American Coastal Insurance Corporation reports developments tied to its role as a property and casualty insurance holding company for American Coastal Insurance Company. Company news centers on commercial residential property insurance, including condominium association, homeowner association and apartment properties in Florida, as well as underwriting results, premiums, combined ratios and catastrophe-loss exposure.
Recurring updates also cover quarterly earnings releases, conference calls, investor presentations, catastrophe reinsurance programs, capital management actions such as special dividends and share repurchases, and leadership changes affecting underwriting and governance functions.
United Insurance Holdings Corp. (UIHC) reported its financial results for Q4 and FY 2020. Gross premiums written rose 7.3% to $316.2 million in Q4 and 5.5% to $1.46 billion for the year. However, the company faced significant challenges, with a net loss of $33.9 million for Q4, leading to a loss per share of $0.79, and a total net loss of $96.5 million for FY 2020. Core loss excluding named windstorms showed improvement, yet catastrophe losses heavily impacted results. Despite these challenges, the company aims for stronger growth in 2021, supported by a hardening market in Florida.
United Insurance Holdings Corp. (Nasdaq: UIHC) announced a cash dividend of $0.06 per share, payable on March 9, 2021, to shareholders of record as of March 2, 2021. The company is a property and casualty insurance holding company, founded in 1999, providing services across multiple states including Florida, Georgia, and Texas. UPC Insurance operates through wholly owned subsidiaries and manages all aspects of its operations from its headquarters in St. Petersburg.
United Insurance Holdings Corp. (Nasdaq: UIHC) will release its financial results for Q4 and the full year ending December 31, 2020, on February 24, 2021, after market close. A conference call is scheduled for 5:00 p.m. ET on the same day to discuss these results and the company's outlook. Interested parties can join via a dial-in number or listen to a live webcast. UPC Insurance is a property and casualty insurance holding company operating in multiple states, providing comprehensive insurance services through its subsidiaries.
United Insurance Holdings Corp. (Nasdaq: UIHC) has finalized its agreement with HCI Group, Inc. (NYSE: HCI) to transfer renewal rights on UPC's personal lines business in Connecticut, New Jersey, Massachusetts, and Rhode Island. This move, part of an earlier announcement from December 2020, aims to enhance operating leverage, improve risk-based capital adequacy, and allow UPC to focus on expanding its specialty commercial property business. The transaction is in line with the company's strategy to strengthen its financial position.
United Insurance Holdings Corp. (NASDAQ: UIHC) has reached an agreement with HCI Group, Inc. to transfer its personal lines business in Connecticut, New Jersey, Massachusetts, and Rhode Island to HCI. This move will allow UIHC to focus on expanding its specialty commercial property business and enhance its financial stability. HCI will provide a 69.5% quota share reinsurance for UPCIC’s policies, with an estimated ceded earned premium of $37.6 million. The transaction also includes a stock payment of 100,000 shares and a cash payment of up to $3.1 million, subject to regulatory approvals.
United Insurance Holdings Corp. (NASDAQ: UIHC) reported estimated catastrophe losses for 2020 between $85 million and $100 million before taxes, equating to approximately $67 million to $79 million after tax. These losses stem from three named windstorms: Hurricane Delta, Hurricane Zeta, and Tropical Storm Eta, as well as other events. The figures reflect net losses, factoring in expected reinsurance recoveries. UPC Insurance is engaged in property and casualty insurance, serving multiple states including Florida and Texas.