Company to Host Quarterly Conference Call at 9:00 A.M. on May 10, 2017
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--
United Insurance Holdings Corp. (NASDAQ: UIHC)(UPC Insurance or
the Company), a property and casualty insurance holding company, today
reported its financial results for the first quarter ended March 31,
2017.
|
($ in thousands, except per share and ratios)
|
| Three Months Ended |
| March 31, |
| | 2017 |
| 2016 |
| Change |
|
Gross premiums written
| |
$
|
168,842
| | |
$
|
135,956
| | |
24.2%
|
|
Gross premiums earned
| |
$
|
182,065
| | |
$
|
146,502
| | |
24.3%
|
|
Ceded premiums earned
| |
$
|
(74,882
|
)
| |
$
|
(45,132
|
)
| |
65.9%
|
|
Net premiums earned
| |
$
|
107,183
| | |
$
|
101,370
| | |
5.7%
|
|
Total revenues
| |
$
|
122,633
| | |
$
|
107,561
| | |
14.0%
|
|
Earnings before income tax
| |
$
|
5,938
| | |
$
|
4,330
| | |
37.1%
|
|
Net income
| |
$
|
3,899
| | |
$
|
2,951
| | |
32.1%
|
|
Net income per diluted share
| |
$
|
0.18
| | |
$
|
0.14
| | |
28.6%
|
|
Book value per share
| |
$
|
11.37
| | |
$
|
11.35
| | |
0.2%
|
|
Return on average equity, trailing twelve months
| |
2.7
|
%
| |
13.0
|
%
| |
(10.3
|
) pts
|
|
Loss ratio, net1 | |
59.1
|
%
| |
63.4
|
%
| |
(4.3
|
) pts
|
|
Expense ratio, net2 | |
49.1
|
%
| |
38.4
|
%
| |
10.7
|
pts
|
|
Combined ratio (CR)3 | |
108.2
|
%
| |
101.8
|
%
| |
6.4
|
pts
|
|
Effect of current year catastrophe losses on CR
| |
9.9
|
%
| |
14.9
|
%
| |
(5.0
|
) pts
|
|
Effect of prior year (favorable) development on CR
| |
(0.5
|
)%
| |
3.1
|
%
| |
(3.6
|
) pts
|
|
Effect of ceding commission income on CR
| |
7.9
|
%
| |
—
|
%
| |
7.9
|
pts
|
|
Underlying combined ratio4 | |
90.9
|
%
| |
83.8
|
%
| |
7.1
|
pts
|
| 1 |
|
Loss ratio, net is calculated as losses and loss adjustment expenses
(LAE) 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 U.S.
generally accepted accounting principles (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 is in the "Definitions
of Non-GAAP Measures" section of this document.
|
| |
|
"We continued to grow and diversify in Q1 2017, but weather-related
losses kept us from achieving our bottom line goals," said John Forney,
President & CEO of UPC Insurance. "The biggest news of the quarter,
though, was that we brought our merger with American Coastal to the
brink of closure, and became one company on the first business day of
Q2. We are excited to move forward on this next phase of our company's
journey, and look forward to working with Dan Peed and his team at
American Coastal and AmRisc."
Quarterly Financial Results
Net income for the first quarter of 2017 was $3.9 million, or $0.18 per
diluted share, compared to net income of $3.0 million, or $0.14 per
diluted share for the first quarter of 2016. The change in net earnings
was primarily due to increases in earned premiums for the first quarter
of 2017 compared to the first quarter of 2016.
The Company's total gross written premium increased by $32.9 million, or
24.2%, to $168.8 million for the first quarter of 2017 from $136.0
million for the first quarter of 2016, primarily due to strong organic
growth in new and renewal business generated in the Company's Gulf and
Northeast regions. The breakdown of the quarter-over-quarter changes in
both direct written and assumed premiums by region is shown in the table
below.
|
| |
| |
| |
|
($ in thousands)
| | Three Months Ended
March 31, | | | | |
| Direct Written and Assumed Premium By Region(1) | | 2017 |
| 2016 | | Change | | Growth % |
| | | | | | | |
|
| Florida | |
$
|
75,364
| | |
$
|
73,698
| | |
$
|
1,666
| | |
2.3
|
%
|
|
Gulf
| |
40,778
| | |
29,669
| | |
11,109
| | |
37.4
| |
|
Northeast
| |
31,137
| | |
17,245
| | |
13,892
| | |
80.6
| |
|
Southeast
| |
20,192
|
| |
18,634
|
| |
1,558
|
| |
8.4
|
|
|
Total direct written premium by region
| |
167,471
| | |
139,246
| | |
28,225
| | |
20.3
| |
|
Assumed premium (2) | |
1,371
|
| |
(3,290
|
)
| |
4,661
|
| |
(141.7
|
)
|
|
Total gross written premium
| |
$
|
168,842
|
| |
$
|
135,956
|
| |
$
|
32,886
|
| |
24.2
|
%
|
| 1 Each region is comprised of the following states: Gulf
includes Hawaii, Louisiana and Texas, Northeast includes
Connecticut, Massachusetts, New Jersey, New York and Rhode Island,
and Southeast includes Georgia, North Carolina and South Carolina.
