United Insurance Holdings Corp. Stock Price, News & Analysis

United Insurance Holdings Corp. (Nasdaq: UIHC) is set to release its financial results for the second quarter ended June 30, 2021, on August 4, 2021, after market close. A conference call will follow at 5:00 p.m. ET to discuss the results and future outlook. Interested parties can participate by dialing in or joining via a webcast available on the company's website. UPC Insurance operates across multiple states, providing personal and commercial residential property and casualty insurance through a network of subsidiaries.

United Insurance Holdings Corp. (NASDAQ: UIHC) reported an estimated catastrophe loss of approximately $40 million before income taxes for Q2 2021, equating to about $31 million after taxes. This loss includes claims from two tropical storms and fourteen PCS catastrophe events. The figures are net of expected reinsurance recoveries. The company has been operating since 1999, providing property and casualty insurance across multiple states.

United Insurance Holdings Corp. (Nasdaq: UIHC) has successfully completed its core catastrophe reinsurance program and quota share program effective June 1, 2021. The 2021 Core CAT program features $2.85 billion in first event limit and a retention reduction of 53% year over year, lowering per occurrence retention to $15 million. This limits net retained hurricane losses to $31 million for its core portfolio. Additionally, the company renewed a 15% quota share treaty, increasing total cession to 23%. The company also explores strategic options, including potential sales to enhance capacity for commercial specialty underwriting.

United Insurance Holdings Corp. (Nasdaq: UIHC) reported its Q1 2021 results, revealing a net loss of $17.8 million, or $0.41 per diluted share, compared to a loss of $12.7 million, or $0.30 per diluted share in Q1 2020. Gross premiums written fell 7% to $311.6 million, while gross premiums earned increased 3.5% to $356.7 million. A $30 million reserve strengthening for litigation in Florida impacted results. The underlying combined ratio improved slightly to 90.4%. Notably, premium rate increases averaged 10.4% for renewals and 19% for new personal lines business.

United Insurance Holdings Corp. (Nasdaq: UIHC) has declared a cash dividend of $0.06 per share of common stock. This dividend is payable on May 24, 2021 to shareholders of record on May 17, 2021. Founded in 1999, UPC Insurance operates as a property and casualty insurance holding company, providing coverage across multiple states including Florida, Georgia, and Texas. The company manages its operations from St. Petersburg and has a fully integrated approach to insurance services.

United Insurance Holdings Corp. (NASDAQ: UIHC) reported estimated catastrophe losses of approximately $24 million before income taxes for Q1 2021, primarily due to Winter Storm Uri and several other events. The company faced a significant rise in litigated claims in Florida, leading to unexpected loss reserve development. Consequently, UPC Insurance plans to bolster reserves by $30 million to address the increase in loss severity. This trend in litigation was anticipated, but the volume of new lawsuits has exceeded expectations.

United Insurance Holdings Corp. (Nasdaq: UIHC) plans to announce its first-quarter financial results for the period ending March 31, 2021, on May 5, 2021, after market close. A conference call to discuss these results will commence at 5:00 p.m. ET the same day. Participants can join by dialing 877-407-8829 (U.S.) or 201-493-6724 (International). The call will also be available via a live webcast on the company's investor relations website and will be archived for 30 days.

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.