United Insurance Holdings Corp. Reports Financial Results for Its First Quarter Ended March 31, 2022
United Insurance Holdings Corp. (UIHC) reported significant declines in financial performance for Q1 2022 compared to Q1 2021. Gross premiums written decreased by 10.3% to $279.5 million, while net premiums earned fell by 30.9% to $100.9 million. Total revenues plunged 36.7% to $102.4 million, resulting in a net loss of $33.2 million, or $0.77 per diluted share, an 86.7% increase in loss year-over-year. The combined ratio rose to 144.4%, indicating deterioration in underwriting performance. Book value per share decreased by 28.4% from $8.32 to $5.96, reflecting challenging market conditions.
- Commercial lines business showed growth, contributing positively despite overall declines.
- Policy acquisition costs decreased by 36.3%, helping to mitigate total operating expenses.
- Gross written premiums declined by 10.3%, impacting revenue generation.
- Net premiums earned dropped 30.9%, leading to significant revenue losses.
- Net loss attributable to UIHC increased by 86.7% compared to Q1 2021.
- Combined ratio increased to 144.4%, indicating worsening underwriting performance.
- Book value per common share decreased 28.4% from the previous year.
Company to Host Quarterly Conference Call at
The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at investors.upcinsurance.com/Presentations.
($ in thousands, except for per share data) |
Three Months Ended |
|||||||||
|
||||||||||
|
2022 |
|
2021 |
|
Change |
|||||
Gross premiums written |
$ |
279,475 |
|
|
$ |
311,638 |
|
|
(10.3 |
) % |
Gross premiums earned |
$ |
319,206 |
|
|
$ |
356,663 |
|
|
(10.5 |
) % |
Net premiums earned |
$ |
100,857 |
|
|
$ |
145,949 |
|
|
(30.9 |
) % |
Total revenues |
$ |
102,366 |
|
|
$ |
161,789 |
|
|
(36.7 |
) % |
Loss before income tax |
$ |
(44,307 |
) |
|
$ |
(26,282 |
) |
|
(68.6 |
) % |
Net loss attributable to UIHC |
$ |
(33,172 |
) |
|
$ |
(17,771 |
) |
|
(86.7 |
) % |
Net loss available to UIHC common stockholders per diluted share |
$ |
(0.77 |
) |
|
$ |
(0.41 |
) |
|
(87.8 |
) % |
|
|
|
|
|
|
|||||
Reconciliation of net loss to core loss: |
|
|
|
|
|
|||||
Plus: Non-cash amortization of intangible assets |
$ |
812 |
|
|
$ |
1,043 |
|
|
(22.1 |
) % |
Less: Net realized gains (losses) on investment portfolio |
$ |
(1,769 |
) |
|
$ |
503 |
|
|
NM |
|
Less: Unrealized gains (losses) on equity securities |
$ |
(2,268 |
) |
|
$ |
2,564 |
|
|
NM |
|
Less: Net tax impact (1) |
$ |
1,018 |
|
|
$ |
(425 |
) |
|
NM |
|
Core loss (2) |
$ |
(29,341 |
) |
|
$ |
(19,370 |
) |
|
(51.5 |
) % |
Core loss per diluted share (2) |
$ |
(0.68 |
) |
|
$ |
(0.45 |
) |
|
(51.1 |
) % |
|
|
|
|
|
|
|||||
Book value per share |
$ |
5.96 |
|
|
$ |
8.32 |
|
|
(28.4 |
) % |
| NM = Not Meaningful | ||
| (1) |
In order to reconcile net loss to the core loss measures, the Company included the tax impact of all adjustments using the |
|
| (2) | Core loss, and core loss per diluted share, both of which are measures that are not based on GAAP, are reconciled above to net loss and net loss per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
|
"First quarter results reflect the aggressive de-risking and deleveraging activities we’ve taken in personal lines over the last 18 months, with gross earned premium down by
Return on Equity and Core Return on Equity
The calculations of the Company's return on equity and core return on equity are shown below.
($ in thousands) |
Three Months Ended |
||||||
|
|||||||
|
2022 |
|
2021 |
||||
Net loss attributable to UIHC |
$ |
(33,172 |
) |
|
$ |
(17,771 |
) |
Return on equity based on GAAP net loss attributable to UIHC (1) |
|
(41.7 |
) % |
|
|
(15.9 |
) % |
|
|
|
|
||||
Core loss |
$ |
(29,341 |
) |
|
$ |
(19,370 |
) |
Core return on equity (1)(2) |
|
(36.9 |
) % |
|
|
(17.3 |
) % |
| (1) |
Return on equity for the three months ended |
|
| (2) | Core return on equity, a measure that is not based on GAAP, is calculated based on core loss, which is reconciled on the first page of this press release to net loss, 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. |
Combined Ratio and Underlying Ratio
The calculations of the Company's combined ratio and underlying combined ratio are shown below.
