(Exact name of registrant as specified in its charter) | ||||||||||||||||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
(Registrant's telephone number, including area code) | ||||||||||||||||||||
(Former name or former address, if changed since last report.) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
Exhibit No. | Description | |||||||
Earnings release issued by the Company on August 4, 2021 | ||||||||
Investor presentation issued by the Company on August 4, 2021 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
UNITED INSURANCE HOLDINGS CORP. | ||||||||
August 4, 2021 | By: | /s/ B. Bradford Martz | ||||||
B. Bradford Martz, President and Chief Financial Officer (principal financial officer and principal accounting officer) |
($ in thousands, except for per share data) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 426,424 | $ | 439,651 | (3.0) | % | $ | 738,062 | $ | 774,834 | (4.7) | % | |||||||||||||||||||||||
Gross premiums earned | $ | 356,433 | $ | 344,139 | 3.6 | % | $ | 713,096 | $ | 688,758 | 3.5 | % | |||||||||||||||||||||||
Net premiums earned | $ | 145,460 | $ | 185,482 | (21.6) | % | $ | 291,409 | $ | 377,078 | (22.7) | % | |||||||||||||||||||||||
Total revenues | $ | 155,454 | $ | 216,397 | (28.2) | % | $ | 317,243 | $ | 392,701 | (19.2) | % | |||||||||||||||||||||||
Earnings (loss) before income tax | $ | (32,773) | $ | 29,482 | NM | $ | (59,055) | $ | 13,678 | NM | |||||||||||||||||||||||||
Net income (loss) attributable to UIHC | $ | (23,510) | $ | 24,274 | NM | $ | (41,281) | $ | 11,551 | NM | |||||||||||||||||||||||||
Net income (loss) available to UIHC common stockholders per diluted share | $ | (0.55) | $ | 0.56 | NM | $ | (0.96) | $ | 0.27 | NM | |||||||||||||||||||||||||
Reconciliation of net income (loss) to core income (loss): | |||||||||||||||||||||||||||||||||||
Plus: Non-cash amortization of intangible assets | $ | 889 | $ | 1,044 | (14.8) | % | $ | 1,932 | $ | 2,181 | (11.4) | % | |||||||||||||||||||||||
Less: Net realized gains (losses) on investment portfolio | $ | (124) | $ | 59 | NM | $ | 379 | $ | (9) | NM | |||||||||||||||||||||||||
Less: Unrealized gains (losses) on equity securities | $ | 2,438 | $ | 20,552 | (88.1) | % | $ | 5,002 | $ | (5,904) | NM | ||||||||||||||||||||||||
Less: Net tax impact (1) | $ | (299) | $ | (4,109) | 92.7 | % | $ | (724) | $ | 1,700 | NM | ||||||||||||||||||||||||
Core income (loss) (2) | $ | (24,636) | $ | 8,816 | NM | $ | (44,006) | $ | 17,945 | NM | |||||||||||||||||||||||||
Core income (loss) per diluted share (2) | $ | (0.57) | $ | 0.20 | NM | $ | (1.03) | $ | 0.42 | NM | |||||||||||||||||||||||||
Book value per share | $ | 7.85 | $ | 12.27 | (36.0) | % |
($ in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) attributable to UIHC | $ | (23,510) | $ | 24,274 | $ | (41,281) | $ | 11,551 | |||||||||||||||
Return on equity based on GAAP net income (loss) attributable to UIHC (1) | (23.3) | % | 18.8 | % | (20.5) | % | 4.5 | % | |||||||||||||||
Core income (loss) | $ | (24,636) | $ | 8,816 | $ | (44,006) | $ | 17,945 | |||||||||||||||
Core return on equity (1)(2) | (24.4) | % | 6.8 | % | (21.8) | % | 6.9 | % |
($ in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Loss ratio, net(1) | 81.2 | % | 54.8 | % | 26.4 | pts | 80.2 | % | 54.2 | % | 26.0 | pts | |||||||||||||||||||||||
Expense ratio, net(2) | 46.7 | % | 44.6 | % | 2.1 | pts | 47.3 | % | 45.0 | % | 2.3 | pts | |||||||||||||||||||||||
Combined ratio (CR)(3) | 127.9 | % | 99.4 | % | 28.5 | pts | 127.5 | % | 99.2 | % | 28.3 | pts | |||||||||||||||||||||||
