Company Schedules 2016 First Quarter Results
and Conference Call
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ:UIHC)(UPC Insurance or
the Company), a property and casualty insurance holding company, today
announced estimated gross catastrophe losses incurred during the first
quarter ending March 31, 2016 of approximately $15 million before income
taxes (approximately $9.4 million, or $0.43 per diluted share after
tax). The Company’s catastrophe losses included over 800 claims from a
series of tornado, hail, winter storm and other severe convective storm
events primarily in Florida, Louisiana, Massachusetts, Rhode Island and
Texas during the first 3 months of the year. For the remainder of the
year, the Company has $20 million of catastrophe aggregate reinsurance
available to protect it from incurring additional catastrophe losses
from 2016 events other than named windstorms. That reinsurance treaty
has an annual retention of $15 million, which the Company expects to
exhaust for the events that took place during the first quarter of the
year.
Company Schedules 2016 First Quarter Financial Results and Conference
Call
The Company plans to announce its first quarter 2016 financial results
on Wednesday, April 27, 2016 after the close of the market and will
conduct its quarterly conference call to discuss those results and
review the outlook for the Company at 9:00 a.m. ET on Thursday, April
28, 2016. The Company invites interested parties to participate in the
conference call.
Conference Call Details
Thursday, April 28, 2016 – 9:00 a.m. ET
Participant Dial-In Numbers:
(United
States): 877-407-8829
(International): 201-493-6724
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: http://upcinsurance.equisolvewebcast.com/q1-2016.
This webcast will be archived and accessible through the Company’s
website for approximately 30 days following the call.
About UPC Insurance
Founded in 1999, UPC Insurance is an insurance holding company that
sources, writes and services residential property and casualty insurance
policies using a network of independent agents and a group of wholly
owned insurance subsidiaries. UPC Insurance writes and services property
and casualty insurance in Connecticut, Florida, Georgia, Hawaii,
Louisiana, Massachusetts, New Jersey, North Carolina, Rhode Island,
South Carolina and Texas, and is licensed to write in Alabama, Delaware,
Maryland, Mississippi, New Hampshire, New York and Virginia. 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 Information
Some of the statements in this release, including those about
estimated catastrophe losses, are “forward-looking statements” as that
term is defined in the Private Securities Litigation Reform Act of 1995
(PSLRA). These forward-looking statements are made pursuant to the safe
harbor provisions of the PSLRA. Actual results may differ materially
from those suggested by the forward-looking statements as a result of
risks and uncertainties, which include, among others, those discussed or
identified from time to time in our public filings with the Securities
and Exchange Commission. UPC Insurance assumes no obligation to update
any forward-looking information set forth in this release, which speaks
as of its date.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160413005934/en/
United Insurance Holdings Corp.
John Rohloff, 727-895-7737
Director
of Financial Reporting
jrohloff@upcinsurance.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior, 212-836-9606
Senior
Vice-President
aprior@equityny.com
Source: United Insurance Holdings Corp.