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 catastrophe losses incurred during the first quarter ending March 31, 2019 of approximately $18 million before income taxes (approximately $13 million after tax) net of expected reinsurance recoveries. The Company’s first quarter catastrophe losses included claims from seven new PCS events with a hail storm in Brevard County, Florida during the last week of March being the largest driver of the estimated losses. UPC also experienced higher than expected development on prior year catastrophe events during the quarter. This development is included in the loss estimates above but will be reported as unfavorable prior year development, not catastrophe losses from the current accident year ending March 31, 2019.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services personal and commercial residential property and casualty insurance policies using a group of wholly owned insurance subsidiaries through a variety of distribution channels. 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. 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.
