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United Insurance coverage Holdings Corp. Experiences Monetary Outcomes for Its First Quarter Ended March 31, 2022


Firm to Host Quarterly Convention Name at 5:00 P.M. ET on Might 9, 2022

The knowledge on this press launch must be learn at the side of an investor presentation that’s obtainable on the Firm’s web site at traders.upcinsurance.com/Displays.

ST. PETERSBURG, Fla.–(BUSINESS WIRE)–
United Insurance coverage Holdings Corp. (Nasdaq: UIHC)(UPC Insurance coverage or the Firm), a property and casualty insurance coverage holding firm, at the moment reported its monetary outcomes for the primary quarter ended March 31, 2022.

($ in 1000’s, aside from per share knowledge)

Three Months Ended

March 31,

 

2022

 

2021

 

Change

Gross premiums written

$

279,475

 

 

$

311,638

 

 

(10.3

) %

Gross premiums earned

$

319,206

 

 

$

356,663

 

 

(10.5

) %

Internet premiums earned

$

100,857

 

 

$

145,949

 

 

(30.9

) %

Complete revenues

$

102,366

 

 

$

161,789

 

 

(36.7

) %

Loss earlier than revenue tax

$

(44,307

)

 

$

(26,282

)

 

(68.6

) %

Internet loss attributable to UIHC

$

(33,172

)

 

$

(17,771

)

 

(86.7

) %

Internet loss obtainable to UIHC widespread stockholders per diluted share

$

(0.77

)

 

$

(0.41

)

 

(87.8

) %

 

 

 

 

 

 

Reconciliation of internet loss to core loss:

 

 

 

 

 

Plus: Non-cash amortization of intangible belongings

$

812

 

 

$

1,043

 

 

(22.1

) %

Much less: Internet realized positive aspects (losses) on funding portfolio

$

(1,769

)

 

$

503

 

 

NM

Much less: Unrealized positive aspects (losses) on fairness securities

$

(2,268

)

 

$

2,564

 

 

NM

Much less: Internet tax influence (1)

$

1,018

 

 

$

(425

)

 

NM

Core loss (2)

$

(29,341

)

 

$

(19,370

)

 

(51.5

) %

Core loss per diluted share (2)

$

(0.68

)

 

$

(0.45

)

 

(51.1

) %

 

 

 

 

 

 

Guide worth per share

$

5.96

 

 

$

8.32

 

 

(28.4

) %

NM = Not Significant
(1)

With a view to reconcile internet loss to the core loss measures, the Firm included the tax influence of all changes utilizing the 21% company federal tax charge.

(2)

Core loss, and core loss per diluted share, each of that are measures that aren’t based mostly on GAAP, are reconciled above to internet loss and internet loss per diluted share, respectively, essentially the most straight comparable GAAP measures. Further info concerning non-GAAP monetary measures introduced on this press launch could be discovered within the “Definitions of Non-GAAP Measures” part, beneath.

“First quarter outcomes replicate the aggressive de-risking and deleveraging actions we’ve taken in private traces during the last 18 months, with gross earned premium down by 10% and internet earned premium down by 30%,” stated Dan Peed, CEO of UPC Insurance coverage. “Nevertheless, whereas claims frequency was consistent with expectations, claims severity was elevated attributable to inflation and extreme litigation not but absolutely impacted by Senate Invoice 76. With current charge will increase but to earn via the portfolio, we skilled a primary quarter underwriting loss in private traces. Our business traces enterprise carried out properly and continues to develop. We proceed to take decisive corrective actions to cut back bills, enhance revenues, and execute on threat choice.”

Return on Fairness and Core Return on Fairness

The calculations of the Firm’s return on fairness and core return on fairness are proven beneath.