Effect of current year catastrophe losses on CR | 27.7 | % | 16.1 | % | 11.6 | pts | 22.0 | % | 12.4 | % | 9.6 | pts | |||||||||||||||||||||||
Effect of prior year unfavorable (favorable) development on CR | (0.3) | % | (0.4) | % | 0.1 | pts | 10.1 | % | (0.5) | % | 10.6 | pts | |||||||||||||||||||||||
Underlying combined ratio(4) | 100.5 | % | 83.7 | % | 16.8 | pts | 95.4 | % | 87.3 | % | 8.1 | pts |
($ in thousands) | Three Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | Change $ | Change % | |||||||||||||||||||||||
Direct Written and Assumed Premium by Region (1) | ||||||||||||||||||||||||||
Florida | $ | 281,728 | $ | 263,108 | $ | 18,620 | 7.1 | % | ||||||||||||||||||
Gulf | 67,290 | 74,083 | (6,793) | (9.2) | ||||||||||||||||||||||
Northeast | 49,879 | 55,189 | (5,310) | (9.6) | ||||||||||||||||||||||
Southeast | 27,483 | 35,206 | (7,723) | (21.9) | ||||||||||||||||||||||
Total direct written premium by region | 426,380 | 427,586 | (1,206) | (0.3) | ||||||||||||||||||||||
Assumed premium (2) | 44 | 12,065 | (12,021) | (99.6) | ||||||||||||||||||||||
Total gross written premium by region | $ | 426,424 | $ | 439,651 | $ | (13,227) | (3.0) | % | ||||||||||||||||||
Gross Written Premium by Line of Business | ||||||||||||||||||||||||||
Personal property | $ | 270,442 | $ | 307,965 | $ | (37,523) | (12.2) | % | ||||||||||||||||||
Commercial property | 155,982 | 131,686 | 24,296 | 18.4 | ||||||||||||||||||||||
Total gross written premium by line of business | $ | 426,424 | $ | 439,651 | $ | (13,227) | (3.0) | % |
($ in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Loss and LAE | $ | 118,064 | $ | 101,693 | $ | 16,371 | $ | 233,845 | $ | 204,530 | $ | 29,315 | |||||||||||||||||||||||
% of Gross earned premiums | 33.1 | % | 29.5 | % | 3.6 | pts | 32.8 | % | 29.7 | % | 3.1 | pts | |||||||||||||||||||||||
% of Net earned premiums | 81.2 | % | 54.8 | % | 26.4 | pts | 80.2 | % | 54.2 | % | 26.0 | pts | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Current year catastrophe losses | $ | 40,257 | $ | 29,799 | $ | 10,458 | $ | 64,222 | $ | 46,917 | $ | 17,305 | |||||||||||||||||||||||
Prior year reserve unfavorable (favorable) development | (372) | (823) | 451 | 29,397 | (1,952) | 31,349 | |||||||||||||||||||||||||||||
Underlying loss and LAE (1) | $ | 78,179 | $ | 72,717 | $ | 5,462 | $ | 140,226 | $ | 159,565 | $ | (19,339) | |||||||||||||||||||||||
% of Gross earned premiums | 21.9 | % | 21.1 | % | 0.8 | pts | 19.7 | % | 23.2 | % | (3.5) | pts | |||||||||||||||||||||||
% of Net earned premiums | 53.7 | % | 39.2 | % | 14.5 | pts | 48.1 | % | 42.3 | % | 5.8 | pts | |||||||||||||||||||||||
($ in thousands) | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Policy acquisition costs | $ | 41,327 | $ | 52,573 | $ | (11,246) | $ | 82,148 | $ | 111,448 | $ | (29,300) | |||||||||||||||||||||||
Operating and underwriting | 13,482 | 13,977 | (495) | 26,704 | 23,681 | 3,023 | |||||||||||||||||||||||||||||
General and administrative | 13,112 | 16,121 | (3,009) | 28,994 | 34,422 | (5,428) | |||||||||||||||||||||||||||||
Total Operating Expenses | $ | 67,921 | $ | 82,671 | $ | (14,750) | $ | 137,846 | $ | 169,551 | $ | (31,705) | |||||||||||||||||||||||
% of Gross earned premiums | 19.1 | % | 24.0 | % | (4.9) | pts | 19.3 | % | 24.6 | % | (5.3) | pts | |||||||||||||||||||||||
% of Net earned premiums | 46.7 | % | 44.6 | % | 2.1 | pts | 47.3 | % | 45.0 | % | 2.3 | pts | |||||||||||||||||||||||
2021 | 2020 | ||||||||||
Non-at-Risk | (2.0) | % | (2.6) | % | |||||||
Quota Share | (25.6) | % | (13.0) | % | |||||||
All Other | (31.6) | % | (30.5) | % | |||||||
Total Ceding Ratio | (59.2) | % | (46.1) | % |
