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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) has announced a cash dividend of $0.06 per share, payable on March 16, 2022, to shareholders on record as of March 9, 2022. The company, which specializes in property and casualty insurance, operates across several states including Florida, Louisiana, New York, Texas, Georgia, South Carolina, North Carolina, and Massachusetts. Founded in 1999, UIHC manages all aspects of insurance through its wholly owned subsidiaries.
United Insurance Holdings Corp. (NASDAQ: UIHC) reported its financial results for Q4 and full year 2021, showing a net loss of $2.3 million ($0.05 per share) for Q4, a substantial improvement over the $33.9 million loss in Q4 2020. Gross premiums written decreased by 15% to $268.9 million, primarily due to a decline in personal lines. However, the company aims for a balanced commercial and personal lines portfolio ahead of its three-year timeline. With a focus on improving underwriting profitability, UIHC anticipates a return to profitability in 2022 and targets returns on equity for 2023.
United Insurance Holdings Corp. (Nasdaq: UIHC) announced it will release its fourth quarter and year-end financial results on
United Insurance Holdings Corp. (UIHC) has reached an agreement to transfer its personal lines business in Georgia, North Carolina, and South Carolina to HCI Group, Inc. (HCI). This transaction allows UIHC to focus capital on its growing commercial specialty property sector. HCI will provide 85% quota share reinsurance for UPC's policies in these states from December 31, 2021, to May 31, 2022, with estimated net ceding commissions of $8.3 million to $10.6 million. The deal also includes an upfront cash payment of $3.8 million from HCI to UIHC, with renewal rights granted until July 1, 2025.
United Insurance Holdings Corp. (Nasdaq: UIHC) reported Q3 2021 financial results, showing a net loss of $14.3 million, or $0.33 per diluted share, representing an 80.6% reduction from a $74.1 million loss in Q3 2020. Gross premiums written declined by 11.8% year-over-year to $322.5 million, driven mainly by reduced personal lines business. However, total revenues decreased by 23.5% to $162.7 million, attributed to higher ceded premium from changes in reinsurance agreements. Despite these challenges, the company reduced its loss and LAE expenses by 53% compared to Q3 2020, reflecting improved risk management.
United Insurance Holdings Corp. (UIHC) has declared a cash dividend of
United Insurance Holdings Corp. (Nasdaq: UIHC) announced that it will release its financial results for the third quarter ended
United Insurance Holdings Corp. (NASDAQ: UIHC) reported estimated catastrophe losses of
United Insurance Holdings Corp. (NASDAQ: UIHC) reported an estimated
United Insurance Holdings Corp. (UIHC) reported its financial results for Q2 2021, showing a net loss of $23.5 million ($0.55 per share), a sharp decline from a net income of $24.3 million in Q2 2020. Gross premiums written decreased by 3.0% to $426.4 million, while net premiums earned dropped 21.6% to $145.5 million. Total revenues fell 28.2% year-over-year to $155.5 million. The combined ratio worsened to 127.9%, significantly impacted by increased loss and LAE expenses due to catastrophe losses. Book value per share decreased 36.0% from $12.27 to $7.85.
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