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United Insurance Holdings Corp. (UIHC), also known as UPC Insurance, is a leading provider of personal property insurance, particularly in catastrophe-exposed regions. Established in 1999 and headquartered in St. Petersburg, Florida, UPC Insurance has grown to be one of the fastest expanding homeowners insurance companies in the United States.
UPC Insurance specializes in writing personal property insurance policies, ensuring that homeowners in high-risk areas are well-protected. The company operates across several states and has ambitious plans for further expansion. It holds an impressive “A” (Exceptional) financial stability rating from Demotech, reinforcing its robust financial health and reliability.
At the heart of UPC Insurance’s success is its dedicated team of talented and committed employees. The company prides itself on creating value for both its customers and shareholders, driven by a culture that emphasizes excellence and innovation. Traded on the NASDAQ under the symbol “UIHC,” United Insurance Holdings Corp. continues to enhance its service offerings and strategic partnerships to better serve its growing customer base.
Recent achievements include significant advancements in technology to enhance customer experience, strategic partnerships aimed at broadening its service scope, and consistent financial performance that underscores its market position. The company's ultimate vision is to become the premier provider of property insurance in areas prone to natural disasters, ensuring comprehensive coverage and peace of mind for homeowners.
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
UPC Insurance provides property and casualty insurance across
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
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.
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