United Insurance Holdings Corp. Reports Financial Results for Its Second Quarter Ended June 30, 2017

Company to Host Quarterly Conference Call at 9:00 A.M. on August 9, 2017

ST. PETERSBURG, Fla.--()--United Insurance Holdings Corp. (NASDAQ:UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the second quarter ended June 30, 2017.

       
($ in thousands, except per share) Three Months Ended Six Months Ended
June 30, June 30,
2017   2016   Change 2017   2016   Change
Gross premiums written $ 352,347 $ 210,756 67.2 % $ 521,189 $ 346,712 50.3 %
Gross premiums earned $ 261,584 $ 164,585 58.9 % $ 443,649 $ 311,087 42.6 %
Net premiums earned $ 159,618 $ 114,179 39.8 % $ 266,801 $ 215,549 23.8 %
Total revenues $ 178,073 $ 120,921 47.3 % $ 300,706 $ 228,482 31.6 %
Earnings before income tax $ 12,650 $ 15,210 (16.8 )% $ 18,588 $ 19,540 (4.9 )%
Net income $ 7,257 $ 9,841 (26.3 )% $ 11,156 $ 12,792 (12.8 )%
Net income per diluted share $ 0.17 $ 0.45 (62.2 )% $ 0.35 $ 0.59 (40.7 )%
 
Reconciliation of net income to operating income:
Plus: Merger expenses, net of tax $ 4,383 $ 399 998.5 % $ 4,481 $ 447 902.5 %
Plus: Non-cash amortization of intangible assets, net of tax $ 7,407 $ 2,261 227.6 % $ 8,573 $ 2,710 216.3 %
Less: Realized gains (losses), net of tax $ (86 ) $ 66 (230.3 )% $ (314 ) $ 242 (229.8 )%
Operating income $ 19,133 $ 12,435 53.9 % $ 24,524 $ 15,707 56.1 %
Operating income per diluted share $ 0.46 $ 0.57 (19.3 )% $ 0.77 $ 0.73 5.5 %
 
Book value per share $ 12.39 $ 11.97 3.5 %
 

"This was our first quarter of operations as a combined company with AmCo, and we are already seeing some of the scale and diversification benefits we expected from the merger," said John Forney, President & CEO of UPC Insurance. "Our team is working hard to make sure we realize all the upside inherent in this combination in the coming months and years."

Operating Return on Equity

Operating Return on Equity (see calculation below) is a ratio we calculate using non-GAAP measures. It is calculated by dividing the operating income for the most recent twelve months by the average shareholders’ equity for the most recent twelve months. Operating income is an after-tax non-GAAP measure that we calculate by excluding the effect of non-cash amortization of intangible assets, non-recurring expenses such as merger-related professional fees, and realized gains or losses on our investment portfolio from net income. In the opinion of the Company’s management, operating income, operating income per share and operating return on equity are meaningful indicators of our underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses operating income, operating income per share and operating return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The following table reconciles operating return on equity to return on equity, the most directly comparable GAAP measure.

       
($ in thousands) Three Months Ended Six Months Ended
June 30, June 30,
2017   2016 2017   2016
Net income $ 7,257 $ 9,841 $ 11,156 $ 12,792
Return on equity based on GAAP net income (1) 9.1 % 16.4 % 7.0 % 10.7 %
 
Operating income $ 19,133 $ 12,435 $ 24,524 $ 15,707
Operating return on equity (1) 24.1 % 20.7 % 15.4 % 13.1 %
(1)   Return on equity is calculated on an annualized basis.
 

The calculation of the Company's underlying combined loss ratios are shown below.

       
($ in thousands, except per share) Three Months Ended Six Months Ended
June 30, June 30,
2017   2016   Change 2017   2016   Change
Loss ratio, net(1) 54.5 % 54.8 % (0.3 ) pts 56.3 % 58.9 % (2.6 ) pts
Expense ratio, net(2) 48.7 % 37.7 % 11.0 pts 48.9 % 38.0 % 10.9 pts
Combined ratio (CR)(3) 103.2 % 92.5 % 10.7 pts 105.2 % 96.9 % 8.3 pts
Effect of current year catastrophe losses on CR 13.7 % 3.3 % 10.4 pts 12.1 % 8.7 % 3.4 pts
Effect of prior year (favorable) development on CR (0.8 )% 0.4 % (1.2 ) pts (0.7 )% 1.7 % (2.4 ) pts
Effect of ceding commission income on CR 6.6 % 0.8 % 5.8 pts 7.5 % 0.8 % 6.7 pts
Underlying combined ratio(4)(5) 83.7 % 88.0 % (4.3 ) pts 86.3 % 85.7 % 0.6 pts
(1)   Loss ratio, net is calculated as losses and loss adjustment expenses (LAE) relative to net premiums earned.
(2) Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned.
(3) Combined ratio is the sum of the loss ratio, net and expense ratio, net.
(4)

