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UNITED INSURANCE HOLDINGS CORP.

(UIHC)
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United Insurance Holdings Corp. : Previews Q2-2021 Estimated Catastrophe Losses

07/02/2021 | 04:16pm EDT

United Insurance Holdings Corp. (NASDAQ: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today announced estimated current year catastrophe losses incurred during the second quarter ending June 30, 2021, of approximately $40 million before income taxes (approximately $31 million after tax), net of expected reinsurance recoveries. The Company’s estimated catastrophe losses includes claims from two new tropical storms and fourteen new PCS catastrophe events that occurred during the second quarter of 2021.

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 and one majority owned insurance subsidiary through a variety of distribution channels. The Company currently writes policies in Connecticut, Florida, Georgia, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina, and Texas. 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.

Forward-Looking Statements

Statements made in this press release may be “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. We believe 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 communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, we undertake no obligation to update or revise any forward-looking statement.


ę Business Wire 2021
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Financials (USD)
Sales 2021 665 M - -
Net income 2021 -51,2 M - -
Net Debt 2021 - - -
P/E ratio 2021 -3,12x
Yield 2021 5,49%
Capitalization 157 M 157 M -
Capi. / Sales 2021 0,24x
Capi. / Sales 2022 0,22x
Nbr of Employees 478
Free-Float 45,6%
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Number of Analysts 3
Last Close Price 3,64 $
Average target price 3,50 $
Spread / Average Target -3,85%
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Managers and Directors
Robert Daniel Peed Chairman & Chief Executive Officer
Bennett Bradford Martz President, Chief Financial & Accounting Officer
Christopher Griffith Chief Information Officer
Gregory Croswell Branch Chairman-Emeritus
Alec Lloyd Poitevint Lead Independent Director
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