|
| 2 Amounts include premiums assumed from Citizens Property
Insurance Corporation as well as the Texas Windstorm Insurance
Association in 2016 and 2017.
|
Loss and LAE decreased by $(1.0) million, or (1.4)%, to $63.3 million
for the first quarter of 2017 from $64.3 million for the first quarter
of 2016. Loss and LAE expense as a percentage of net earned premiums
decreased 4.3 points to 59.1% for the quarter, compared to 63.4% for the
same period last year. Excluding catastrophe losses and reserve
development, the Company's gross underlying loss and LAE ratio for the
quarter was 29.2%, a decrease of 2.2 points from 31.4% during the first
quarter of 2016.
Policy acquisition costs increased by $8.4 million, or 31.1%, to $35.4
million for the first quarter of 2017 from $27.0 million for the first
quarter of 2016. These costs vary directly with changes in gross
premiums earned and were generally consistent with the Company's growth
in premium production and higher average market commission rates outside
of Florida.
Operating expenses increased by $1.9 million, or 48.5%, to $5.9 million
for the first quarter of 2017 from $4.0 million for the first quarter of
2016, primarily due to increased costs related to the Company's ongoing
growth.
General and administrative expenses increased by $3.4 million, or 42.9%,
to $11.3 million for the first quarter of 2017 from $7.9 million for the
first quarter of 2016, primarily due to increases in personnel costs
related to the Company's continued growth and higher depreciation and
amortization costs resulting from the acquisition of Interboro Insurance
Company during the second quarter of 2016.
Combined Ratio Analysis
The calculation of the Company's underlying loss and combined ratios is
shown below.
|
| |
|
($ in thousands except ratios)
| | Three Months Ended |
| March 31, |
| 2017 |
| 2016 |
| Change |
|
Loss and LAE
| |
$
|
63,333
| | |
$
|
64,258
| | |
$
|
(925
|
)
|
|
% of Gross earned premiums
| |
34.8
|
%
| |
43.9
|
%
| |
(9.1
|
) pts
|
|
% of Net earned premiums
| |
59.1
|
%
| |
63.4
|
%
| |
(4.3
|
) pts
|
|
Less:
| | | | | | |
|
Current year catastrophe losses
| |
$
|
10,612
| | |
$
|
15,056
| | |
$
|
(4,444
|
)
|
|
Prior year reserve (favorable) development
| |
(526
|
)
| |
3,186
|
| |
(3,712
|
)
|
|
Underlying Loss and LAE (1) | |
$
|
53,247
| | |
$
|
46,016
| | |
$
|
7,231
| |
|
% of Gross earned premiums
| |
29.2
|
%
| |
31.4
|
%
| |
(2.2
|
) pts
|
|
% of Net earned premiums
| |
49.7
|
%
| |
45.4
|
%
| |
4.3
|
pts
|
|
Policy acquisition costs
| |
$
|
35,436
| | |
$
|
27,032
| | |
$
|
8,404
| |
|
Operating and underwriting
| |
5,872
| | |
3,954
| | |
1,918
| |
|
General and administrative
| |
11,333
|
| |
7,933
|
| |
3,400
|
|
|
Total Operating Expenses
| |
$
|
52,641
| | |
$
|
38,919
| | |
$
|
13,722
| |
|
% of Gross earned premiums
| |
28.9
|
%
| |
26.6
|
%
| |
2.3
|
pts
|
|
% of Net earned premiums
| |
49.1
|
%
| |
38.4
|
%
| |
10.7
|
pts
|
|
Combined Ratio - as % of gross earned premiums
| |
63.7
|
%
| |
70.5
|
%
| |
(6.8
|
) pts
|
|
Underlying Combined Ratio - as % of gross earned premiums
| |
58.1
|
%
| |
58.0
|
%
| |
0.1
|
pts
|
| Combined Ratio - as % of net earned premiums | | 108.2 | % | | 101.8 | % | | 6.4 | pts |
| Underlying Combined Ratio - as % of net earned premiums (2) | | 90.9 | % | | 83.8 | % | | 7.1 | pts |
| | | | | | | | |
|
| (1) |
|
Underlying Loss and LAE is a non-GAAP financial measure and is
reconciled above to Net Loss and LAE, the most directly comparable
GAAP measure. Additional information regarding non-GAAP financial
measures presented in this press release is in the "Definitions
of Non-GAAP Measures" section of this document.
