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Mergers & Acquisitions

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Deal Overview

Buyer:
United Insurance Holdings Corp.
Actual Acquirer:
United Insurance Holdings Corp.
Target:
Family Security Holdings, LLC
Deal Type:
Insurance Company
Insurance Sector
Property & Casualty
Agreement Date:
12/12/2014
Announcement Date:
12/15/2014
Announced Deal Value ($ M):
9.00
Announced Deal Value, As Reported ($ M)
9.00
Status:
Completed
Announced Deal Value Per Share ($ )
NA
Completion Date:
2/3/2015

Consideration Breakout
Common Stock ($M) 13.0
Common Stock Issued 503,857
Contingent Payments ($M) 0.5
Contingent Payments Issued 32,943

Deal Pricing Ratios

Announcement Completion
Price / Earnings (x) NM NA
Price / Book (%) 147.7 NA
Price / Statutory Net Income (x) NA NA
Price / Earnings (x) NM NM
Price / Capital & Surplus (%) NA NA
Price / Operating Income (x) 118.0 168.6
Price / Net Premiums Written (x) 0.67 0.95
Deal Terms
Description of Consideration

United Insurance Holdings Corp. issued 503,857 shares of its common stock to acquire Family Security Insurance Co. In addition, United Insurance Holdings will also pay contingent consideration of three percent (3%) of all gross premiums written on the renewal of FSIC policies in-force as of the closing during the subsequent twelve month period following the closing of the transaction. Target’s statutory financials are for Family Security Insurance Company. In March 2016, United Insurance Holdings issued 32,943 shares of its common stock as contingent consideration.

Percent Acquired (%) 100.00
Accounting Method Acquisition
Merger of Equals? No
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer No NA
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Squire Patton Boggs
Seller Yes Fishman Haygood Phelps et al