8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 9, 2022

UNITED INSURANCE HOLDINGS CORP.
(Exact name of registrant as specified in its charter)
Delaware		001-35761		75-3241967
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)
800 2nd Avenue S.				33701
Saint Petersburg,	FL
(Address of principal executive offices)				(Zip Code)
		(727)	895-7737
		(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common stock, $0.0001 par value per share	UIHC	Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On May 9, 2022, United Insurance Holdings Corp. (the Company, we, our) issued a press release relating to our earnings for the first quarter ended March 31, 2022 (the Earnings Release). We have attached a copy of the Earnings Release as Exhibit 99.1.

Item 7.01: Regulation FD Disclosure.

The executive officers of the Company intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts, beginning on May 9, 2022. A copy of the investor presentation is attached hereto as Exhibit 99.2.

The information furnished under this Item 2.02 and 7.01, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.

Item 9.01. Financial Statements and Exhibits

Exhibit No.	Description
99.1	Earnings release issued by the Company on May 9, 2022
99.2	Investor presentation issued by the Company on May 9, 2022
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.

		UNITED INSURANCE HOLDINGS CORP.
May 9, 2022	By:	/s/ B. Bradford Martz
		B. Bradford Martz, President and Chief Financial Officer (principal financial officer and principal accounting officer)

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

UNITED INSURANCE HOLDINGS CORP. REPORTS FINANCIAL RESULTS

FOR ITS FIRST QUARTER ENDED MARCH 31, 2022

Company to Host Quarterly Conference Call at 5:00 P.M. ET on May 9, 2022

The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at investors.upcinsurance.com/Presentations.

St. Petersburg, FL - May 9, 2022:United Insurance Holdings Corp. (Nasdaq: UIHC)(UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the first quarter ended March 31, 2022.

($ in thousands, except for per share data)	Three Months Ended
	March 31,
	2022		2021		Change
Gross premiums written	$	279,475	$	311,638	(10.3)	%
Gross premiums earned	$	319,206	$	356,663	(10.5)	%
Net premiums earned	$	100,857	$	145,949	(30.9)	%
Total revenues	$	102,366	$	161,789	(36.7)	%
Loss before income tax	$	(44,307)	$	(26,282)	(68.6)	%
Net loss attributable to UIHC	$	(33,172)	$	(17,771)	(86.7)	%
Net loss available to UIHC common stockholders per diluted share	$	(0.77)	$	(0.41)	(87.8)	%
Reconciliation of net loss to core loss:
Plus: Non-cash amortization of intangible assets	$	812	$	1,043	(22.1)	%
Less: Net realized gains (losses) on investment portfolio	$	(1,769)	$	503	NM
Less: Unrealized gains (losses) on equity securities	$	(2,268)	$	2,564	NM
Less: Net tax impact (1)	$	1,018	$	(425)	NM
Core loss (2)	$	(29,341)	$	(19,370)	(51.5)	%
Core loss per diluted share (2)	$	(0.68)	$	(0.45)	(51.1)	%
Book value per share	$	5.96	$	8.32	(28.4)	%

NM = Not Meaningful

(1) In order to reconcile net loss to the core loss measures, the Company included the tax impact of all adjustments using the 21% corporate federal tax rate.

(2) Core loss, and core loss per diluted share, both of which are measures that are not based on GAAP, are reconciled above to net loss and net loss per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

"First quarter results reflect the aggressive de-risking and deleveraging activities we’ve taken in personal lines over the last 18 months, with gross earned premium down by 10% and net earned premium down by 30%," said Dan Peed, CEO of UPC Insurance. "However, while claims frequency was in line with expectations, claims severity was elevated due to inflation and excessive litigation not yet fully impacted by Senate Bill 76. With recent rate increases yet to earn through the portfolio, we experienced a first quarter underwriting loss in personal lines. Our commercial lines business performed well and continues to grow. We continue to take decisive corrective actions to reduce expenses, increase revenues, and execute on risk selection."