($ in 1000’s)

Three Months Ended

March 31,

 

2022

 

2021

Internet loss attributable to UIHC

$

(33,172

)

 

$

(17,771

)

Return on fairness based mostly on GAAP internet loss attributable to UIHC (1)

 

(41.7

) %

 

 

(15.9

) %

 

 

 

 

Core loss

$

(29,341

)

 

$

(19,370

)

Core return on fairness (1)(2)

 

(36.9

) %

 

 

(17.3

) %

(1)

Return on fairness for the three months ended March 31, 2022 and 2021 is calculated on an annualized foundation by dividing the online loss or core loss for the interval by the typical stockholders’ fairness for the trailing twelve months.

(2)

Core return on fairness, a measure that isn’t based mostly on GAAP, is calculated based mostly on core loss, which is reconciled on the primary web page of this press launch to internet loss, essentially the most straight comparable GAAP measure. Further info concerning non-GAAP monetary measures introduced on this press launch could be discovered within the “Definitions of Non-GAAP Measures” part, beneath.

Mixed Ratio and Underlying Ratio

The calculations of the Firm’s mixed ratio and underlying mixed ratio are proven beneath.

($ in 1000’s)

Three Months Ended

March 31,

 

2022

 

2021

 

Change

Loss ratio, internet(1)

90.6

%

 

79.3

%

 

11.3 pts

Expense ratio, internet(2)

53.8

%

 

47.9

%

 

5.9 pts

Mixed ratio (CR)(3)

144.4

%

 

127.2

%

 

17.2 pts

Impact of present 12 months disaster losses on CR

28.4

%

 

16.4

%

 

12.0 pts

Impact of prior 12 months unfavorable improvement on CR

1.4

%

 

20.4

%

 

(19.0) pts

Underlying mixed ratio(4)

114.6

%

 

90.4

%

 

24.2 pts

(1)

Loss ratio, internet is calculated as losses and loss adjustment bills (LAE), internet of losses ceded to reinsurers, relative to internet premiums earned.

(2)

Expense ratio, internet is calculated because the sum of all working bills much less curiosity expense relative to internet premiums earned.

(3)

Mixed ratio is the sum of the loss ratio, internet and expense ratio, internet.

(4)

Underlying mixed ratio, a measure that isn’t based mostly on GAAP, is reconciled above to the mixed ratio, essentially the most straight comparable GAAP measure. Further info concerning non-GAAP monetary measures introduced on this press launch could be discovered within the “Definitions of Non-GAAP Measures” part, beneath.

Quarterly Monetary Outcomes

Internet loss attributable to the Firm for the primary quarter of 2022 was $33.2 million, or $0.77 per diluted share, in comparison with $17.8 million, or $0.41 per diluted share, for the primary quarter of 2021. The rise in internet loss was primarily attributable to a lower in revenues for the quarter. This was pushed by decreased gross written premiums, the main points of that are described beneath. As well as, the Firm’s ceded premiums earned elevated because of the reinsurance program modifications described beneath. This lower in revenues was partially offset by decrease loss and LAE incurred, pushed by decrease unfavorable prior 12 months loss improvement in 2022 associated to each the Firm’s disaster and non-catastrophe losses. As such, the Firm didn’t declare a dividend for the second quarter of 2022.

The Firm’s whole gross written premium decreased by $32.2 million, or 10.3%, to $279.5 million for the primary quarter of 2022, from $311.6 million for the primary quarter of 2021. This lower was pushed primarily by the transition of the Northeast enterprise to Householders Alternative Property & Casualty Insurance coverage Firm, Inc. (HCPCI) within the fourth quarter of 2021 and the primary quarter of 2022. As well as, the Firm skilled a decline in written premiums throughout the private traces enterprise, attributable to underwriting actions taken by the Firm all through 2021 and within the first quarter of 2022. The breakdown of the quarter-over-quarter modifications in each direct written and assumed premiums by area and gross written premium by line of enterprise are proven within the desk beneath.