|
| (2) | |
The underlying combined ratio is a non-GAAP financial measure
which excludes the effect of current year catastrophe losses,
prior year reserve development and ceding commission income earned
of $8.4 million related to our quota share reinsurance program,
which is not shown in the operating expenses above. Additional
information regarding non-GAAP financial measures presented in
this press release is in the "Definitions of Non-GAAP
Measures" section of this document.
|
Reinsurance Costs as a % of Earned Premium
Excluding the Company's flood business, for which it cedes 100% of the
risk of loss, reinsurance costs in the first quarter of 2017 were 38.6%
of gross premiums earned compared to 27.9% of gross premiums earned for
the first quarter of 2016. Ceded earned premiums related to the
Company's quota share reinsurance program that was launched on December
1, 2016 were $21.4 million and drove the 10.7% increase to reinsurance
costs as a percentage of gross premiums earned in the current quarter
compared to the fourth quarter last year.
Investment Portfolio Highlights
UPC Insurance's cash and investment holdings totaled $665.3 million at
March 31, 2017 compared to $679.3 million at December 31, 2016. UPC
Insurance's cash and investment holdings consist of investments in U.S.
Government and agency securities, corporate debt and 100% investment
grade money market instruments. Fixed maturities represented
approximately 91.7% of total investments at March 31, 2017 with a
modified duration of 3.7 years compared to 93.5% at December 31, 2016
and a modified duration of 3.7 years.
Book Value Analysis
Book value per share increased 2.0% from $11.15 at December 31, 2016, to
$11.37 at March 31, 2017 and underlying book value per share increased
1.0% from $11.11 at December 31, 2016 to $11.22 at March 31, 2017. The
increase in the Company's book value per share and underlying book value
per share was driven primarily by retained earnings during 2017. The
Company's underlying book value per share growth was impacted by the
increase in accumulated other comprehensive income as shown in the table
below.
|
| |
| |
|
($ in thousands, except for per share data)
| | March 31, | | December 31, |
| | 2017 | | 2016 |
| Book Value per Common Share | | | | |
|
Numerator:
| | | | |
|
Common shareholders' equity
| |
$
|
247,107
|
| |
$
|
241,327
|
|
Denominator:
| | | | |
|
Total Shares Outstanding
| |
21,726,608
|
| |
21,646,614
|
|
Book Value Per Common Share
| |
$
|
11.37
|
| |
$
|
11.15
|
| | | |
|
| Book Value per Common Share, Excluding the Impact of Accumulated
Other Comprehensive Income (AOCI) | | | | |
|
Numerator:
| | | | |
|
Common shareholders' equity
| |
$
|
247,107
| | |
$
|
241,327
|
|
Accumulated other comprehensive income
| |
3,362
|
| |
822
|
|
Shareholders' Equity, excluding AOCI
| |
$
|
243,745
|
| |
$
|
240,505
|
|
Denominator:
| | | | |
|
Total Shares Outstanding
| |
21,726,608
|
| |
21,646,614
|
|
Underlying Book Value Per Common Share*
| |
$
|
11.22
|
| |
$
|
11.11
|
| * |
|
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 is in the "Definitions of Non-GAAP Measures"
section of this document.
|
Quarterly Cash Dividend
The Company today announced that its Board of Directors declared a cash
dividend of $0.06 per share of common stock outstanding, payable in cash
on May 30, 2017 to shareholders of record on May 23, 2017.
Definitions of Non-GAAP Measures
We believe that investors' understanding of UPC Insurance's performance
is enhanced by our disclosure of the following non-GAAP measures. Our
methods for calculating these measures may differ from those used by
other companies and therefore comparability may be limited.
Combined ratio excluding the effects of current year catastrophe
losses, prior year reserve development and ceding commission income
earned (underlying combined ratio) is a non-GAAP ratio, which is
computed as the difference between four GAAP operating ratios: the
combined ratio, the effect of current year catastrophe losses on the
combined ratio, prior year development on the combined ratio and ceding
income earned related to our quota share reinsurance agreement on the
combined ratio. We believe that this ratio is useful to investors and it
is used by management to reveal the trends in our business that may be
obscured by current year catastrophe losses, losses from lines in
run-off, prior year development and ceding commission income earned.
