Corporate Report: June 3

United Insurance Holdings buys share of auto-insurance company
United Property & Casualty Insurance Co., a wholly owned subsidiary of St. Petersburg-based United Insurance Holdings Corp., purchased promissory notes issued by Hamilton Risk Management Co., a Florida auto insurance provider. Those notes are scheduled to mature March 30, 2014.

As part of the note purchase, United received a limited partnership interest in Acadia Acquisition Partners LP, the parent company of HRM and exclusive right of first refusal to buy the company from Acadia.

The company says that Hamilton offers United a unique opportunity to diversify its product offerings.

“Though we may choose not to exercise our exclusive option to purchase Hamilton should Acadia decide to sell that subsidiary, we believe that this investment has a favorable risk and reward profile with larger expansion potential,” Don Cronin, United's CEO, says in a press release.

United Property & Casualty Insurance writes and services homeowners insurance in Florida and South Carolina and is licensed to write property and casualty insurance in Massachusetts.

Sunovia Energy, EPIR Technologies settle lawsuits
Sarasota-based Sunovia Energy Technologies Inc., has settled its legal case with collaborator-turned-competitor Bolingbrook, Ill.-based EPIR Technologies Inc. and affiliates. The terms of the settlement provide that Sunovia and EPIR will share equally in the revenues from the jointly developed solar patent published in 2010. In addition, each company will return to the other shares issued in the course of their venture. Contracts between the two companies relating to the joint development of the technology have been terminated.

“It is important to Sunovia to resolve this dispute and move ahead with its LED outdoor lighting business,” Art Buckland, Sunovia's CEO, says in a press release. “If the solar technology can be developed and commercialized, our shareholders will share equally in those gains. Meanwhile, both Sunovia and EPIR can move forward with their respective businesses without the ongoing cost and risk of this litigation.”

The two firms had sued each other over accusations of fraud, misappropriations of funds and nonperformance.

In other news, Sunovia installed its 120-Watt EvoLucia LED Aimed Optics Shoebox fixtures throughout Buckley Air Force Base in Aurora, Colo. The base is considered one of the fast growing bases in the U.S. Air Force and currently has more than 30 construction projects either under way or proposed.

Sunovia's LED lighting division, EvoLucia Inc., offers highly efficient, durable, commercial-grade LED lighting for outdoor uses.

US Natural Gas drills Kentucky well, increases its production
St. Petersburg-based US Natural Gas Corp. has completed its improvements to the Detweiler No. 1 well in Hart County, Ky. In addition, the company has completed the installation of its newly acquired Knox Western compressor in Wayne County, W.Va.

Production at the Detweiler No. 1 well recently slowed due to debris in the down-hole pump. The company has since re-entered the mine, the rods and pump were pulled and the down-hole pump was completely rebuilt with new cups, balls and seat. The well was placed back into production with pressure and fluid recovery commencing. After completion of the rework procedure, the company anticipates the Detweiler No. 1 will produce on average two barrels a day.

The company has moved its work-over rig to the Thompson No. 1 well located on an adjacent leasehold and started the re-entry process. The company expects it will need to remove and or replace the rods, tubing, down-hole pump, working barrel, and cups on the No. 1 prior to placing it back into production.

“We anticipate our production on this lease will increase three- to four-fold once the remaining wells capable of delivery are placed into production,” Wayne Anderson, president of US Natural Gas Corp. says in a press release. “The installation of our newly acquired compressor should help boost our daily production and give us further capabilities for bringing additional wells online.”

US Natural Gas Corp is an independent energy company focused on acquiring exploring and developing of mature long-lived oil and natural gas properties. The company currently owns 17,000 acres of mineral rights leases and interest in 150 oil and gas wells.

Community Bank & Co. hires chief credit officer
Michael Mangione has joined Lakewood Ranch-based Community Bank & Co. as chief credit officer. He will be responsible for overseeing all of the bank's credit activities, including approvals, portfolio management and special assets resolution.

Mangione joins Community Bank from Regions Bank, where he last served as Region's most senior credit officer for the West Coast of Florida. He has worked in credit since 1978, when he first joined a predecessor to Bank of America. Mangione also has had senior credit roles at Citibank, IberiaBank and Chase Bank before joining Regions Bank and its predecessors in 1998.

Founded in 1995, Community Bank has six branches and will soon have 17 branches after a planned merger.

Raymond James Bank expands mortgage services
St. Petersburg-based Raymond James Bank has extended its mortgage-banking program to non-Raymond James investment clients in the Tampa Bay area. Previously, bank services have only been marketed to clients of Raymond James financial advisers.

“There is strong demand for well-capitalized, experienced lenders that place a premium on conservative decision making and a client-first approach,” bank president and CEO Steve Raney says in a press release. “Raymond James Bank is stepping into that void by extending its focus to eligible homebuyers and homeowners in Tampa Bay who are not already Raymond James clients.”

Joe Wessel, a Florida banker with past leadership experience at Florida Bank and HomeBanc Mortgage Corp., is leading the new initiative as Raymond James Bank's senior vice president, mortgage-banking executive. He also is working to grow referrals from Raymond James advisers while overseeing the day-to-day responsibilities of the retail lending sales organization.