($ in 1000’s)

 

Three Months Ended

March 31,

 

 

 

 

 

 

2022

 

2021

 

Change $

 

Change %

Direct Written and Assumed Premium by Area (1)

 

 

 

 

 

 

 

 

Florida

 

$

215,127

 

$

195,585

 

$

19,542

 

 

10.0

%

Gulf

 

 

41,606

 

 

52,983

 

 

(11,377

)

 

(21.5

)

Southeast

 

 

15,166

 

 

24,407

 

 

(9,241

)

 

(37.9

)

Northeast

 

 

7,455

 

 

38,615

 

 

(31,160

)

 

(80.7

)

Complete direct written premium by area

 

 

279,354

 

 

311,590

 

 

(32,236

)

 

(10.3

)

Assumed premium (2)

 

 

121

 

 

48

 

 

73

 

 

152.1

 

Complete gross written premium by area

 

$

279,475

 

$

311,638

 

$

(32,163

)

 

(10.3

)%

 

 

 

 

 

 

 

 

 

Gross Written Premium by Line of Enterprise

 

 

 

 

 

 

 

 

Private property

 

$

151,511

 

$

203,598

 

$

(52,087

)

 

(25.6

)%

Business property

 

 

127,964

 

 

108,040

 

 

19,924

 

 

18.4

%

Complete gross written premium by line of enterprise

 

$

279,475

 

$

311,638

 

$

(32,163

)

 

(10.3

)%

(1)

“Gulf” is comprised of Louisiana and Texas; “Northeast” is comprised of Massachusetts, New Jersey and New York in 2022 and Connecticut, Massachusetts, New Jersey, New York and Rhode Island in 2021; and “Southeast” is comprised of Georgia, North Carolina and South Carolina. As of January 15, 2022, the Firm is now not writing in New Jersey, because the insurance policies have transitioned to HCPCI.

(2)

Assumed premium written for 2022 and 2021 primarily included business property enterprise assumed from unaffiliated insurers.

Loss and LAE decreased by $24.4 million, or 21.1%, to $91.4 million for the primary quarter of 2022, from $115.8 million for the primary quarter of 2021. Loss and LAE expense as a proportion of internet earned premiums elevated 11.3 factors to 90.6% for the primary quarter of 2022, in comparison with 79.3% for the primary quarter of 2021. Excluding disaster losses and reserve improvement, the Firm’s gross underlying loss and LAE ratio for the primary quarter of 2022 would have been 19.2%, a rise of 1.8 factors from 17.4% throughout the first quarter of 2021.

Coverage acquisition prices decreased by $14.8 million, or 36.3%, to $26.0 million for the primary quarter of 2022, from $40.8 million for the primary quarter of 2021, primarily attributable to a lower in bills similar to premium taxes, coverage administration charges and agent commissions, which fluctuate at the side of the quarter-over-quarter lower in private traces gross written premium. As well as, ceding fee revenue elevated associated to the Firm’s extra quota share reinsurance agreements. This was partially offset by elevated exterior administration charges incurred throughout the first quarter of 2022, because of an elevated quantity of economic traces gross written premium.

Working and underwriting bills decreased by $1.0 million, or 7.6%, to $12.2 million for the primary quarter of 2022, from $13.2 million for the primary quarter of 2021, attributable to decrease agent associated bills because the Firm has discontinued their agent incentive program in 2022.

Normal and administrative bills remained comparatively flat, growing by $0.1 million, or 0.6%, to $16.0 million for the primary quarter of 2022, from $15.9 million for the primary quarter of 2021.

Mixed Ratio Evaluation

The calculations of the Firm’s loss ratios and underlying loss ratios are proven beneath.

($ in 1000’s)

Three Months Ended

March 31,

2022

 

2021

 

Change

Loss and LAE

$

91,368

 

 

$

115,781

 

 

$

(24,413

)

% of Gross earned premiums

 

28.6

%

 

 

32.5

%

 

(3.9

) pts

% of Internet earned premiums

 

90.6

%

 

 

79.3

%

 

11.3

pts

Much less:

 

 

 

 

 

Present 12 months disaster losses

$

28,616

 

 

$

23,965

 

 

$

4,651

 

Prior 12 months reserve unfavorable improvement

 

1,433

 

 

 

29,769

 

 

 

(28,336

)

Underlying loss and LAE (1)

$

61,319

 

 

$

62,047

 

 

$

(728

)

% of Gross earned premiums

 

19.2

%

 

 

17.4

%

 

1.8

pts

% of Internet earned premiums

 

60.8

%

 

 

42.5

%

 

18.3

pts

(1)

Underlying loss and LAE is a non-GAAP monetary measure and is reconciled above to loss and LAE, essentially the most straight comparable GAAP measure. Further info concerning non-GAAP monetary measures introduced on this press launch could be discovered within the “Definitions of Non-GAAP Measures” part, beneath.