Current year catastrophe losses cause our loss trends to vary
significantly between periods as a result of their incidence of
occurrence and magnitude, and can have a significant impact on the
combined ratio. Prior year development is caused by unexpected loss
development on historical reserves. Ceding commission income compensates
the Company for expenses it incurs in generating the premium ceded under
our quota share reinsurance agreement. We believe it is useful for
investors to evaluate these components separately and in the aggregate
when reviewing our performance. The most direct 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 our business.
Net Loss and LAE excluding the effects of current year catastrophe
losses and reserve development (underlying Loss and LAE) is a
non-GAAP measure which is computed as the difference between loss and
LAE, current year catastrophe losses and prior year reserve development.
We use underlying loss and LAE figures to analyze our loss trends that
may be impacted by current year catastrophe losses and prior year
development on our reserves. As discussed previously, these three items
can have a significant impact on our loss trend in a given period. The
most direct comparable GAAP measure is net loss and LAE. The underlying
loss and LAE measure should not be considered a substitute for net
losses and LAE and does not reflect the overall profitability of our
business.
Consolidated net loss ratio excluding the effects of current year
catastrophe losses, reserve development (underlying loss ratio) is a
non-GAAP ratio, which is computed as the difference between three GAAP
operating ratios: the consolidated net loss ratio, the effect of current
year catastrophe losses on the loss ratio, and the effect of prior year
development on the loss ratio. We believe that this ratio is useful to
investors and it is used by management to reveal the trends in our
consolidated net loss ratio that may be obscured by current year
catastrophe losses and prior year development. As discussed previously,
these two items can have a significant impact on our consolidated net
loss ratio in a given period. The most direct comparable GAAP ratio is
our net consolidated Loss and LAE ratio. The underlying loss ratio
should not be considered as a substitute for net consolidated loss ratio
and does not reflect the overall profitability of our business.
Book value per common share, excluding the impact of accumulated
other comprehensive income, is a ratio that uses a non-GAAP measure.
It is calculated by dividing common shareholders' equity after excluding
accumulated other comprehensive income by total common shares
outstanding plus dilutive potential common shares outstanding. We use
the trend in book value per common share, excluding the impact of
accumulated other comprehensive income, in conjunction with book value
per common share to identify and analyze the change in net worth
attributable to management efforts between periods. We believe the
non-GAAP ratio 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 which 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 income, should not be
considered a substitute for book value per common share, and does not
reflect the recorded net worth of our business.
Conference Call Details |
|
| |
|
| | | | |
Date and Time: | | May 10, 2017 - 9:00 A.M. ET |
| |
|
Participant Dial-In: | |
(United States):
| | |
877-407-8829
|
| |
(International):
| | |
201-493-6724
|
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 Statements
Statements in this press release, conference call identified above,
and otherwise, that are not historical facts are “forward-looking
statements” that anticipate results based on our estimates, assumptions
and plans that are subject to uncertainty.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,” “anticipate,” “intend,” “could,” “would,”
“estimate,” or “continue” or the negative variations thereof or
comparable terminology are intended to identify forward-looking
statements.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. 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.
