United Insurance Holdings Corp. Previews Q3-2021 Estimated Catastrophe Losses

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 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.

Forward-Looking Statements

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