilton Risk Management Co., a Florida auto insurance provider. Those notes are scheduled to mature March 30, 2014.

As part of the note purchase, United received a limited partnership interest in Acadia Acquisition Partners LP, the parent company of HRM and exclusive right of first refusal to buy the company from Acadia.

The company says that Hamilton offers United a unique opportunity to diversify its product offerings.