We are excited to announce that the merger between UPC Insurance and American Coastal Insurance Company (ACIC) was finalized this morning. The combined strength of our organizations will bring you additional expertise, value, and opportunity for many years to come.
In 2002, UPC was a one-state company writing approximately $220 million in premiums. Our vision was to become the premier provider of property insurance in catastrophe-exposed areas. Five years later, we are now a $1 billion-dollar company licensed in 18 states and actively writing in 12. UPC now has approximately $500 million in equity capital.
The advantages this merger brings to our agents and policyholders are numerous. Our goal is to employ the newly gained commercial expertise and experience writing commercial-residential property and other commercial products outside of Florida. The synergies that result from the increased financial stability and the fortified reinsurance program differentiates UPC from other homeowner's carriers. These unique distinctions position agents to offer UPC's premier products, benefiting agents and policyholders alike.
The UPC family of companies now includes United Property & Casualty Insurance Company, American Coastal Insurance Company (FL), Interboro Insurance Company (NY), and Family Security Insurance Company (HI).