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United Insurance Holdings Corp. (UIHC) reported disappointing financial results for Q4 and the full year 2022, reflecting severe losses primarily due to Hurricane Ian. For Q4 2022, the company posted a net loss of $294.9 million, or $6.84 per diluted share, compared to a net loss of $2.3 million, or $0.05 per diluted share in Q4 2021. Gross premiums written declined by 14.7% to $229.2 million, driven by reduced personal lines premiums and the transition of some business segments. The total gross written premium for 2022 decreased by 15.4% to $1.12 billion. Book value per share plummeted to $(4.16) from $7.20 in 2021, significantly affecting shareholder equity.
United Insurance Holdings Corp. (Nasdaq: UIHC) plans to release its financial results for the fourth quarter and full year ending December 31, 2022 on March 2, 2023, after market close. A conference call is scheduled for 5:00 p.m. ET on the same day. Interested participants can join the call using the dial-in numbers: 877-445-9755 (US) or 201-493-6744 (International). A live webcast will also be available on the Company's website.
UPC Insurance provides property and casualty insurance across Florida, Louisiana, New York, Texas, South Carolina, and North Carolina.
United Insurance Holdings Corp. (Nasdaq: UIHC) has sold the renewal rights of its personal lines business in Florida to Slide Insurance, Inc. This strategic move accelerates the run-off of UPC Insurance's personal lines portfolio, significantly reducing its liabilities in the state. As of February 1, 2023, UPC will cancel approximately 72,000 personal lines policies, and Slide will issue replacement policies. Additionally, UPC Insurance has sold certain data and intellectual property to Slide and will provide policy administration services for a 2% fee on gross earned premiums. This transaction allows UPC Insurance to refocus on its commercial specialty property portfolio.
United Insurance Holdings Corp. (UIHC) reported significant financial losses for Q3 2022, with a net loss of $70.9 million, or $1.65 per share, compared to a $14.3 million loss in Q3 2021. Gross premiums written declined by 20.9%, heavily impacted by Hurricane Ian and the company's withdrawal from personal lines in several states. The combined ratio soared to 165.4%, indicating underwriting challenges. Book value per share plummeted 74.9% to $1.86. CEO Dan Peed emphasized a strategic focus on commercial lines amidst these losses.