United Automobile Holdings, a Miami Gardens, Florida-based provider of low-cost insurance products to the non-standard automobile insurance market, received a $45m growth investment form Victory Park Capital.
As part of the transaction, Richard Levy, founder and CEO of VPC, and Charles Asfour, partner at VPC, have joined United Auto’s board of directors to help advise on strategic growth initiatives.
The company will use the capital to enhance United its balance sheet and conduct growth initiatives.
Founded in 1989 by Richard Parrillo, Sr., CEO, United Auto is a provider of non-standard auto insurance products in the United States, with a primary focus on serving various Florida and Texas markets.
The company’s suite of capabilities come from its two operating subsidiaries, namely:
– United Automobile Insurance Company (“UAIC”), a regulated property and casualty insurance carrier focused on the non-standard automobile market, and
– United Group Underwriters, Inc. (“UGU”), a managing general agency specializing in sourcing and underwriting non-standard auto insurance policies.
The company’s products are primarily offered through a network of approximately 1,780 independent agencies and brokers.
The investment comes following a strategic repositioning of United Auto’s business and a renewed focus by the company on enhancing its leading position in Florida and Texas.