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 catastrophe losses incurred during the first quarter
ending March 31, 2019 of approximately $18 million before income taxes
(approximately $13 million after tax) net of expected reinsurance
recoveries. The Company’s first quarter catastrophe losses included
claims from seven new PCS events with a hail storm in Brevard County,
Florida during the last week of March being the largest driver of the
estimated losses. UPC also experienced higher than expected development
on prior year catastrophe events during the quarter. This development is
included in the loss estimates above but will be reported as unfavorable
prior year development, not catastrophe losses from the current accident
year ending March 31, 2019.
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 through a variety of distribution channels. 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.
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.
United Insurance Holdings Corp.
Director of Financial Reporting
(727) 895-7737 / [email protected]
The Equity Group
(212) 836-9606 / [email protected]