($ in thousands) |
Three Months Ended |
||||||
|
|||||||
|
2022 |
|
2021 |
|
Change |
||
Loss ratio, net(1) |
90.6 |
% |
|
79.3 |
% |
|
11.3 pts |
Expense ratio, net(2) |
53.8 |
% |
|
47.9 |
% |
|
5.9 pts |
Combined ratio (CR)(3) |
144.4 |
% |
|
127.2 |
% |
|
17.2 pts |
Effect of current year catastrophe losses on CR |
28.4 |
% |
|
16.4 |
% |
|
12.0 pts |
Effect of prior year unfavorable development on CR |
1.4 |
% |
|
20.4 |
% |
|
(19.0) pts |
Underlying combined ratio(4) |
114.6 |
% |
|
90.4 |
% |
|
24.2 pts |
| (1) | Loss ratio, net is calculated as losses and loss adjustment expenses (LAE), net of losses ceded to reinsurers, 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 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. |
Quarterly Financial Results
Net loss attributable to the Company for the first quarter of 2022 was
The Company's total gross written premium decreased by
($ in thousands) |
|
Three Months Ended
|
|
|
|
|
|||||||
|
|
2022 |
|
2021 |
|
Change $ |
|
Change % |
|||||
Direct Written and Assumed Premium by Region (1) |
|
|
|
|
|
|
|
|
|||||
|
|
$ |
215,127 |
|
$ |
195,585 |
|
$ |
19,542 |
|
|
10.0 |
% |
Gulf |
|
|
41,606 |
|
|
52,983 |
|
|
(11,377 |
) |
|
(21.5 |
) |
Southeast |
|
|
15,166 |
|
|
24,407 |
|
|
(9,241 |
) |
|
(37.9 |
) |
Northeast |
|
|
7,455 |
|
|
38,615 |
|
|
(31,160 |
) |
|
(80.7 |
) |
Total direct written premium by region |
|
|
279,354 |
|
|
311,590 |
|
|
(32,236 |
) |
|
(10.3 |
) |
Assumed premium (2) |
|
|
121 |
|
|
48 |
|
|
73 |
|
|
152.1 |
|
Total gross written premium by region |
|
$ |
279,475 |
|
$ |
311,638 |
|
$ |
(32,163 |
) |
|
(10.3 |
)% |
|
|
|
|
|
|
|
|
|
|||||
Gross Written Premium by Line of Business |
|
|
|
|
|
|
|
|
|||||
Personal property |
|
$ |
151,511 |
|
$ |
203,598 |
|
$ |
(52,087 |
) |
|
(25.6 |
)% |
Commercial property |
|
|
127,964 |
|
|
108,040 |
|
|
19,924 |
|
|
18.4 |
% |
Total gross written premium by line of business |
|
$ |
279,475 |
|
$ |
311,638 |
|
$ |
(32,163 |
) |
|
(10.3 |
)% |
| (1) |
"Gulf" is comprised of |
|
| (2) | Assumed premium written for 2022 and 2021 primarily included commercial property business assumed from unaffiliated insurers. |
Loss and LAE decreased by
Policy acquisition costs decreased by
Operating and underwriting expenses decreased by
General and administrative expenses remained relatively flat, increasing by
Combined Ratio Analysis
The calculations of the Company's loss ratios and underlying loss ratios are shown below.
($ in thousands) |
Three Months Ended |
||||||||||
|
|||||||||||
2022 |
|
2021 |
|
Change |
|||||||
Loss and LAE |
$ |
91,368 |
|
|
$ |
115,781 |
|
|
$ |
(24,413 |
) |
% of Gross earned premiums |
|
28.6 |
% |
|
|
32.5 |
% |
|
(3.9 |
) pts |
|
% of Net earned premiums |
|
90.6 |
% |
|
|
79.3 |
% |
|
11.3 |
pts |
|
Less: |
|
|
|
|
|
||||||
Current year catastrophe losses |
$ |
28,616 |
|
|
$ |
23,965 |
|
|
$ |
4,651 |
|
Prior year reserve unfavorable development |
|
1,433 |
|
|
|
29,769 |
|
|
|
(28,336 |
) |
Underlying loss and LAE (1) |
$ |
61,319 |
|
|
$ |
62,047 |
|
|
$ |
(728 |
) |
% of Gross earned premiums |
|
19.2 |
% |
|
|
17.4 |
% |
|
1.8 |
pts |
|
% of Net earned premiums |
|
60.8 |
% |
|
|
42.5 |
% |
|
18.3 |
pts |
|
| (1) | Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to loss and LAE, 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. |
The calculations of the Company's expense ratios are shown below.
