(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 February 23, 2022 | ||||||||
Investor presentation issued by the Company on February 23, 2022 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
UNITED INSURANCE HOLDINGS CORP. | ||||||||
February 23, 2022 | 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 | Year Ended | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Gross premiums written | $ | 268,890 | $ | 316,210 | (15.0) | % | $ | 1,329,445 | $ | 1,456,863 | (8.7) | % | |||||||||||||||||||||||
Gross premiums earned | $ | 341,886 | $ | 364,231 | (6.1) | % | $ | 1,408,443 | $ | 1,406,980 | 0.1 | % | |||||||||||||||||||||||
Net premiums earned | $ | 145,081 | $ | 199,844 | (27.4) | % | $ | 589,761 | $ | 765,663 | (23.0) | % | |||||||||||||||||||||||
Total revenues | $ | 154,544 | $ | 241,222 | (35.9) | % | $ | 634,527 | $ | 846,656 | (25.1) | % | |||||||||||||||||||||||
Earnings before income tax | $ | (6,202) | $ | (45,228) | 86.3 | % | $ | (83,857) | $ | (132,103) | 36.5 | % | |||||||||||||||||||||||
Net loss attributable to UIHC | $ | (2,316) | $ | (33,933) | 93.2 | % | $ | (57,919) | $ | (96,454) | 40.0 | % | |||||||||||||||||||||||
Net loss available to UIHC common stockholders per diluted share | $ | (0.05) | $ | (0.79) | 93.7 | % | $ | (1.35) | $ | (2.25) | 40.0 | % | |||||||||||||||||||||||
Reconciliation of net loss to core income loss: | |||||||||||||||||||||||||||||||||||
Plus: Non-cash amortization of intangible assets | $ | 811 | $ | 1,043 | (22.2) | % | $ | 3,555 | $ | 4,267 | (16.7) | % | |||||||||||||||||||||||
Less: Net realized gains (losses) on investment portfolio | $ | (2,349) | $ | 41,732 | NM | $ | 3,567 | $ | 66,691 | (94.7) | % | ||||||||||||||||||||||||
Less: Unrealized gains (losses) on equity securities | $ | 1,528 | $ | (10,106) | NM | $ | 3,237 | $ | (27,562) | NM | |||||||||||||||||||||||||
Less: Net tax impact (1) | $ | 343 | $ | (6,422) | NM | $ | (682) | $ | (7,321) | 90.7 | % | ||||||||||||||||||||||||
Core loss (2) | $ | (1,027) | $ | (58,094) | 98.2 | % | $ | (60,486) | $ | (123,995) | 51.2 | % | |||||||||||||||||||||||
Core loss per diluted share (2) | $ | (0.02) | $ | (1.35) | 98.5 | % | $ | (1.41) | $ | (2.89) | 51.2 | % | |||||||||||||||||||||||
Book value per share | $ | 7.20 | $ | 9.19 | (21.7) | % |
($ in thousands) | Three Months Ended | Year Ended | |||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net loss attributable to UIHC | $ | (2,316) | $ | (33,933) | $ | (57,919) | $ | (96,454) | |||||||||||||||
Return on equity based on GAAP net loss attributable to UIHC (1) | (2.7) | % | (28.4) | % | (16.9) | % | (20.2) | % | |||||||||||||||
Core loss | $ | (1,027) | $ | (58,094) | $ | (60,486) | $ | (123,995) | |||||||||||||||
Core return on equity (1)(2) | (1.2) | % | (48.7) | % | (17.6) | % | (26.0) | % |
($ in thousands) | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Loss ratio, net(1) | 58.9 | % | 92.6 | % | (33.7) | pts | 71.6 | % | 79.4 | % | (7.8) | pts | |||||||||||||||||||||||
Expense ratio, net(2) | 50.2 | % | 49.5 | % | 0.7 | pts | 48.7 | % | 47.1 | % | 1.6 | pts | |||||||||||||||||||||||