Underlying combined ratio, a measure that is not based on U.S. generally accepted accounting principles (GAAP), is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

(5) Included in both the expense ratio and the combined ratio is $18.1 million and $20.1 million for the three and six months ended June 30, 2017, respectively, and $4.1 million and $4.9 million for the three and six months ended June 30, 2016, respectively, of merger professional fees and amortization expense predominately associated with the AmCo merger. Excluding these additional expenses, the Company would have reported an underlying combined ratio of 72.3% and 78.8% for the three and six months ended June 30, 2017, respectively, and 84.4% and 83.4% for the three and six months ended June 30, 2016, respectively.
 

Quarterly Financial Results

Net income for the second quarter of 2017 was $7.3 million, or $0.17 per diluted share, compared to net income of $9.8 million, or $0.45 per diluted share for the second quarter of 2016. The decrease in net earnings was primarily due to the increase in catastrophe losses for the second quarter of 2017 compared to the second quarter of 2016.

The Company's total gross written premium increased by $141.6 million, or 67.2%, to $352.3 million for the second quarter of 2017 from $210.8 million for the second quarter of 2016, primarily reflecting the Company's merger with AmCo Holdings Company (AmCo) on April 3, 2017, as well as organic growth in new and renewal business generated in the Company's Gulf and Florida regions. The breakdown of the quarter-over-quarter changes in both direct and assumed written premiums by region and gross written premium by line of business are shown in the table below.

         
($ in thousands)

Three Months Ended
June 30,

2017   2016 Change Growth %
Direct Written and Assumed Premium by Region (1)
Florida $ 199,736 $ 110,381 $ 89,355 81.0 %
Gulf 56,622 42,991 13,631 31.7
Northeast 40,842 32,103 8,739 27.2
Southeast 25,088 24,240 848 3.5  
Total direct written premium by region 322,288 209,715 112,573 53.7 %
Assumed premium (2) 30,059 1,041 29,018 2,787.5  
Total gross written premium by region $ 352,347 $ 210,756 $ 141,591 67.2 %
 
Gross Written Premium by Line of Business
Personal property $ 235,132 $ 203,634 $ 31,498 15.5 %
Commercial property 117,215 7,122 110,093 1,545.8  
Total gross written premium by line of business $ 352,347 $ 210,756 $ 141,591 67.2 %

(1)

  Each region is comprised of the following states: Gulf includes Hawaii, Louisiana and Texas, Northeast includes Connecticut, Massachusetts, New Jersey, New York and Rhode Island, and Southeast includes Georgia, North Carolina and South Carolina.
(2) Assumed premium written for 2017 includes commercial property business assumed from an unaffiliated insurer and 2016 premium assumed includes homeowners business from Citizens Property Insurance Corporation and the Texas Windstorm Insurance Association.
 

Loss and LAE increased by $24.3 million, or 38.9%, to $86.9 million for the second quarter of 2017 from $62.6 million for the second quarter of 2016. Loss and LAE expense as a percentage of net earned premiums decreased 0.3 points to 54.5% for the quarter, compared to 54.8% for the same period last year. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the quarter would have been 25.4%, a decrease of 10.1 points from 35.5% during the second quarter of 2016.

Policy acquisition costs increased by $17.6 million, or 68.4%, to $43.3 million for the second quarter of 2017 from $25.7 million for the second quarter of 2016. These costs vary directly with changes in gross premiums earned and were generally consistent with the Company's growth in premium production and higher average market commission rates outside of Florida.

Operating expenses increased by $0.5 million, or 7.6%, to $6.3 million for the second quarter of 2017 from $5.8 million for the second quarter of 2016, primarily due to increased costs related to the Company's ongoing growth.

General and administrative expenses increased by $16.7 million, or 145.1%, to $28.2 million for the second quarter of 2017 from $11.5 million for the second quarter of 2016, primarily due to non-recurring merger expenses and amortization costs related to the merger with AmCo.