($ in thousands) |
Three Months Ended |
||||||||||
|
|||||||||||
2022 |
|
2021 |
|
Change |
|||||||
Policy acquisition costs |
$ |
26,016 |
|
|
$ |
40,821 |
|
|
$ |
(14,805 |
) |
Operating and underwriting |
|
12,248 |
|
|
|
13,222 |
|
|
|
(974 |
) |
General and administrative |
|
16,005 |
|
|
|
15,882 |
|
|
|
123 |
|
Total Operating Expenses |
$ |
54,269 |
|
|
$ |
69,925 |
|
|
$ |
(15,656 |
) |
% of Gross earned premiums |
|
17.0 |
% |
|
|
19.6 |
% |
|
(2.6 |
) pts |
|
% of Net earned premiums |
|
53.8 |
% |
|
|
47.9 |
% |
|
5.9 |
pts |
|
Reinsurance Costs as a Percentage of Gross Earned Premium
Reinsurance costs as a percentage of gross earned premium in the first quarter of 2022 and 2021 were as follows:
|
2022 |
|
2021 |
||
Non-at-Risk |
(2.3 |
) % |
|
(2.3 |
) % |
Quota Share |
(32.0 |
) % |
|
(26.2 |
) % |
All Other |
(34.1 |
) % |
|
(30.6 |
) % |
Total Ceding Ratio |
(68.4 |
) % |
|
(59.1 |
) % |
The increase in this ratio was driven by the Company entering into two additional quota share agreements effective
In addition to the changes in the Company's quota share agreements, the Company also reduced the retention amounts related to their catastrophe excess of loss reinsurance program for the 2021-2022 season, resulting in higher ceded premiums year over year but less risk if the named storm season would have been as active as the 2020-2021 season. These modifications have resulted in increases to the Company's ceding ratio quarter-over-quarter.
Investment Portfolio Highlights
The Company's cash, restricted cash and investment holdings decreased from
At
Book Value Analysis
Book value per common share decreased
($ in thousands, except for share and per share data) |
|
|
|
|
||||
|
|
|
||||||
Book Value per Share |
|
|
|
|
||||
Numerator: |
|
|
|
|
||||
Common stockholders' equity attributable to UIHC |
|
$ |
257,971 |
|
|
$ |
312,406 |
|
Denominator: |
|
|
|
|
||||
Total Shares Outstanding |
|
|
43,257,595 |
|
|
|
43,370,442 |
|
Book Value Per Common Share |
|
$ |
5.96 |
|
|
$ |
7.20 |
|
|
|
|
|
|
||||
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) |
|
|
|
|
||||
Numerator: |
|
|
|
|
||||
Common stockholders' equity attributable to UIHC |
|
$ |
257,971 |
|
|
$ |
312,406 |
|
Less: Accumulated other comprehensive loss |
|
|
(25,657 |
) |
|
|
(6,531 |
) |
Stockholders' Equity, excluding AOCI |
|
$ |
283,628 |
|
|
$ |
318,937 |
|
Denominator: |
|
|
|
|
||||
Total Shares Outstanding |
|
|
43,257,595 |
|
|
|
43,370,442 |
|
Underlying Book Value Per Common Share(1) |
|
$ |
6.55 |
|
|
$ |
7.35 |
|
| (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. |
Definitions of Non-GAAP Measures
The Company believes that investors' understanding of
Net loss excluding the effects of amortization of intangible assets, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core loss) is a non-GAAP measure that is computed by adding amortization, net of tax, to net income and subtracting realized gains (losses) on the Company's investment portfolio, net of tax, and unrealized gains (losses) on the Company's equity securities, net of tax, from net loss. Amortization expense is related to the amortization of intangible assets acquired through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company's operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss. The core loss measure should not be considered a substitute for net loss and does not reflect the overall profitability of the Company's business.
Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core loss for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core loss is an after-tax non-GAAP measure that is calculated by excluding from net loss the effect of non-cash amortization of intangible assets, unrealized gains or losses on the Company's equity security investments and net realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, core loss, core loss per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core loss, core loss per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company's business.
