United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today that it expects to incur approximately $46 million pre-tax of net retained catastrophe losses from Tropical Storms Barry and Imelda, Hurricane Dorian and increased retention from non-tropical events related to the Company’s aggregate reinsurance program for the quarter ended September 30, 2019. During the third quarter of 2019, the Company is also estimating approximately $15 million pre-tax of adverse reserve development stemming from catastrophe losses in prior accident years.
UPC Insurance expects to release its financial results for the third quarter ended September 30, 2019, on Wednesday, October 30, 2019 after the close of the market and will conduct its quarterly conference call to discuss those results and review the outlook for the Company at 9:00 a.m. ET on Thursday, October 31, 2019. The Company invites interested parties to participate in the conference call.
Conference Call Details
Thursday, October 31, 2019 – 9:00 a.m. ET
Participant Dial-In Numbers:
(United States): 877-407-8829
(International): 201-493-6724
Webcast
To listen to the live webcast, please go to http://investors.upcinsurance.com and click on the conference call link at the top of the page or go to: https://78449.themediaframe.com/dataconf/productusers/unin/mediaframe/33028/indexl.html.
This webcast will be archived and accessible through the Company’s website for approximately 30 days following the call.
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191016005873/en/
Contacts:
Jessica Strathman
Director of Financial Reporting
(727) 895-7737 / jstrathman@upcinsurance.com