Combined Ratio Analysis

The calculation of the Company's underlying loss ratios is shown below.

       
($ in thousands) Three Months Ended Six Months Ended
June 30, June 30,
2017   2016   Change 2017   2016   Change
Loss and LAE $ 86,938 $ 62,611 $ 24,327 $ 150,271 $ 126,869 $ 23,402
% of Gross earned premiums 33.2 % 38.0 % (4.8 ) pts 33.9 % 40.8 % (6.9 ) pts
% of Net earned premiums 54.5 % 54.8 % (0.3 ) pts 56.3 % 58.9 % (2.6 ) pts
Less:
Current year catastrophe losses $ 21,798 $ 3,720 $ 18,078 $ 32,410 $ 18,776 $ 13,634
Prior year reserve (favorable) development (1,264 ) 490   (1,754 ) (1,790 ) 3,676   (5,466 )
Underlying Loss and LAE (1) $ 66,404 $ 58,401 $ 8,003 $ 119,651 $ 104,417 $ 15,234
% of Gross earned premiums 25.4 % 35.5 % (10.1 ) pts 27.0 % 33.6 % (6.6 ) pts
% of Net earned premiums 41.6 % 51.1 % (9.5 ) pts 44.8 % 48.5 % (3.7 ) pts

(1)

 

Underlying Loss and LAE is a non-GAAP financial measure and is reconciled above to Net Loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented can be found in this press release is in the "Definitions of Non-GAAP Measures" section, below.

 

The calculation of the Company's underlying expense ratios is shown below.

       
($ in thousands) Three Months Ended Six Months Ended
June 30, June 30,
2017   2016   Change 2017   2016   Change
Policy acquisition costs $ 43,320 $ 25,721 $ 17,599 $ 78,756 $ 52,753 $ 26,003
Operating and underwriting 6,257 5,814 443 12,129 9,768 2,361
General and administrative 28,176   11,497   16,679   39,509   19,430   20,079  
Total Operating Expenses $ 77,753 $ 43,032 $ 34,721 $ 130,394 $ 81,951 $ 48,443
% of Gross earned premiums 29.7 % 26.1 % 3.6 pts 29.4 % 26.3 % 3.1 pts
% of Net earned premiums 48.7 % 37.7 % 11.0 pts 48.9 % 38.0 % 10.9 pts
Less:
Ceding commission income $ 10,562 $ 946 $ 9,616 $ 20,094 $ 1,765 $ 18,329
Merger expenses and amortization 18,138   4,092   14,046   20,083   4,857   15,226  
Underlying Expense (1) $ 49,053 $ 37,994 $ 11,059 $ 90,217 $ 75,329 $ 14,888
% of Gross earned premiums 18.8 % 23.1 % (4.3 ) pts 20.3 % 24.2 % (3.9 ) pts
% of Net earned premiums 30.7 % 33.3 % (2.6 ) pts 33.8 % 34.9 % (1.1 ) pts
(1)  

Underlying Expense is a non-GAAP financial measure and is reconciled above to total operating expenses, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

 

Reinsurance Costs as a % of Earned Premium

Excluding the Company's flood business, for which it cedes 100% of the risk of loss, reinsurance costs in the second quarter of 2017 were 37.1% of gross premiums earned compared to 27.8% of gross premiums earned for the second quarter of 2016. Ceded earned premiums related to the Company's quota share reinsurance program that launched on December 1, 2016 were $43.7 million or 8.0% of the 9.3% increase to reinsurance costs as a percentage of gross premiums earned in the current quarter compared to the second quarter last year. The remaining 1.3% increase is related to our catastrophe reinsurance program.

Investment Portfolio Highlights

The Company's cash and investment holdings totaled $1.0 billion at June 30, 2017 compared to $679.3 million at December 31, 2016. UPC Insurance's cash and investment holdings consist of investments in U.S. Government and agency securities, corporate debt and 100% investment grade money market instruments. Fixed maturities represented approximately 91.4% of total investments at June 30, 2017 with a modified duration of 3.8 years compared to 93.5% at December 31, 2016 and a modified duration of 3.7 years.

Book Value Analysis

Book value per share increased 11.1% from $11.15 at December 31, 2016, to $12.39 at June 30, 2017 and underlying book value per share increased 10.3% from $11.11 at December 31, 2016 to $12.25 at June 30, 2017. An increase in the Company's retained earnings, along with an increase in paid in capital as a result of the AmCo merger, drove the increase in our book value per share and underlying book value per share. The increase in accumulated other comprehensive income, as shown in the table below, also impacted our underlying book value per share.

