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United Property & Casualty Insurance
United Property & Casualty Insurance, founded by R. Daniel Peed in 1999, was a publicly traded Florida property insurer whose legacy carrier now sits in...
United Property & Casualty Insurance
United Property & Casualty Insurance Company was founded in 1999 in St. Petersburg, Florida, by R. Daniel Peed, who also co-founded the managing general agent AmRisc. The firm operated as a publicly traded insurance holding company — originally United Insurance Holdings Corp — writing residential and commercial property coverage through a network of independent agents across coastal states. The carrier's strategy centered on catastrophe-exposed residential lines, with concentration in Florida, Texas, and the Gulf Coast. It deployed its statutory investment portfolio primarily into fixed-income securities to match its claims-tail duration. Beyond underwriting, the firm held commercial real estate assets including its headquarters at 800 2nd Avenue South in St. Petersburg and a joint venture mixed-use development — the 800 Block project — alongside Moffitt Cancer Center. By 2023, the company had completed a reversal that reshaped its entire structure. American Coastal Insurance Corporation, the surviving publicly traded entity, retained the commercial residential book — condominium associations and coastal properties — distributed through the AmRisc partnership. The legacy UPC personal lines carrier was placed into runoff after Florida's property insurance market deteriorated, with the parent formally exiting that business. UPC's architecture stands out because it ran a public insurance company essentially as a founder-controlled platform. Peed maintained chairmanship through the company's entire public life, from IPO to runoff. The AmRisc relationship — where Peed was also a co-founder — created a vertically integrated chain from distribution to underwriting that few independent insurers match.
General information
Firm type
Insurance
Year founded
1999
AUM
Undisclosed
Location
Region
North America
Country
United States
City
St. Petersburg
Corporate office
St. Petersburg, FL, United States
Principals
R. Daniel Peed
Chairman and CEO
Sector focus
Frequently asked questions
How is American Coastal Insurance Corporation related to UPC Insurance?
American Coastal Insurance Corporation is the renamed parent company — formerly United Insurance Holdings Corp — that previously owned United Property & Casualty Insurance Company. After a strategic pivot completed in late 2022, American Coastal retained the commercial residential condominium book distributed through AmRisc, while the legacy UPC personal lines carrier was placed into runoff. R. Daniel Peed remained chairman throughout the transition.
What happened to UPC's personal lines book?
The legacy UPC personal lines business — concentrated in Florida and other coastal states — was placed into runoff as part of the 2022 restructuring. Florida's property insurance market had deteriorated sharply, with elevated litigation costs and catastrophe losses making the personal lines book unsustainable. The parent company sold the remaining renewal rights and focused exclusively on the commercial residential segment.
Is the UPC Insurance brand still active?
No. The brand and the personal lines underwriting entity are no longer actively writing new business. The surviving entity operates under the American Coastal Insurance Corporation brand, focusing on condominium associations and commercial residential properties in coastal markets.
Who was R. Daniel Peed before founding UPC?
R. Daniel Peed co-founded AmRisc, LLC, a managing general agent and wholesale broker specializing in catastrophe-exposed commercial property risks. AmRisc became the exclusive distribution and management partner for UPC's condominium association book, creating a vertically integrated relationship between the MGU and carrier that persisted through the company's public life and subsequent restructuring.
Does the surviving entity still have the same real estate holdings?
The St. Petersburg headquarters at 800 2nd Avenue South and the 800 Block mixed-use development project — a joint venture with Moffitt Cancer Center — were held by the parent company. As American Coastal Insurance Corporation continued as the publicly traded vehicle, these assets likely remained on the corporate balance sheet, though no new filings have publicly updated their status post-restructuring.
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