Florida carriers United and American Coastal agree merger

Homeowners' carrier United Insurance Holdings (UIH) has agreed
an all-stock merger with commercial specialist American Coastal to
create the third largest player in the Florida residential property
market.
Under the terms of the agreement shareholders in American
Coastal's parent company RDX Holdings will receive a 49 percent
stake in the newly formed entity while United's investors will
hold a majority 51 percent stake.
American Coastal's CEO and majority shareholder Dan Peed
will become non-ex