($ in thousands, except for share and per share data) | June 30, 2021 | December 31, 2020 | ||||||||||||
Book Value per Share | ||||||||||||||
Numerator: | ||||||||||||||
Common stockholders' equity attributable to UIHC | $ | 339,333 | $ | 395,753 | ||||||||||
Denominator: | ||||||||||||||
Total Shares Outstanding | 43,227,957 | 43,075,877 | ||||||||||||
Book Value Per Common Share | $ | 7.85 | $ | 9.19 | ||||||||||
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) | ||||||||||||||
Numerator: | ||||||||||||||
Common stockholders' equity attributable to UIHC | $ | 339,333 | $ | 395,753 | ||||||||||
Less: Accumulated other comprehensive income (loss) | (662) | 9,693 | ||||||||||||
Stockholders' Equity, excluding AOCI | $ | 339,995 | $ | 386,060 | ||||||||||
Denominator: | ||||||||||||||
Total Shares Outstanding | 43,227,957 | 43,075,877 | ||||||||||||
Underlying Book Value Per Common Share(1) | $ | 7.87 | $ | 8.96 |
CONTACT: | OR | INVESTOR RELATIONS: | ||||||||||||
United Insurance Holdings Corp. | The Equity Group | |||||||||||||
Jessica Strathman | Adam Prior | |||||||||||||
Deputy CFO | Senior Vice-President | |||||||||||||
(727) 895-7737 / jstrathman@upcinsurance.com | (212) 836-9606 / aprior@equityny.com |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||||
Gross premiums written | $ | 426,424 | $ | 439,651 | $ | 738,062 | $ | 774,834 | ||||||||||||||||||
Change in gross unearned premiums | (69,991) | (95,512) | (24,966) | (86,076) | ||||||||||||||||||||||
Gross premiums earned | 356,433 | 344,139 | 713,096 | 688,758 | ||||||||||||||||||||||
Ceded premiums earned | (210,973) | (158,657) | (421,687) | (311,680) | ||||||||||||||||||||||
Net premiums earned | 145,460 | 185,482 | 291,409 | 377,078 | ||||||||||||||||||||||
Net investment income | 3,683 | 5,907 | 7,266 | 12,824 | ||||||||||||||||||||||
Net realized investment gains (losses) | (124) | 59 | 379 | (9) | ||||||||||||||||||||||
Net unrealized gains (losses) on equity securities | 2,438 | 20,552 | 5,002 | (5,904) | ||||||||||||||||||||||
Other revenue | 3,997 | 4,397 | 13,187 | 8,712 | ||||||||||||||||||||||
Total revenues | $ | 155,454 | $ | 216,397 | $ | 317,243 | $ | 392,701 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||
Losses and loss adjustment expenses | 118,064 | 101,693 | 233,845 | 204,530 | ||||||||||||||||||||||
Policy acquisition costs | 41,327 | 52,573 | 82,148 | 111,448 | ||||||||||||||||||||||
Operating expenses | 13,482 | 13,977 | 26,704 | 23,681 | ||||||||||||||||||||||
General and administrative expenses | 13,112 | 16,121 | 28,994 | 34,422 | ||||||||||||||||||||||
Interest expense | 2,257 | 2,565 | 4,632 | 4,984 | ||||||||||||||||||||||
Total expenses | 188,242 | 186,929 | 376,323 | 379,065 | ||||||||||||||||||||||
Income (loss) before other income | (32,788) | 29,468 | (59,080) | 13,636 | ||||||||||||||||||||||
Other income | 15 | 14 | 25 | 42 | ||||||||||||||||||||||
Income (loss) before income taxes | (32,773) | 29,482 | (59,055) | 13,678 | ||||||||||||||||||||||
Provision (benefit) for income taxes | (9,352) | 5,040 | (17,174) | 1,752 | ||||||||||||||||||||||
Net income (loss) | $ | (23,421) | $ | 24,442 | $ | (41,881) | $ | 11,926 | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 89 | 168 | (600) | 375 | ||||||||||||||||||||||
Net income (loss) attributable to UIHC | $ | (23,510) | $ | 24,274 | $ | (41,281) | $ | 11,551 | ||||||||||||||||||
OTHER COMPREHENSIVE INCOME (LOSS): | ||||||||||||||||||||||||||
Change in net unrealized gains (losses) on investments | 8,242 | 28,332 | (13,497) | 24,222 | ||||||||||||||||||||||