       
($ in thousands, except for per share data) June 30, December 31,
2017 2016
Book Value per Share
Numerator:
Common shareholders' equity $ 529,462   $ 241,327
Denominator:
Total Shares Outstanding 42,741,004   21,646,614
Book Value Per Common Share $ 12.39   $ 11.15
 
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI)
Numerator:
Common shareholders' equity $ 529,462 $ 241,327
Accumulated other comprehensive income 5,985   822
Shareholders' Equity, excluding AOCI $ 523,477   $ 240,505
Denominator:
Total Shares Outstanding 42,741,004   21,646,614
Underlying Book Value Per Common Share(1) $ 12.25   $ 11.11
(1)  

Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

 

Quarterly Cash Dividend

The Company today announced that its Board of Directors declared a cash dividend of $0.06 per share of common stock outstanding, payable in cash on August 28, 2017 to shareholders of record on August 21, 2017.

Definitions of Non-GAAP Measures

We believe that investors' understanding of the Company's performance is enhanced by our disclosure of the following non-GAAP measures. Our methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

Combined ratio excluding the effects of current year catastrophe losses, reserve development, and ceding commission income earned (underlying combined ratio) is a non-GAAP ratio, which is computed by subtracting the effect of current year catastrophe losses, prior year development and ceding commission income earned related to our quota share reinsurance agreement from the combined ratio. We believe that this ratio is useful to investors and it is used by management to reveal the trends in our business that may be obscured by current year catastrophe losses, losses from lines in run-off and prior year development. Current year catastrophe losses cause our loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under our quota share reinsurance agreement. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most direct comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered a substitute for the combined ratio and does not reflect the overall profitability of our business.

Net Loss and LAE excluding the effects of current year catastrophe losses and reserve development (underlying Loss and LAE) is a non-GAAP measure which is computed by subtracting current year catastrophe losses and prior year reserve development from Loss and LAE. We use underlying loss and LAE figures to analyze our loss trends that may be impacted by current year catastrophe losses and prior year development on our reserves. As discussed previously, these two items can have a significant impact on our loss trend in a given period. The most direct comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net losses and LAE and does not reflect the overall profitability of our business.

Net Operating Expense excluding the effects of ceding commission income earned, merger expenses, and amortization of intangible assets (underlying expense) is a non-GAAP measure which is computed by subtracting ceding income earned related to our quota share reinsurance agreement, merger expenses and amortization from operating expenses. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under our quota share reinsurance agreement. Merger expenses are directly related to past mergers and are not reflective of current period operating performance. Similarly, amortization expense is related to the amortization of intangible assets acquired through merger and therefore the expense does not arise through normal operations. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most direct comparable GAAP measure is net expense ratio. The underlying expense measure should not be considered a substitute for the net expense ratio and does not reflect the overall profitability of our business.

Book value per share, excluding the impact of accumulated other comprehensive income (underlying book value per share), is a ratio that uses a non-GAAP measure. It is calculated by dividing common shareholders' equity after excluding accumulated other comprehensive income by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of accumulated other comprehensive income, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. We believe the non-GAAP ratio is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors which are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business.

 

Conference Call Details

 

Date and Time:

  August 9, 2017 - 9:00 A.M. ET
 

Participant Dial-In:

(United States): 877-407-8829
(International): 201-493-6724
 

Webcast:

To listen to the live webcast, please go to www.upcinsurance.com (Investor Relations) and click on the conference call link, or go to: http://upcinsurance.equisolvewebcast.com/q2-2017

 

About UPC Insurance

Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of independent agents and a group of wholly owned insurance subsidiaries. The Company currently writes policies in Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas, and is licensed to write in Alabama, Delaware, Maryland, Mississippi, New Hampshire, and Virginia. UPC Insurance also has a commercial residential product in Florida. The Company’s commercial presence was further expanded by the merger with Florida’s largest commercial property writer, American Coastal Insurance Company. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. UPC Insurance is committed to financial stability and solvency.

Forward-Looking Statements

Statements in this press release, the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans that are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.