Combined ratio (CR)(3) | 109.1 | % | 142.1 | % | (33.0) | pts | 120.3 | % | 126.5 | % | (6.2) | pts | |||||||||||||||||||||||
Effect of current year catastrophe losses on CR | 8.6 | % | 53.9 | % | (45.3) | pts | 19.3 | % | 38.5 | % | (19.2) | pts | |||||||||||||||||||||||
Effect of prior year unfavorable (favorable) development on CR | (2.4) | % | (0.3) | % | (2.1) | pts | 4.7 | % | (0.9) | % | 5.6 | pts | |||||||||||||||||||||||
Underlying combined ratio(4) | 102.9 | % | 88.5 | % | 14.4 | pts | 96.3 | % | 88.9 | % | 7.4 | pts |
($ in thousands) | Three Months Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | Change $ | Change % | |||||||||||||||||||||||
Direct Written and Assumed Premium by Region (1) | ||||||||||||||||||||||||||
Florida | $ | 190,220 | $ | 181,115 | $ | 9,105 | 5.0 | % | ||||||||||||||||||
Gulf | 41,983 | 57,461 | (15,478) | (26.9) | ||||||||||||||||||||||
Northeast | 19,741 | 43,699 | (23,958) | (54.8) | ||||||||||||||||||||||
Southeast | 16,834 | 27,587 | (10,753) | (39.0) | ||||||||||||||||||||||
Total direct written premium by region | 268,778 | 309,862 | (41,084) | (13.3) | ||||||||||||||||||||||
Assumed premium (2) | 112 | 6,348 | (6,236) | (98.2) | ||||||||||||||||||||||
Total gross written premium by region | $ | 268,890 | $ | 316,210 | $ | (47,320) | (15.0) | % | ||||||||||||||||||
Gross Written Premium by Line of Business | ||||||||||||||||||||||||||
Personal property | $ | 175,058 | $ | 228,940 | $ | (53,882) | (23.5) | % | ||||||||||||||||||
Commercial property | 93,832 | 87,270 | 6,562 | 7.5 | % | |||||||||||||||||||||
Total gross written premium by line of business | $ | 268,890 | $ | 316,210 | $ | (47,320) | (15.0) | % |
($ in thousands) | Year Ended December 31, | |||||||||||||||||||||||||
2021 | 2020 | Change $ | Change % | |||||||||||||||||||||||
Direct Written and Assumed Premium by Region (1) | ||||||||||||||||||||||||||
Florida | $ | 852,711 | $ | 829,777 | $ | 22,934 | 2.8 | % | ||||||||||||||||||
Gulf | 225,013 | 258,064 | (33,051) | (12.8) | ||||||||||||||||||||||
Northeast | 158,217 | 197,556 | (39,339) | (19.9) | ||||||||||||||||||||||
Southeast | 93,188 | 126,161 | (32,973) | (26.1) | ||||||||||||||||||||||
Total direct written premium by region | 1,329,129 | 1,411,558 | (82,429) | (5.8) | % | |||||||||||||||||||||
Assumed premium (2) | 316 | 45,305 | (44,989) | (99.3) | ||||||||||||||||||||||
Total gross written premium by region | $ | 1,329,445 | $ | 1,456,863 | $ | (127,418) | (8.7) | % | ||||||||||||||||||
Gross Written Premium by Line of Business | ||||||||||||||||||||||||||
Personal property | $ | 907,207 | $ | 1,063,599 | $ | (156,392) | (14.7) | % | ||||||||||||||||||
Commercial property | 422,238 | 393,264 | 28,974 | 7.4 | ||||||||||||||||||||||
Total gross written premium by line of business | $ | 1,329,445 | $ | 1,456,863 | $ | (127,418) | (8.7) | % |
($ in thousands) | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Loss and LAE | $ | 85,520 | $ | 185,134 | $ | (99,614) | $ | 422,134 | $ | 608,316 | $ | (186,182) | |||||||||||||||||||||||
