United (UPC) CEO John Forney departs, AmRisc co-founder Peed to replace

Florida headquartered, expansive catastrophe exposed primary property insurer United Insurance Holdings (UPC Insurance) has a new CEO, as John Forney steps down from President and Chief Executive Officer roles to pursue other opportunities.

Forney had been the CEO of the catastrophe and wind-exposed property insurance group since 2012, when he joined the insurer from his previous position at Raymond James.

In his time at United and its underwriting subsidiary UPC Insurance, Forney has led the company through significant growth.

The insurer has expanded steadily into other states, as its focus moved outside of its home of Florida. United (UPC) also faced a number of major hurricane loss events, along with all the challenges they have presented in recent years due to the claims and litigation environment in Florida in particular.

As a result reinsurance capital and the insurance-linked securities (ILS) market have been key to the companies ability to whether the hurricane loss environment in recent years, with collateralised reinsurance and fronted reinsurance from ILS funds playing a significant role in helping United (UPC) manage its losses from storms such as 2017’s Irma.

Forney is leaving United (UPC) on June 30th, with no news as to whether he will resurface in the industry or is simply taking time out from it.

Dan Peed is set to take on the roles of Chairman of the Board of Directors and Chief Executive Officer of United (UPC) from July 1st, having most recently been Vice Chairman of the Company’s Board of Directors.

Peed was one of the co-founders of commercial property insurance underwriter AmRisc, LLC,  and served as the President and Chief Executive Officer from December 2000 to December 2018,. Most recently he had served as AmRisc, LLC’s Non-Executive Vice Chairman from December 2018 until December 2019.

Peed became Vice Chairman of the United (UPC) Board of Directors after the insurer acquired American Coastal Insurance Company in April 2017.

In addition, Greg Branch, who has been the Chairman of the Board of United (UPC) since the insurer was founded in 1999, will retain a position on the Board of Directors and assume the title of Chairman Emeritus from July 1st.

“I am honored that Greg Branch will serve in the newly created position of Chairman Emeritus, continuing to provide valuable insight and counsel to the Company and the Board of Directors and I am excited to lead the dedicated UPC team,” Peed stated.

Branch added, “As Chairman, it has been my privilege to work with John for eight years, and I speak for the Board that we appreciate his tireless and dedicated service. We wish John all the best in pursuit of his new opportunities. Over the last three years, it has been my pleasure to work with Dan Peed, and as Chairman Emeritus, I look forward to continuing to work with the Board and Dan to be the premier provider of property insurance in catastrophe-exposed areas.”

Update: John Forney has already resurfaced as CEO of specialty residential property insurance company GeoVera Insurance Holdings, Ltd.