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United Insurance Holdings Corp. has entered into a stock purchase agreement with Interboro, LLC, to acquire Interboro Insurance Company, a New York-domiciled property and casualty insurer authorized in New York, South Carolina, Alabama, Louisiana, and Washington, D.C.

Under the terms of the agreement, UPC Insurance will acquire all of the issued and outstanding common stock of Interboro for $57.0 million. UPC Insurance will pay $48.5 million of cash at closing and issue an $8.5 million promissory note to Interboro, LLC, which note will mature in 18 months after closing and bear interest at an annual rate of six percent. The purchase price is subject to adjustment if Interboro’s GAAP net book value is less than or greater than $40.7 million as of the closing of the transaction.

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