The calculations of the Firm’s expense ratios are proven beneath.

($ in 1000’s)

Three Months Ended

March 31,

2022

 

2021

 

Change

Coverage acquisition prices

$

26,016

 

 

$

40,821

 

 

$

(14,805

)

Working and underwriting

 

12,248

 

 

 

13,222

 

 

 

(974

)

Normal and administrative

 

16,005

 

 

 

15,882

 

 

 

123

 

Complete Working Bills

$

54,269

 

 

$

69,925

 

 

$

(15,656

)

% of Gross earned premiums

 

17.0

%

 

 

19.6

%

 

(2.6

) pts

% of Internet earned premiums

 

53.8

%

 

 

47.9

%

 

5.9

pts

Reinsurance Prices as a Proportion of Gross Earned Premium

Reinsurance prices as a proportion of gross earned premium within the first quarter of 2022 and 2021 have been as follows:

 

2022

 

2021

Non-at-Threat

(2.3

) %

 

(2.3

) %

Quota Share

(32.0

) %

 

(26.2

) %

All Different

(34.1

) %

 

(30.6

) %

Complete Ceding Ratio

(68.4

) %

 

(59.1

) %

The rise on this ratio was pushed by the Firm coming into into two extra quota share agreements efficient December 31, 2021. The primary settlement is a structured quota share settlement, which has a cession charge of 25% and covers United Property and Casualty Insurance coverage Firm and Household Safety Insurance coverage Firm, Inc.’s non-catastrophe losses on insurance policies in-force at December 31, 2021 in Florida, Texas and Louisiana. The second settlement is a quota share settlement with HCPCI and TypTap Insurance coverage Firm efficient December 31, 2021 via Might 31, 2022, which gives 85% reinsurance protection on in-force, new and renewal insurance policies in Georgia, North Carolina and South Carolina.

Along with the modifications within the Firm’s quota share agreements, the Firm additionally diminished the retention quantities associated to their disaster extra of loss reinsurance program for the 2021-2022 season, leading to greater ceded premiums 12 months over 12 months however much less threat if the named storm season would have been as lively because the 2020-2021 season. These modifications have resulted in will increase to the Firm’s ceding ratio quarter-over-quarter.

Funding Portfolio Highlights

The Firm’s money, restricted money and funding holdings decreased from $964.8 million at December 31, 2021 to $908.7 million at March 31, 2022. The Firm’s money and funding holdings include investments in U.S. authorities and company securities, company debt and 100% funding grade cash market devices. Mounted maturities represented roughly 90.9% of whole investments at March 31, 2022, in comparison with 92.2% at December 31, 2021. At March 31, 2022, the Firm’s fastened maturity investments had a modified length of three.9 years, in comparison with 4.0 years at December 31, 2021.

At March 31, 2022, the Firm’s fastened maturity funding holdings decreased by $101.9 million, or 15.4% from December 31, 2021, in an effort to fulfill the Firm’s liquidity necessities throughout the first quarter of 2022.

Guide Worth Evaluation

Guide worth per widespread share decreased 17.2% from $7.20 at December 31, 2021, to $5.96 at March 31, 2022. Underlying ebook worth per widespread share decreased 10.9% from $7.35 at December 31, 2021 to $6.55 at March 31, 2022. A lower within the Firm’s retained earnings as the results of a internet loss within the first quarter of 2022 drove the lower within the Firm’s ebook worth per share. As proven within the desk beneath, eradicating the impact of AOCI will increase the Firm’s ebook worth per widespread share, because the Firm skilled unfavorable market circumstances for the three months ended March 31, 2022.