Reclassification adjustment for net realized investment losses (gains) | 124 | (59) | (379) | 9 | ||||||||||||||||||||||
Income tax benefit (expense) related to items of other comprehensive income (loss) | (2,012) | (6,858) | 3,364 | (5,875) | ||||||||||||||||||||||
Total comprehensive income (loss) | $ | (17,067) | $ | 45,857 | $ | (52,393) | $ | 30,282 | ||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 160 | 549 | (757) | 523 | ||||||||||||||||||||||
Comprehensive income (loss) attributable to UIHC | $ | (17,227) | $ | 45,308 | $ | (51,636) | $ | 29,759 | ||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||
Basic | 42,950,666 | 42,860,922 | 42,924,662 | 42,833,225 | ||||||||||||||||||||||
Diluted | 42,950,666 | 43,055,115 | 42,924,662 | 43,041,623 | ||||||||||||||||||||||
Earnings available to UIHC common stockholders per share | ||||||||||||||||||||||||||
Basic | $ | (0.55) | $ | 0.57 | $ | (0.96) | $ | 0.27 | ||||||||||||||||||
Diluted | $ | (0.55) | $ | 0.56 | $ | (0.96) | $ | 0.27 | ||||||||||||||||||
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.12 | $ | 0.12 |
June 30, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Fixed maturities, available-for-sale | $ | 841,105 | $ | 940,011 | ||||||||||
Equity securities | 31,176 | 7,445 | ||||||||||||
Other investments | 60,078 | 47,595 | ||||||||||||
Total investments | $ | 932,359 | $ | 995,051 | ||||||||||
Cash and cash equivalents | 276,382 | 239,420 | ||||||||||||
Restricted cash | 42,791 | 62,078 | ||||||||||||
Accrued investment income | 4,328 | 4,680 | ||||||||||||
Property and equipment, net | 32,490 | 34,187 | ||||||||||||
Premiums receivable, net | 96,665 | 87,339 | ||||||||||||
Reinsurance recoverable on paid and unpaid losses | 927,427 | 821,156 | ||||||||||||
Ceded unearned premiums | 592,974 | 384,588 | ||||||||||||
Goodwill | 73,045 | 73,045 | ||||||||||||
Deferred policy acquisition costs | 86,858 | 74,414 | ||||||||||||
Intangible assets, net | 19,998 | 21,930 | ||||||||||||
Other assets | 63,355 | 51,053 | ||||||||||||
Total Assets | $ | 3,148,672 | $ | 2,848,941 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Unpaid losses and loss adjustment expenses | $ | 1,136,375 | $ | 1,089,966 | ||||||||||
Unearned premiums | 748,904 | 723,938 | ||||||||||||
Reinsurance payable on premiums | 538,217 | 241,636 | ||||||||||||
Payments outstanding | 72,209 | 77,912 | ||||||||||||
Accounts payable and accrued expenses | 70,648 | 91,173 | ||||||||||||
Operating lease liability | 2,159 | 2,311 | ||||||||||||
Other liabilities | 62,584 | 46,365 | ||||||||||||
Notes payable, net | 157,154 | 158,041 | ||||||||||||
Total Liabilities | $ | 2,788,250 | $ | 2,431,342 | ||||||||||
Commitments and contingencies | ||||||||||||||
Stockholders' Equity: | ||||||||||||||
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued or outstanding | — | — | ||||||||||||
Common stock, $0.0001 par value; 50,000,000 shares authorized; 43,373,346 and 43,250,731 issued, respectively; 43,227,957 and 43,075,877 outstanding, respectively | 4 | 4 | ||||||||||||
Additional paid-in capital | 393,524 | 393,122 | ||||||||||||
Treasury shares, at cost; 212,083 shares | (431) | (431) | ||||||||||||
Accumulated other comprehensive income (loss) | (662) | 9,693 | ||||||||||||
Retained earnings | (53,102) | (6,635) | ||||||||||||
Total stockholders' equity attributable to UIHC stockholders | $ | 339,333 | $ | 395,753 | ||||||||||
Noncontrolling interests | 21,089 | 21,846 | ||||||||||||
Total Stockholders' Equity | $ | 360,422 | $ | 417,599 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 3,148,672 | $ | 2,848,941 |
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