|
| |
| Consolidated Statements of Comprehensive Income |
In thousands, except share and per share amounts |
| |
|
| | Three Months Ended |
| | March 31, |
| | 2017 |
| 2016 |
|
REVENUE:
| | | | |
|
Gross premiums written
| |
$
|
168,842
| | |
$
|
135,956
| |
|
Decrease in gross unearned premiums
| |
13,223
|
| |
10,546
|
|
|
Gross premiums earned
| |
182,065
| | |
146,502
| |
|
Ceded premiums earned
| |
(74,882
|
)
| |
(45,132
|
)
|
|
Net premiums earned
| |
107,183
| | |
101,370
| |
|
Investment income
| |
2,951
| | |
2,396
| |
|
Net realized gains (losses)
| |
(351
|
)
| |
270
| |
|
Other revenue
| |
12,850
|
| |
3,525
|
|
|
Total revenues
| |
$
|
122,633
| | |
$
|
107,561
| |
|
EXPENSES:
| | | | |
|
Losses and loss adjustment expenses
| |
63,333
| | |
64,258
| |
|
Policy acquisition costs
| |
35,436
| | |
27,032
| |
|
Operating expenses
| |
5,872
| | |
3,954
| |
|
General and administrative expenses
| |
11,333
| | |
7,933
| |
|
Interest expense
| |
759
|
| |
75
|
|
Total expenses
| |
116,733
| | |
103,252
| |
|
Income before other income
| |
5,900
| | |
4,309
| |
|
Other income
| |
38
|
| |
21
|
|
|
Income before income taxes
| |
5,938
| | |
4,330
| |
|
Provision for income taxes
| |
2,039
|
| |
1,379
|
|
|
Net income
| |
$
|
3,899
|
| |
$
|
2,951
|
|
|
OTHER COMPREHENSIVE INCOME:
| | | | |
|
Change in net unrealized gains on investments
| |
3,731
| | |
6,380
| |
|
Reclassification adjustment for net realized investment losses
(gains)
| |
351
| | |
(270
|
)
|
|
Income tax expense related to items of other comprehensive income
| |
(1,542
|
)
| |
(2,361
|
)
|
|
Total comprehensive income
| |
$
|
6,439
|
| |
$
|
6,700
|
|
| | | |
|
|
Weighted average shares outstanding
| | | | |
|
Basic
| |
21,471,185
|
| |
21,346,701
|
|
|
Diluted
| |
21,688,733
|
| |
21,537,496
|
|
| | | |
|
|
Earnings per share
| | | | |
|
Basic
| |
$
|
0.18
|
| |
$
|
0.14
|
|
|
Diluted
| |
$
|
0.18
|
| |
$
|
0.14
|
|
| | | |
|
|
Dividends declared per share
| |
$
|
0.06
|
| |
$
|
0.05
|
|
| | | | | | | |
|
|
| |
| |
| Consolidated Balance Sheets |
In thousands, except share amounts |
| | | |
|
| | March 31,
2017 | | December 31,
2016 |
|
ASSETS
| | | | |
|
Investments available for sale, at fair value:
| | | | |
|
Fixed maturities
| |
$
|
496,124
| | |
$
|
494,516
| |
|
Equity securities - common and preferred
| |
30,039
| | |
28,398
| |
|
Other investments
| |
14,943
|
| |
5,733
|
|
|
Total investments
| |
$
|
541,106
|
| |
$
|
528,647
|
|
|
Cash and cash equivalents
| |
124,219
| | |
150,688
| |
|
Accrued investment income
| |
3,645
| | |
3,735
| |
|
Property and equipment, net
| |
17,453
| | |
17,860
| |
|
Premiums receivable, net
| |
37,674
| | |
38,883
| |
|
Reinsurance recoverable on paid and unpaid losses
| |
35,788
| | |
24,028
| |
|
Prepaid reinsurance premiums
| |
92,745
| | |
132,564
| |
| Goodwill | |
14,254
| | |
14,254
| |
|
Deferred policy acquisition costs
| |
63,806
| | |
65,473
| |
|
Other assets
| |
20,195
|
| |
23,554
|
|
|
Total Assets
| |
$
|
950,885
|
| |
$
|
999,686
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
| | | | |
|
Liabilities:
| | | | |
|
Unpaid losses and loss adjustment expenses
| |
$
|
141,102
| | |
$
|
140,855
| |
|
Unearned premiums
| |
359,000
| | |
372,223
| |
|
Reinsurance payable
| |
56,960
| | |
99,891
| |
|
Other liabilities
| |
92,894
| | |
91,215
| |
|
Notes payable
| |
53,822
|
| |
54,175
|
|
|
Total Liabilities
| |
$
|
703,778
|
| |
$
|
758,359
|
|
|
Commitments and contingencies
| | | | |
|
Stockholders' Equity:
| | | | |
|
Preferred stock, $0.0001 par value; 1,000,000 shares authorized;
none issued or outstanding
| |
—
| | |
—
| |
Common stock, $0.0001 par value; 50,000,000 shares authorized;
21,938,691 and 21,858,697 issued;
21,726,608 and 21,646,614
outstanding, respectively
| |
2
| | |
2
| |
|
Additional paid-in capital
| |
99,995
| | |
99,353
| |
| Treasury shares, at cost; 212,083 shares
| |
(431
|
)
| |
(431
|
)
|
|
Accumulated other comprehensive income
| |
3,362
| | |
822
| |
|
Retained earnings
| |
144,179
|
| |
141,581
|
|
|
Total Stockholders' Equity
| |
$
|
247,107
|
| |
$
|
241,327
|
|
|
Total Liabilities and Stockholders' Equity
| |
$
|
950,885
|
| |
$
|
999,686
|
|
| | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170509006654/en/
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.