($ in 1000’s, aside from share and per share knowledge)

 

March 31,

2022

 

December 31,

2021

 

 

 

Guide Worth per Share

 

 

 

 

Numerator:

 

 

 

 

Widespread stockholders’ fairness attributable to UIHC

 

$

257,971

 

 

$

312,406

 

Denominator:

 

 

 

 

Complete Shares Excellent

 

 

43,257,595

 

 

 

43,370,442

 

Guide Worth Per Widespread Share

 

$

5.96

 

 

$

7.20

 

 

 

 

 

 

Guide Worth per Share, Excluding the Influence of Collected Different Complete Revenue (AOCI)

 

 

 

 

Numerator:

 

 

 

 

Widespread stockholders’ fairness attributable to UIHC

 

$

257,971

 

 

$

312,406

 

Much less: Collected different complete loss

 

 

(25,657

)

 

 

(6,531

)

Stockholders’ Fairness, excluding AOCI

 

$

283,628

 

 

$

318,937

 

Denominator:

 

 

 

 

Complete Shares Excellent

 

 

43,257,595

 

 

 

43,370,442

 

Underlying Guide Worth Per Widespread Share(1)

 

$

6.55

 

 

$

7.35

 

(1)

Underlying ebook worth per widespread share is a non-GAAP monetary measure and is reconciled above to ebook worth per widespread share, essentially the most straight comparable GAAP measure. Further info concerning non-GAAP monetary measures introduced on this press launch could be discovered within the “Definitions of Non-GAAP Measures” part, beneath.

Definitions of Non-GAAP Measures

The Firm believes that traders’ understanding of UPC Insurance coverage’s efficiency is enhanced by the Firm’s disclosure of the next non-GAAP measures. The Firm’s strategies for calculating these measures could differ from these utilized by different corporations and subsequently comparability could also be restricted.

Internet loss excluding the results of amortization of intangible belongings, realized positive aspects (losses) and unrealized positive aspects (losses) on fairness securities, internet of tax (core loss) is a non-GAAP measure that’s computed by including amortization, internet of tax, to internet revenue and subtracting realized positive aspects (losses) on the Firm’s funding portfolio, internet of tax, and unrealized positive aspects (losses) on the Firm’s fairness securities, internet of tax, from internet loss. Amortization expense is said to the amortization of intangible belongings acquired via mergers and, subsequently, the expense doesn’t come up via regular operations. Funding portfolio positive aspects (losses) and unrealized fairness safety positive aspects (losses) fluctuate unbiased of the Firm’s operations. The Firm believes it’s helpful for traders to guage these parts each individually and within the mixture when reviewing the Firm’s efficiency. Essentially the most straight comparable GAAP measure is internet loss. The core loss measure shouldn’t be thought of an alternative choice to internet loss and doesn’t replicate the general profitability of the Firm’s enterprise.

Core return on fairness is a non-GAAP ratio calculated utilizing non-GAAP measures. It’s calculated by dividing the core loss for the interval by the typical stockholders’ fairness for the trailing twelve months (or one quarter of such common, within the case of quarterly durations). Core loss is an after-tax non-GAAP measure that’s calculated by excluding from internet loss the impact of non-cash amortization of intangible belongings, unrealized positive aspects or losses on the Firm’s fairness safety investments and internet realized positive aspects or losses on the Firm’s funding portfolio. Within the opinion of the Firm’s administration, core loss, core loss per share and core return on fairness are significant indicators to traders of the Firm’s underwriting and working outcomes, because the excluded gadgets will not be essentially indicative of working tendencies. Internally, the Firm’s administration makes use of core loss, core loss per share and core return on fairness to guage efficiency in opposition to historic outcomes and set up monetary targets on a consolidated foundation. Essentially the most straight comparable GAAP measure is return on fairness. The core return on fairness measure shouldn’t be thought of an alternative choice to return on fairness and doesn’t replicate the general profitability of the Firm’s enterprise.