1

Exhibit 99.1

Return on Equity and Core Return on Equity

The calculations of the Company's return on equity and core return on equity are shown below.

($ in thousands)	Three Months Ended
	March 31,
	2022			2021
Net loss attributable to UIHC	$	(33,172)		$	(17,771)
Return on equity based on GAAP net loss attributable to UIHC (1)	(41.7)		%	(15.9)		%
Core loss	$	(29,341)		$	(19,370)
Core return on equity (1)(2)	(36.9)		%	(17.3)		%

(1) Return on equity for the three months ended March 31, 2022 and 2021 is calculated on an annualized basis by dividing the net loss or core loss for the period by the average stockholders' equity for the trailing twelve months.

(2) Core return on equity, a measure that is not based on GAAP, is calculated based on core loss, which is reconciled on the first page of this press release to net loss, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

Combined Ratio and Underlying Ratio

The calculations of the Company's combined ratio and underlying combined ratio are shown below.

($ in thousands)	Three Months Ended
	March 31,
	2022		2021		Change
Loss ratio, net(1)	90.6	%	79.3	%	11.3	pts
Expense ratio, net(2)	53.8	%	47.9	%	5.9	pts
Combined ratio (CR)(3)	144.4	%	127.2	%	17.2	pts
Effect of current year catastrophe losses on CR	28.4	%	16.4	%	12.0	pts
Effect of prior year unfavorable development on CR	1.4	%	20.4	%	(19.0)	pts
Underlying combined ratio(4)	114.6	%	90.4	%	24.2	pts

(1) Loss ratio, net is calculated as losses and loss adjustment expenses (LAE), net of losses ceded to reinsurers, relative to net premiums earned.

(2) Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned.

(3) Combined ratio is the sum of the loss ratio, net and expense ratio, net.

(4) Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

2

Exhibit 99.1

Quarterly Financial Results

Net loss attributable to the Company for the first quarter of 2022 was $33.2 million, or $0.77 per diluted share, compared to $17.8 million, or $0.41 per diluted share, for the first quarter of 2021. The increase in net loss was primarily due to a decrease in revenues for the quarter. This was driven by decreased gross written premiums, the details of which are described below. In addition, the Company's ceded premiums earned increased as a result of the reinsurance program changes described below. This decrease in revenues was partially offset by lower loss and LAE incurred, driven by lower unfavorable prior year loss development in 2022 related to both the Company's catastrophe and non-catastrophe losses. As such, the Company did not declare a dividend for the second quarter of 2022.

The Company's total gross written premium decreased by $32.2 million, or 10.3%, to $279.5 million for the first quarter of 2022, from $311.6 million for the first quarter of 2021. This decrease was driven primarily by the transition of the Northeast business to Homeowners Choice Property & Casualty Insurance Company, Inc. (HCPCI) in the fourth quarter of 2021 and the first quarter of 2022. In addition, the Company experienced a decline in written premiums across the personal lines business, due to underwriting actions taken by the Company throughout 2021 and in the first quarter of 2022. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by region and gross written premium by line of business are shown in the table below.

($ in thousands)	Three Months Ended  March 31,
	2022		2021		Change $		Change %
Direct Written and Assumed Premium by Region (1)
Florida	$	215,127	$	195,585	$	19,542	10.0	%
Gulf	41,606		52,983		(11,377)		(21.5)
Southeast	15,166		24,407		(9,241)		(37.9)
Northeast	7,455		38,615		(31,160)		(80.7)
Total direct written premium by region	279,354		311,590		(32,236)		(10.3)
Assumed premium (2)	121		48		73		152.1
Total gross written premium by region	$	279,475	$	311,638	$	(32,163)	(10.3)	%
Gross Written Premium by Line of Business
Personal property	$	151,511	$	203,598	$	(52,087)	(25.6)	%
Commercial property	127,964		108,040		19,924		18.4	%
Total gross written premium by line of business	$	279,475	$	311,638	$	(32,163)	(10.3)	%

(1) "Gulf" is comprised of Louisiana and Texas; "Northeast" is comprised of Massachusetts, New Jersey and New York in 2022 and Connecticut, Massachusetts, New Jersey, New York and Rhode Island in 2021; and "Southeast" is comprised of Georgia, North Carolina and South Carolina. As of January 15, 2022, the Company is no longer writing in New Jersey, as the policies have transitioned to HCPCI.