Combined ratio excluding the effects of current year catastrophe losses and prior year reserve development (underlying combined ratio) is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company's business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.
Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE) is a non-GAAP measure that is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trends in a given period. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company's business.
Book value per common share, excluding the impact of accumulated other comprehensive loss (underlying book value per common share), is a non-GAAP measure that is computed by dividing common stockholders' equity after excluding accumulated other comprehensive loss, by total common shares outstanding plus dilutive potential common shares outstanding. The Company uses the trend in book value per common share, excluding the impact of accumulated other comprehensive loss, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes this non-GAAP measure 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 that 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 loss, should not be considered a substitute for book value per common share and does not reflect the recorded net worth of the Company's business.
Conference Call Details |
||
Date and Time: |
|
|
Participant Dial-In: |
( |
|
|
(International): 201-493-6744 |
|
Webcast: |
To listen to the live webcast, please go to http://investors.upcinsurance.com and click on the conference call link at the top of the page or go to: https://event.webcasts.com/starthere.jsp?ei=1544118&tp_key=28134a7f74 |
|
|
An archive of the webcast will be available for a limited period of time thereafter. |
|
Presentation:
|
The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at investors.upcinsurance.com/Presentations. |
|
About
Founded in 1999,
Forward-Looking Statements
Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements”. The Company believes 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 expressed in, or implied by, the forward-looking statements. 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,” "plan," “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. Factors that could cause actual results to differ materially may be found in the Company's filings with the
Consolidated Statements of Comprehensive Loss In thousands, except share and per share amounts |
||||||||
|
|
Three Months Ended |
||||||
|
|
|
||||||
|
|
2022 |
|
2021 |
||||
REVENUE: |
|
|
|
|
||||
Gross premiums written |
|
$ |
279,475 |
|
|
$ |
311,638 |
|
Change in gross unearned premiums |
|
|
39,731 |
|
|
|
45,025 |
|
Gross premiums earned |
|
|
319,206 |
|
|
|
356,663 |
|
Ceded premiums earned |
|
|
(218,349 |
) |
|
|
(210,714 |
) |
Net premiums earned |
|
|
100,857 |
|
|
|
145,949 |
|
Net investment income |
|
|
2,478 |
|
|
|
3,583 |
|
Net realized investment gains (losses) |
|
|
(1,769 |
) |
|
|
503 |
|
Net unrealized gains (losses) on equity securities |
|
|
(2,268 |
) |
|
|
2,564 |
|
Other revenue |
|
|
3,068 |
|
|
|
9,190 |
|
Total revenues |
|
$ |
102,366 |
|
|
$ |
161,789 |
|
EXPENSES: |
|
|
|
|
||||
Losses and loss adjustment expenses |
|
|
91,368 |
|
|
|
115,781 |
|
Policy acquisition costs |
|
|
26,016 |
|
|
|
40,821 |
|
Operating expenses |
|
|
12,248 |
|
|
|
13,222 |
|
General and administrative expenses |
|
|
16,005 |
|
|
|
15,882 |
|
Interest expense |
|
|
2,379 |
|
|
|
2,375 |
|
Total expenses |
|
|
148,016 |
|
|
|
188,081 |
|
Loss before other income |
|
|
(45,650 |
) |
|
|
(26,292 |
) |
Other income |
|
|
1,343 |
|
|
|
10 |
|
Loss before income taxes |
|
|
(44,307 |
) |
|
|
(26,282 |
) |
Benefit for income taxes |
|
|
(11,050 |
) |
|
|
(7,822 |
) |
Net Loss |
|
$ |
(33,257 |
) |
|
$ |
(18,460 |
) |
Less: Net loss attributable to noncontrolling interests |
|
|
(85 |