Mixed ratio excluding the results of present 12 months disaster losses and prior 12 months reserve improvement (underlying mixed ratio) is a non-GAAP measure, that’s computed by subtracting the impact of present 12 months disaster losses and prior 12 months improvement from the mixed ratio. The Firm believes that this ratio is beneficial to traders, and it’s utilized by administration to spotlight the tendencies within the Firm’s enterprise which may be obscured by present 12 months disaster losses and prior 12 months improvement. Present 12 months disaster losses trigger the Firm’s loss tendencies to fluctuate considerably between durations because of their frequency of prevalence and severity and might have a major influence on the mixed ratio. Prior 12 months improvement is attributable to surprising loss improvement on historic reserves. The Firm believes it’s helpful for traders to guage these parts each individually and within the mixture when reviewing the Firm’s efficiency. Essentially the most straight comparable GAAP measure is the mixed ratio. The underlying mixed ratio shouldn’t be thought of as an alternative choice to the mixed ratio and doesn’t replicate the general profitability of the Firm’s enterprise.

Internet loss and LAE excluding the results of present 12 months disaster losses and prior 12 months reserve improvement (underlying loss and LAE) is a non-GAAP measure that’s computed by subtracting the impact of present 12 months disaster losses and prior 12 months reserve improvement from internet loss and LAE. The Firm makes use of underlying loss and LAE figures to research the Firm’s loss tendencies which may be impacted by present 12 months disaster losses and prior 12 months improvement on the Firm’s reserves. As mentioned beforehand, these two gadgets can have a major influence on the Firm’s loss tendencies in a given interval. The Firm believes it’s helpful for traders to guage these parts each individually and within the mixture when reviewing the Firm’s efficiency. Essentially the most straight comparable GAAP measure is internet loss and LAE. The underlying loss and LAE measure shouldn’t be thought of an alternative choice to internet loss and LAE and doesn’t replicate the general profitability of the Firm’s enterprise.

Guide worth per widespread share, excluding the influence of gathered different complete loss (underlying ebook worth per widespread share), is a non-GAAP measure that’s computed by dividing widespread stockholders’ fairness after excluding gathered different complete loss, by whole widespread shares excellent plus dilutive potential widespread shares excellent. The Firm makes use of the development in ebook worth per widespread share, excluding the influence of gathered different complete loss, at the side of ebook worth per widespread share to determine and analyze the change in internet value attributable to administration efforts between durations. The Firm believes this non-GAAP measure is beneficial to traders as a result of it eliminates the impact of rates of interest that may fluctuate considerably from interval to interval and are usually pushed by financial and monetary elements that aren’t influenced by administration. Guide worth per widespread share is essentially the most straight comparable GAAP measure. Guide worth per widespread share, excluding the influence of gathered different complete loss, shouldn’t be thought of an alternative choice to ebook worth per widespread share and doesn’t replicate the recorded internet value of the Firm’s enterprise.


About UPC Insurance coverage

Based in 1999, UPC Insurance coverage is an insurance coverage holding firm that sources, writes and providers private and business residential property and casualty insurance coverage insurance policies utilizing a bunch of wholly owned insurance coverage subsidiaries and one majority owned insurance coverage subsidiary via quite a lot of distribution channels. The Firm at the moment writes insurance policies in Florida, Louisiana, New York, and Texas. The Firm additionally writes insurance policies in Georgia, South Carolina and North Carolina, the place renewal rights have been bought and all premiums and losses are ceded. From its headquarters in St. Petersburg, UPC Insurance coverage’s group of devoted professionals manages a very built-in insurance coverage firm, together with gross sales, underwriting, customer support and claims.


