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UNITED INSURANCE HOLDINGS CORP.

(UIHC)
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United Insurance Holdings Corp. : Secures 2021 - 2022 Core Catastrophe and Quota Share Reinsurance Programs

05/27/2021 | 04:18pm EDT

United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today that it has completed its core catastrophe (Core CAT) reinsurance program and Quota Share program for United Property & Casualty Insurance Company (UPC), Family Security Insurance Company, Inc. (FSIC) and American Coastal Insurance Company (ACIC) effective June 1, 2021.

The 2021 Core CAT program includes $2.85 billion of first event limit on a fully cascading basis except for the Florida Hurricane Catastrophe Fund layers. For the 12 months ending May 31, 2022, the per occurrence retention is $15.0 million for both the first and second events, down from $46.25 million for the first event and $17.5 million for the second event in 2020, a 53% reduction in aggregate year over year. Furthermore, the Core CAT program contains enhanced aggregate coverage features, which limit the accumulation of hurricane and earthquake retained losses.

Should the 2020 hurricane season repeat itself, the Core CAT program would limit net retained hurricane losses to $31.0 million on the Company’s core portfolio of residential and commercial property insurance. The Company separately reinsures the catastrophe risk of business written by Interboro Insurance Company and Journey Insurance Company.

In addition to the Core CAT program, UPC, FSIC and ACIC renewed the 15% quota share treaty effective June 1, 2021 which along with the existing 8% quota share treaty effective December 31, 2020, brings the total cession to 23% for the duration of the 2021 hurricane season.

Also today, as a continuation of the Company’s strategy to deleverage its capital and balance commercial and personal lines, the Company announces it is considering strategic and financial alternatives to create capacity for expanding commercial specialty underwriting and general corporate purposes, including the retention of Raymond James & Associates and the possible sale of Interboro Insurance Company.

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, 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.


ę Business Wire 2021
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Financials (USD)
Sales 2021 672 M - -
Net income 2021 -10,6 M - -
Net Debt 2021 - - -
P/E ratio 2021 -17,9x
Yield 2021 5,47%
Capitalization 188 M 188 M -
Capi. / Sales 2021 0,28x
Capi. / Sales 2022 0,27x
Nbr of Employees 478
Free-Float 45,7%
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 4,39 $
Average target price 6,50 $
Spread / Average Target 48,1%
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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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