% of Gross earned premiums | 25.0 | % | 50.8 | % | (25.8) | pts | 30.0 | % | 43.2 | % | (13.2) | pts | |||||||||||||||||||||||
% of Net earned premiums | 58.9 | % | 92.6 | % | (33.7) | pts | 71.6 | % | 79.4 | % | (7.8) | pts | |||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||||||||
Current year catastrophe losses | $ | 12,515 | $ | 107,618 | $ | (95,103) | $ | 113,740 | $ | 294,537 | $ | (180,797) | |||||||||||||||||||||||
Prior year reserve unfavorable (favorable) development | (3,488) | (621) | (2,867) | 27,856 | (6,786) | 34,642 | |||||||||||||||||||||||||||||
Underlying loss and LAE (1) | $ | 76,493 | $ | 78,137 | $ | (1,644) | $ | 280,538 | $ | 320,565 | $ | (40,027) | |||||||||||||||||||||||
% of Gross earned premiums | 22.4 | % | 21.5 | % | 0.9 | pts | 19.9 | % | 22.8 | % | (2.9) | pts | |||||||||||||||||||||||
% of Net earned premiums | 52.7 | % | 39.1 | % | 13.6 | pts | 47.6 | % | 41.8 | % | 5.8 | pts | |||||||||||||||||||||||
($ in thousands) | Three Months Ended | Year Ended | |||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||
Policy acquisition costs | $ | 44,501 | $ | 65,819 | $ | (21,318) | $ | 173,574 | $ | 236,002 | $ | (62,428) | |||||||||||||||||||||||
Operating and underwriting | 14,124 | 14,712 | (588) | 56,257 | 52,876 | 3,381 | |||||||||||||||||||||||||||||
General and administrative | 14,278 | 18,411 | (4,133) | 57,212 | 72,057 | (14,845) | |||||||||||||||||||||||||||||
Total Operating Expenses | $ | 72,903 | $ | 98,942 | $ | (26,039) | $ | 287,043 | $ | 360,935 | $ | (73,892) | |||||||||||||||||||||||
% of Gross earned premiums | 21.3 | % | 27.2 | % | (5.9) | pts | 20.4 | % | 25.7 | % | (5.3) | pts | |||||||||||||||||||||||
% of Net earned premiums | 50.2 | % | 49.5 | % | 0.7 | pts | 48.7 | % | 47.1 | % | 1.6 | pts | |||||||||||||||||||||||
2021 | 2020 | ||||||||||
Non-at-Risk | (2.2) | % | (3.0) | % | |||||||
Quota Share | (23.2) | % | (13.6) | % | |||||||
All Other | (32.2) | % | (28.5) | % | |||||||
Total Ceding Ratio | (57.6) | % | (45.1) | % |
($ in thousands, except for share and per share data) | December 31, 2021 | December 31, 2020 | ||||||||||||
Book Value per Share | ||||||||||||||
Numerator: | ||||||||||||||
Common stockholders' equity attributable to UIHC | $ | 312,406 | $ | 395,753 | ||||||||||
Denominator: | ||||||||||||||
Total Shares Outstanding | 43,370,442 | 43,075,877 | ||||||||||||
Book Value Per Common Share | $ | 7.20 | $ | 9.19 | ||||||||||
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) | ||||||||||||||
Numerator: | ||||||||||||||
Common stockholders' equity attributable to UIHC | $ | 312,406 | $ | 395,753 | ||||||||||
Less: Accumulated other comprehensive income (loss) | (6,531) | 9,693 | ||||||||||||
Stockholders' Equity, excluding AOCI | $ | 318,937 | $ | 386,060 | ||||||||||
Denominator: | ||||||||||||||
Total Shares Outstanding | 43,370,442 | 43,075,877 | ||||||||||||
Underlying Book Value Per Common Share(1) | $ | 7.35 | $ | 8.96 |
CONTACT: | OR | INVESTOR RELATIONS: | ||||||||||||
United Insurance Holdings Corp. | The Equity Group | |||||||||||||
Jessica Barclay | Karin Daly | |||||||||||||
