ST. PETERSBURG, Fla.--(BUSINESS WIRE)--United Insurance Holdings Corp. (NASDAQ:UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today announced estimated net retained catastrophe losses incurred during the second quarter ending June 30, 2017 of approximately $20 million before income taxes (approximately $12.6 million after tax). The Company’s second quarter catastrophe losses included claims from a series of hail, wind and other severe convective storm events primarily in Florida, Georgia, Louisiana, and Texas. UPC Insurance estimates it has now met the $30 million retention under its catastrophe aggregate reinsurance program, which means the next $30 million of catastrophe losses, other than named windstorms or earthquakes, incurred during the remainder of 2017 will be ceded to third party reinsurers up to the $60 million exhaustion point of its catastrophe aggregate reinsurance program.
Company Announces Merger Related Expenses
In addition to the catastrophe losses described above, the Company also incurred during the second quarter approximately $7 million of nonrecurring professional fee expenses from its merger with American Coastal Holding Company, which was completed on April 3rd, 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 a company committed to financial stability and solvency.
Some of the statements in this release, including those about estimated catastrophe losses, are “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA). These forward-looking statements are made pursuant to the safe harbor provisions of the PSLRA. Actual results may differ materially from those suggested by the forward-looking statements as a result of risks and uncertainties, which include, among others, those discussed or identified from time to time in our public filings with the Securities and Exchange Commission. UPC Insurance assumes no obligation to update any forward-looking information set forth in this release, which speaks as of its date.