United Insurance Holdings Corp. Previews Q3-2021 Estimated Catastrophe Losses
ST. PETERSBURG, Fla.--(BUSINESS WIRE)--Sep 9, 2021--
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 the third quarter through August 31, 2021, of approximately $27 million before income taxes (approximately $21 million after tax), net of expected reinsurance recoveries. The Company’s estimated net catastrophe losses includes claims from Tropical Storm Elsa, Hurricane Ida, which includes our core catastrophe program retention of $15 million plus Interboro Insurance Company’s catastrophe retention of $3 million, as well as other new PCS catastrophe events that occurred during this period. As a result of these events contributing to our aggregate reinsurance protection, the Company’s exposure from potential future events this year in our core catastrophe program is expected to be limited to approximately $9 million.
“Our thoughts are with those who have suffered losses from these events, but particularly our policyholders in Louisiana. UPC Insurance is working around the clock to ensure we Keep Our Promise and adjust these claims as quickly and professionally as possible. UPC’s catastrophe reinsurance program was designed to protect our earnings and capital from another potentially active hurricane season, so I’m very pleased that our downside risk from subsequent events this year is limited,” said Brad Martz, President & Chief Financial Officer of UPC Insurance.
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.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210909006006/en/
CONTACT: United Insurance Holdings Corp.
(727) 895-7737 /firstname.lastname@example.orgORINVESTOR RELATIONS:
The Equity Group
(212) 836-9606 /email@example.com
KEYWORD: FLORIDA LOUISIANA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: OTHER PROFESSIONAL SERVICES PROFESSIONAL SERVICES INSURANCE FINANCE
SOURCE: United Insurance Holdings Corp.
Copyright Business Wire 2021.
PUB: 09/09/2021 04:15 PM/DISC: 09/09/2021 04:16 PM