Deputy CFO | Vice President | |||||||||||||
(727) 895-7737 / jstrathman@upcinsurance.com | (212) 836-9623 / kdaly@equityny.com |
Three Months Ended | Year Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
REVENUE: | ||||||||||||||||||||||||||
Gross premiums written | $ | 268,890 | $ | 316,210 | $ | 1,329,445 | $ | 1,456,863 | ||||||||||||||||||
Change in gross unearned premiums | 72,996 | 48,021 | 78,998 | (49,883) | ||||||||||||||||||||||
Gross premiums earned | 341,886 | 364,231 | 1,408,443 | 1,406,980 | ||||||||||||||||||||||
Ceded premiums earned | (196,805) | (164,387) | (818,682) | (641,317) | ||||||||||||||||||||||
Net premiums earned | 145,081 | 199,844 | 589,761 | 765,663 | ||||||||||||||||||||||
Net investment income | 3,035 | 5,291 | 13,772 | 24,125 | ||||||||||||||||||||||
Net realized investment gains (losses) | (2,349) | 41,732 | 3,567 | 66,691 | ||||||||||||||||||||||
Net unrealized gains (losses) on equity securities | 1,528 | (10,106) | 3,237 | (27,562) | ||||||||||||||||||||||
Other revenue | 7,249 | 4,461 | 24,190 | 17,739 | ||||||||||||||||||||||
Total revenues | $ | 154,544 | $ | 241,222 | $ | 634,527 | $ | 846,656 | ||||||||||||||||||
EXPENSES: | ||||||||||||||||||||||||||
Losses and loss adjustment expenses | 85,520 | 185,134 | 422,134 | 608,316 | ||||||||||||||||||||||
Policy acquisition costs | 44,501 | 65,819 | 173,574 | 236,002 | ||||||||||||||||||||||
Operating expenses | 14,124 | 14,712 | 56,257 | 52,876 | ||||||||||||||||||||||
General and administrative expenses | 14,278 | 18,411 | 57,212 | 72,057 | ||||||||||||||||||||||
Interest expense | 2,381 | 2,388 | 9,391 | 9,582 | ||||||||||||||||||||||
Total expenses | 160,804 | 286,464 | 718,568 | 978,833 | ||||||||||||||||||||||
Loss before other income | (6,260) | (45,242) | (84,041) | (132,177) | ||||||||||||||||||||||
Other income | 58 | 14 | 184 | 74 | ||||||||||||||||||||||
Loss before income taxes | (6,202) | (45,228) | (83,857) | (132,103) | ||||||||||||||||||||||
Benefit for income taxes | (3,333) | (11,672) | (23,989) | (36,605) | ||||||||||||||||||||||
Net Loss | $ | (2,869) | $ | (33,556) | $ | (59,868) | $ | (95,498) | ||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | (553) | 377 | (1,949) | 956 | ||||||||||||||||||||||
Net Loss attributable to UIHC | $ | (2,316) | $ | (33,933) | $ | (57,919) | $ | (96,454) | ||||||||||||||||||
OTHER COMPREHENSIVE LOSS: | ||||||||||||||||||||||||||
Change in net unrealized gains (losses) on investments | (7,171) | 12,620 | (18,267) | 64,726 | ||||||||||||||||||||||
Reclassification adjustment for net realized investment losses (gains) | 2,349 | (41,732) | (3,567) | (66,691) | ||||||||||||||||||||||
Income tax benefit related to items of other comprehensive loss | 1,156 | 7,084 | 5,264 | 502 | ||||||||||||||||||||||
Total comprehensive loss | $ | (6,535) | $ | (55,584) | $ | (76,438) | $ | (96,961) | ||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | (694) | 388 | (2,295) | 1,119 | ||||||||||||||||||||||
Comprehensive loss attributable to UIHC | $ | (5,841) | $ | (55,972) | $ | (74,143) | $ | (98,080) | ||||||||||||||||||