       
Consolidated Statements of Comprehensive Income

In thousands, except share and per share amounts

 
Three Months Ended Six Months Ended
June 30, June 30,
2017   2016 2017   2016
REVENUE:
Gross premiums written $ 352,347 $ 210,756 $ 521,189 $ 346,712
Increase in gross unearned premiums (90,763 ) (46,171 ) (77,540 ) (35,625 )
Gross premiums earned 261,584 164,585 443,649 311,087
Ceded premiums earned (101,966 ) (50,406 ) (176,848 ) (95,538 )
Net premiums earned 159,618 114,179 266,801 215,549
Investment income 4,637 2,727 7,588 5,123
Net realized gains (losses) (132 ) 102 (483 ) 372
Other revenue 13,950   3,913   26,800   7,438  
Total revenues $ 178,073 $ 120,921 $ 300,706 $ 228,482
EXPENSES:
Losses and loss adjustment expenses 86,938 62,611 150,271 126,869
Policy acquisition costs 43,320 25,721 78,756 52,753
Operating expenses 6,257 5,814 12,129 9,768
General and administrative expenses 28,176 11,497 39,509 19,430
Interest expense 752   116   1,511   191  
Total expenses 165,443 105,759 282,176 209,011
Income before other income 12,630 15,162 18,530 19,471
Other income 20   48   58   69  
Income before income taxes 12,650 15,210 18,588 19,540
Provision for income taxes 5,393   5,369   7,432   6,748  
Net income $ 7,257   $ 9,841   $ 11,156   $ 12,792  
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains on investments 4,106 7,420 7,837 13,800
Reclassification adjustment for net realized investment losses (gains) 132 (102 ) 483 (372 )
Income tax expense related to items of other comprehensive income (1,615 ) (2,713 ) (3,157 ) (5,074 )
Total comprehensive income $ 9,880   $ 14,446   $ 16,319   $ 21,146  
 
Weighted average shares outstanding
Basic 41,799,041   21,423,739   31,691,267   21,385,220  
Diluted 42,028,013   21,631,077   31,914,559   21,584,287  
 
Earnings per share
Basic $ 0.17   $ 0.46   $ 0.35   $ 0.60  
Diluted $ 0.17   $ 0.45   $ 0.35   $ 0.59  
 
Dividends declared per share $ 0.06   $ 0.06   $ 0.12   $ 0.11  
 
       
Consolidated Balance Sheets

In thousands, except share amounts

 
June 30, 2017

December 31,
2016

ASSETS
Investments available for sale, at fair value:
Fixed maturities $ 716,183 $ 494,516
Equity securities 59,431 28,398
Other investments 7,848   5,733  
Total investments $ 783,462   $ 528,647  
Cash and cash equivalents 254,171 150,688
Accrued investment income 5,142 3,735
Property and equipment, net 19,623 17,860
Premiums receivable, net 93,401 38,883
Reinsurance recoverable on paid and unpaid losses 69,824 24,028
Prepaid reinsurance premiums 364,156 132,564
Goodwill 59,679 14,254
Deferred policy acquisition costs 94,865 65,473
Intangible assets 64,948 12,371
Other assets 12,000   11,183  
Total Assets $ 1,821,271   $ 999,686  
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses $ 204,694 $ 140,855
Unearned premiums 578,587 372,223
Reinsurance payable 332,011 99,891
Other liabilities 122,752 91,215
Notes payable 53,765   54,175  
Total Liabilities $ 1,291,809   $ 758,359  
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding
Common stock, $0.0001 par value; 50,000,000 shares authorized; 42,953,087 and 21,858,697 issued; 42,741,004 and 21,646,614 outstanding, respectively 4 2
Additional paid-in capital 375,029 99,353
Treasury shares, at cost; 212,083 shares (431 ) (431 )
Accumulated other comprehensive income 5,985 822
Retained earnings 148,875   141,581  
Total Stockholders' Equity $ 529,462   $ 241,327  
Total Liabilities and Stockholders' Equity $ 1,821,271   $ 999,686  
 

Contacts

United Insurance Holdings Corp.
Jessica Strathman, (727) 895-7737
SEC Reporting Manager
jstrathman@upcinsurance.com
or
Investor Relations:
The Equity Group
Adam Prior, (212) 836-9606
Senior Vice-President
aprior@equityny.com

Contacts

United Insurance Holdings Corp.
Jessica Strathman, (727) 895-7737
SEC Reporting Manager
jstrathman@upcinsurance.com
or
Investor Relations:
The Equity Group
Adam Prior, (212) 836-9606
Senior Vice-President
aprior@equityny.com