Ahead-Trying Statements

Statements made on this press launch, or on the convention name recognized above, and in any other case, that aren’t historic info are “forward-looking statements”. The Firm believes these statements are based mostly on affordable estimates, assumptions and plans. Nevertheless, if the estimates, assumptions, or plans underlying the forward-looking statements show inaccurate or if different dangers or uncertainties come up, precise outcomes may differ materially from these expressed in, or implied by, the forward-looking statements. These statements are made topic to the safe-harbor provisions of the Personal Securities Litigation Reform Act of 1995. These forward-looking statements don’t relate strictly to historic or present info and could also be recognized by their use of phrases similar to “could,” “will,” “count on,” “endeavor,” “undertaking,” “imagine,” “plan,” “anticipate,” “intend,” “may,” “would,” “estimate” or “proceed” or the destructive variations thereof or comparable terminology. Components that might trigger precise outcomes to vary materially could also be discovered within the Firm’s filings with the U.S. Securities and Change Fee, within the “Threat Components” part within the Firm’s most up-to-date Annual Report on Kind 10-Ok and subsequent Quarterly Experiences on Kind 10-Q. Ahead-looking statements converse solely as of the date on which they’re made, and, besides as required by relevant regulation, the Firm undertakes no obligation to replace or revise any forward-looking statements.

Consolidated Statements of Complete Loss

In 1000’s, besides share and per share quantities

 

 

 

Three Months Ended

 

 

March 31,

 

 

2022

 

2021

REVENUE:

 

 

 

 

Gross premiums written

 

$

279,475

 

 

$

311,638

 

Change in gross unearned premiums

 

 

39,731

 

 

 

45,025

 

Gross premiums earned

 

 

319,206

 

 

 

356,663

 

Ceded premiums earned

 

 

(218,349

)

 

 

(210,714

)

Internet premiums earned

 

 

100,857

 

 

 

145,949

 

Internet funding revenue

 

 

2,478

 

 

 

3,583

 

Internet realized funding positive aspects (losses)

 

 

(1,769

)

 

 

503

 

Internet unrealized positive aspects (losses) on fairness securities

 

 

(2,268

)

 

 

2,564

 

Different income

 

 

3,068

 

 

 

9,190

 

Complete revenues

 

$

102,366

 

 

$

161,789

 

EXPENSES:

 

 

 

 

Losses and loss adjustment bills

 

 

91,368

 

 

 

115,781

 

Coverage acquisition prices

 

 

26,016

 

 

 

40,821

 

Working bills

 

 

12,248

 

 

 

13,222

 

Normal and administrative bills

 

 

16,005

 

 

 

15,882

 

Curiosity expense

 

 

2,379

 

 

 

2,375

 

Complete bills

 

 

148,016

 

 

 

188,081

 

Loss earlier than different revenue

 

 

(45,650

)

 

 

(26,292

)

Different revenue

 

 

1,343

 

 

 

10

 

Loss earlier than revenue taxes

 

 

(44,307

)

 

 

(26,282

)

Profit for revenue taxes

 

 

(11,050

)

 

 

(7,822

)

Internet Loss

 

$

(33,257

)

 

$

(18,460

)

Much less: Internet loss attributable to noncontrolling pursuits

 

 

(85

)

 

 

(689

)

Internet loss attributable to UIHC

 

$

(33,172

)

 

$

(17,771

)

OTHER COMPREHENSIVE LOSS:

 

 

 

 

Change in internet unrealized losses on investments

 

 

(27,689

)

 

 

(21,739

)

Reclassification adjustment for internet realized funding losses (positive aspects)

 

 

1,769

 

 

 

(503

)

Revenue tax profit associated to gadgets of different complete loss

 

 

6,236

 

 

 

5,376

 

Complete complete loss

 

$

(52,941

)

 

$

(35,326

)

Much less: Complete loss attributable to noncontrolling pursuits

 

 

(643

)

 

 

(917

)

Complete loss attributable to UIHC

 

$

(52,298

)

 

$

(34,409

)

 

 

 

 

 

Weighted common shares excellent

 

 

 

 

Primary

 

 

42,980,691

 

 

 

42,898,488

 

Diluted

 

 

42,980,691

 

 

 

42,898,488

 

 

 

 

 

 