Weighted average shares outstanding | ||||||||||||||||||||||||||
Basic | 42,973,753 | 42,896,339 | 42,948,850 | 42,864,166 | ||||||||||||||||||||||
Diluted | 42,973,753 | 42,896,339 | 42,948,850 | 42,864,166 | ||||||||||||||||||||||
Earnings available to UIHC common stockholders per share | ||||||||||||||||||||||||||
Basic | $ | (0.05) | $ | (0.79) | $ | (1.35) | $ | (2.25) | ||||||||||||||||||
Diluted | $ | (0.05) | $ | (0.79) | $ | (1.35) | $ | (2.25) | ||||||||||||||||||
Dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 |
December 31, 2021 | December 31, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Investments, at fair value: | ||||||||||||||
Fixed maturities, available-for-sale | $ | 663,602 | $ | 940,011 | ||||||||||
Equity securities | 37,958 | 7,445 | ||||||||||||
Other investments | 18,006 | 47,595 | ||||||||||||
Total investments | $ | 719,566 | $ | 995,051 | ||||||||||
Cash and cash equivalents | 212,024 | 239,420 | ||||||||||||
Restricted cash | 33,254 | 62,078 | ||||||||||||
Accrued investment income | 3,296 | 4,680 | ||||||||||||
Property and equipment, net | 31,561 | 34,187 | ||||||||||||
Premiums receivable, net | 79,166 | 87,339 | ||||||||||||
Reinsurance recoverable on paid and unpaid losses | 997,120 | 821,156 | ||||||||||||
Ceded unearned premiums | 430,631 | 384,588 | ||||||||||||
Goodwill | 73,045 | 73,045 | ||||||||||||
Deferred policy acquisition costs | 38,520 | 74,414 | ||||||||||||
Intangible assets, net | 18,375 | 21,930 | ||||||||||||
Other assets | 62,015 | 51,053 | ||||||||||||
Total Assets | $ | 2,698,573 | $ | 2,848,941 | ||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||
Liabilities: | ||||||||||||||
Unpaid losses and loss adjustment expenses | $ | 1,084,450 | $ | 1,089,966 | ||||||||||
Unearned premiums | 644,940 | 723,938 | ||||||||||||
Reinsurance payable on premiums | 248,625 | 241,636 | ||||||||||||
Payments outstanding | 114,524 | 77,912 | ||||||||||||
Accounts payable and accrued expenses | 76,258 | 91,173 | ||||||||||||
Operating lease liability | 1,934 | 2,311 | ||||||||||||
Other liabilities | 39,324 | 46,365 | ||||||||||||
Notes payable, net | 156,561 | 158,041 | ||||||||||||
Total Liabilities | $ | 2,366,616 | $ | 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; 100,000,000 shares authorized; 43,360,429 and 43,250,731 issued, respectively; 43,370,442 and 43,075,877 outstanding, respectively | 4 | 4 | ||||||||||||
Additional paid-in capital | 394,268 | 393,122 | ||||||||||||
Treasury shares, at cost; 212,083 shares | (431) | (431) | ||||||||||||
Accumulated other comprehensive income (loss) | (6,531) | 9,693 | ||||||||||||
Retained earnings (deficit) | (74,904) | (6,635) | ||||||||||||
Total stockholders' equity attributable to UIHC stockholders | $ | 312,406 | $ | 395,753 | ||||||||||
Noncontrolling interests | 19,551 | 21,846 | ||||||||||||
Total Stockholders' Equity | $ | 331,957 | $ | 417,599 | ||||||||||
Total Liabilities and Stockholders' Equity | $ | 2,698,573 | $ | 2,848,941 |
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