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ST. PETERSBURG — United Insurance Holdings Corp. has entered into a non-binding letter of intent to acquire Sunshine State Insurance Co. Founded in 1997, Jacksonville-based Sunshine State Insurance offers personal property insurance products and federal flood insurance through independent agents primarily in the Northeast and North Central areas of Florida.
The merger is expected to help United Insurance Holdings better distribute its risk and allow it to grow in key parts of Florida, where it currently has a more limited presence.
The gross written premium of Sunshine State Insurance's personal property business being acquired was $68 million in 2013.
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