Earnings obtainable to UIHC widespread stockholders per share

 

 

 

 

Primary

 

$

(0.77

)

 

$

(0.41

)

Diluted

 

$

(0.77

)

 

$

(0.41

)

 

 

 

 

 

Dividends declared per share

 

$

0.06

 

 

$

0.06

 

Consolidated Stability Sheets

In 1000’s, besides share quantities

 

 

 

March 31, 2022

 

December 31, 2021

ASSETS

 

 

 

 

Investments, at truthful worth:

 

 

 

 

Mounted maturities, available-for-sale

 

$

561,728

 

 

$

663,602

 

Fairness securities

 

 

39,407

 

 

 

37,958

 

Different investments

 

 

16,707

 

 

 

18,006

 

Complete investments

 

$

617,842

 

 

$

719,566

 

Money and money equivalents

 

 

257,871

 

 

 

212,024

 

Restricted money

 

 

33,002

 

 

 

33,254

 

Accrued funding revenue

 

 

2,859

 

 

 

3,296

 

Property and tools, internet

 

 

28,477

 

 

 

31,561

 

Premiums receivable, internet

 

 

76,889

 

 

 

79,166

 

Reinsurance recoverable on paid and unpaid losses

 

 

911,812

 

 

 

997,120

 

Ceded unearned premiums

 

 

283,964

 

 

 

430,631

 

Goodwill

 

 

73,045

 

 

 

73,045

 

Deferred coverage acquisition prices

 

 

45,713

 

 

 

38,520

 

Intangible belongings, internet

 

 

17,563

 

 

 

18,375

 

Different belongings

 

 

80,418

 

 

 

62,015

 

Complete Property

 

$

2,429,455

 

 

$

2,698,573

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Liabilities:

 

 

 

 

Unpaid losses and loss adjustment bills

 

$

967,214

 

 

$

1,084,450

 

Unearned premiums

 

 

605,209

 

 

 

644,940

 

Reinsurance payable on premiums

 

 

196,911

 

 

 

248,625

 

Funds excellent

 

 

104,278

 

 

 

114,524

 

Accounts payable and accrued bills

 

 

73,334

 

 

 

76,258

 

Working lease legal responsibility

 

 

1,751

 

 

 

1,934

 

Different liabilities

 

 

47,615

 

 

 

39,324

 

Notes payable, internet

 

 

156,264

 

 

 

156,561

 

Complete Liabilities

 

$

2,152,576

 

 

$

2,366,616

 

Commitments and contingencies

 

 

 

 

Stockholders’ Fairness:

 

 

 

 

Most well-liked inventory, $0.0001 par worth; 1,000,000 licensed; none issued or excellent

 

 

 

 

 

 

Widespread inventory, $0.0001 par worth; 100,000,000 shares licensed; 43,469,678 and 43,360,429 issued, respectively; 43,257,595 and 43,370,442 excellent, respectively

 

 

4

 

 

 

4

 

Further paid-in capital

 

 

394,720

 

 

 

394,268

 

Treasury shares, at value; 212,083 shares

 

 

(431

)

 

 

(431

)

Collected different complete loss

 

 

(25,657

)

 

 

(6,531

)

Retained earnings (deficit)

 

 

(110,665

)

 

 

(74,904

)

Complete stockholders’ fairness attributable to UIHC stockholders

 

$

257,971

 

 

$

312,406

 

Noncontrolling pursuits

 

 

18,908

 

 

 

19,551

 

Complete Stockholders’ Fairness

 

$

276,879

 

 

$

331,957

 

Complete Liabilities and Stockholders’ Fairness

 

$

2,429,455

 

 

$

2,698,573

 

 


United Insurance coverage Holdings Corp.


Jessica Barclay

Deputy CFO

(727) 895-7737 / jbarclay@upcinsurance.com

OR

INVESTOR RELATIONS:


The Fairness Group


Karin Daly

Vice President

(212) 836-9623 / kdaly@equityny.com

Supply: United Insurance coverage Holdings Corp.



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