The execution of the letter of intent was previously announced by the company on May 15, 2014.

“While we are disappointed not to be able to move forward with this acquisition, we are confident that this decision is in the best interest of our shareholders,” said John Forney, president and CEO of UPC Insurance. “Our organic growth both in Florida and elsewhere continues to be robust, and that has always been the main driver of our policy growth. We will continue to seek other complementary growth opportunities, but we will always remain disciplined in our approach.”

The company did not immediately respond to an inquiry about why the transaction was terminated.

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