) |
|
|
(689 |
) |
Net loss attributable to UIHC |
|
$ |
(33,172 |
) |
|
$ |
(17,771 |
) |
OTHER COMPREHENSIVE LOSS: |
|
|
|
|
||||
Change in net unrealized losses on investments |
|
|
(27,689 |
) |
|
|
(21,739 |
) |
Reclassification adjustment for net realized investment losses (gains) |
|
|
1,769 |
|
|
|
(503 |
) |
Income tax benefit related to items of other comprehensive loss |
|
|
6,236 |
|
|
|
5,376 |
|
Total comprehensive loss |
|
$ |
(52,941 |
) |
|
$ |
(35,326 |
) |
Less: Comprehensive loss attributable to noncontrolling interests |
|
|
(643 |
) |
|
|
(917 |
) |
Comprehensive loss attributable to UIHC |
|
$ |
(52,298 |
) |
|
$ |
(34,409 |
) |
|
|
|
|
|
||||
Weighted average shares outstanding |
|
|
|
|
||||
Basic |
|
|
42,980,691 |
|
|
|
42,898,488 |
|
Diluted |
|
|
42,980,691 |
|
|
|
42,898,488 |
|
|
|
|
|
|
||||
Earnings available to UIHC common stockholders per share |
|
|
|
|
||||
Basic |
|
$ |
(0.77 |
) |
|
$ |
(0.41 |
) |
Diluted |
|
$ |
(0.77 |
) |
|
$ |
(0.41 |
) |
|
|
|
|
|
||||
Dividends declared per share |
|
$ |
0.06 |
|
|
$ |
0.06 |
|
Consolidated Balance Sheets In thousands, except share amounts |
||||||||
|
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Investments, at fair value: |
|
|
|
|
||||
Fixed maturities, available-for-sale |
|
$ |
561,728 |
|
|
$ |
663,602 |
|
Equity securities |
|
|
39,407 |
|
|
|
37,958 |
|
Other investments |
|
|
16,707 |
|
|
|
18,006 |
|
Total investments |
|
$ |
617,842 |
|
|
$ |
719,566 |
|
Cash and cash equivalents |
|
|
257,871 |
|
|
|
212,024 |
|
Restricted cash |
|
|
33,002 |
|
|
|
33,254 |
|
Accrued investment income |
|
|
2,859 |
|
|
|
3,296 |
|
Property and equipment, net |
|
|
28,477 |
|
|
|
31,561 |
|
Premiums receivable, net |
|
|
76,889 |
|
|
|
79,166 |
|
Reinsurance recoverable on paid and unpaid losses |
|
|
911,812 |
|
|
|
997,120 |
|
Ceded unearned premiums |
|
|
283,964 |
|
|
|
430,631 |
|
|
|
|
73,045 |
|
|
|
73,045 |
|
Deferred policy acquisition costs |
|
|
45,713 |
|
|
|
38,520 |
|
Intangible assets, net |
|
|
17,563 |
|
|
|
18,375 |
|
Other assets |
|
|
80,418 |
|
|
|
62,015 |
|
Total Assets |
|
$ |
2,429,455 |
|
|
$ |
2,698,573 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Unpaid losses and loss adjustment expenses |
|
$ |
967,214 |
|
|
$ |
1,084,450 |
|
Unearned premiums |
|
|
605,209 |
|
|
|
644,940 |
|
Reinsurance payable on premiums |
|
|
196,911 |
|
|
|
248,625 |
|
Payments outstanding |
|
|
104,278 |
|
|
|
114,524 |
|
Accounts payable and accrued expenses |
|
|
73,334 |
|
|
|
76,258 |
|
Operating lease liability |
|
|
1,751 |
|
|
|
1,934 |
|
Other liabilities |
|
|
47,615 |
|
|
|
39,324 |
|
Notes payable, net |
|
|
156,264 |
|
|
|
156,561 |
|
Total Liabilities |
|
$ |
2,152,576 |
|
|
$ |
2,366,616 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders' Equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
4 |
|
|
|
4 |
|
Additional paid-in capital |
|
|
394,720 |
|
|
|
394,268 |
|
|
|
|
(431 |
) |
|
|
(431 |
) |
Accumulated other comprehensive loss |
|
|
(25,657 |
) |
|
|
(6,531 |
) |
Retained earnings (deficit) |
|
|
(110,665 |
) |
|
|
(74,904 |
) |
Total stockholders' equity attributable to UIHC stockholders |
|
$ |
257,971 |
|
|
$ |
312,406 |
|
Noncontrolling interests |
|
|
18,908 |
|
|
|
19,551 |
|
Total Stockholders' Equity |
|
$ |
276,879 |
|
|
$ |
331,957 |
|
Total Liabilities and Stockholders' Equity |
|
$ |
2,429,455 |
|
|
$ |
2,698,573 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220509005729/en/
Deputy CFO
(727) 895-7737 / jbarclay@upcinsurance.com
OR
INVESTOR RELATIONS:
The Equity Group
Vice President
(212) 836-9623 / kdaly@equityny.com
Source:
FAQ
What are the financial results for UIHC in Q1 2022?
How did the gross premiums written for UIHC change in Q1 2022?
What was the combined ratio for UIHC in Q1 2022?
How much did the book value per share change for UIHC?
