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 net retained catastrophe losses incurred during the
second quarter ending June 30, 2017 of approximately $20 million before
income taxes (approximately $12.6 million after tax). The Company’s
second quarter catastrophe losses included claims from a series of hail,
wind and other severe convective storm events primarily in Florida,
Georgia, Louisiana, and Texas. UPC Insurance estimates it has now met
the $30 million retention under its catastrophe aggregate reinsurance
program, which means the next $30 million of catastrophe losses, other
than named windstorms or earthquakes, incurred during the remainder of
2017 will be ceded to third party reinsurers up to the $60 million
exhaustion point of its catastrophe aggregate reinsurance program.
Company Announces Merger Related Expenses
In addition to the catastrophe losses described above, the Company also
incurred during the second quarter approximately $7 million of
nonrecurring professional fee expenses from its merger with American
Coastal Holding Company, which was completed on April 3rd,
2017.
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. The Company currently writes policies in
Connecticut, Florida, Georgia, Hawaii, Louisiana, Massachusetts, New
Jersey, New York, North Carolina, Rhode Island, South Carolina and
Texas, and is licensed to write in Alabama, Delaware, Maryland,
Mississippi, New Hampshire, and Virginia. UPC Insurance also has a
commercial residential product in Florida. The Company’s commercial
presence was further expanded by the merger with Florida’s largest
commercial property writer, American Coastal Insurance Company. 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. UPC
Insurance is a company committed to financial stability and solvency.
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.
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United Insurance Holdings Corp.
Jessica Strathman,
727-895-7737
SEC Reporting Manager
jstrathman@upcinsurance.com
or
INVESTOR
RELATIONS:
The Equity Group
Adam Prior, 212-836-9606
Senior
Vice-President
aprior@equityny.com
Source: United Insurance Holdings Corp.