(2) Assumed premium written for 2022 and 2021 primarily included commercial property business assumed from unaffiliated insurers.

Loss and LAE decreased by $24.4 million, or 21.1%, to $91.4 million for the first quarter of 2022, from $115.8 million for the first quarter of 2021. Loss and LAE expense as a percentage of net earned premiums increased 11.3 points to 90.6% for the first quarter of 2022, compared to 79.3% for the first quarter of 2021. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the first quarter of 2022 would have been 19.2%, an increase of 1.8 points from 17.4% during the first quarter of 2021.

Policy acquisition costs decreased by $14.8 million, or 36.3%, to $26.0 million for the first quarter of 2022, from $40.8 million for the first quarter of 2021, primarily due to a decrease in expenses such as premium taxes, policy administration fees and agent commissions, which fluctuate in conjunction with the quarter-over-quarter decrease in personal lines gross written premium. In addition, ceding commission income increased related to the Company's additional quota share reinsurance agreements. This was partially offset by increased external management fees incurred during the first quarter of 2022, as a result of an increased volume of commercial lines gross written premium.

Operating and underwriting expenses decreased by $1.0 million, or 7.6%, to $12.2 million for the first quarter of 2022, from $13.2 million for the first quarter of 2021, due to lower agent related expenses as the Company has discontinued their agent incentive program in 2022.

3

Exhibit 99.1

General and administrative expenses remained relatively flat, increasing by $0.1 million, or 0.6%, to $16.0 million for the first quarter of 2022, from $15.9 million for the first quarter of 2021.

Combined Ratio Analysis

The calculations of the Company's loss ratios and underlying loss ratios are shown below.

($ in thousands)	Three Months Ended
	March 31,
	2022			2021			Change
Loss and LAE	$	91,368		$	115,781		$	(24,413)
% of Gross earned premiums	28.6		%	32.5		%	(3.9)		pts
% of Net earned premiums	90.6		%	79.3		%	11.3		pts
Less:
Current year catastrophe losses	$	28,616		$	23,965		$	4,651
Prior year reserve unfavorable development	1,433			29,769			(28,336)
Underlying loss and LAE (1)	$	61,319		$	62,047		$	(728)
% of Gross earned premiums	19.2		%	17.4		%	1.8		pts
% of Net earned premiums	60.8		%	42.5		%	18.3		pts

(1) Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

The calculations of the Company's expense ratios are shown below.

($ in thousands)	Three Months Ended
	March 31,
	2022			2021			Change
Policy acquisition costs	$	26,016		$	40,821		$	(14,805)
Operating and underwriting	12,248			13,222			(974)
General and administrative	16,005			15,882			123
Total Operating Expenses	$	54,269		$	69,925		$	(15,656)
% of Gross earned premiums	17.0		%	19.6		%	(2.6)		pts
% of Net earned premiums	53.8		%	47.9		%	5.9		pts

Reinsurance Costs as a Percentage of Gross Earned Premium

Reinsurance costs as a percentage of gross earned premium in the first quarter of 2022 and 2021 were as follows:

	2022		2021
Non-at-Risk	(2.3)	%	(2.3)	%
Quota Share	(32.0)	%	(26.2)	%
All Other	(34.1)	%	(30.6)	%
Total Ceding Ratio	(68.4)	%	(59.1)	%

The increase in this ratio was driven by the Company entering into two additional quota share agreements effective December 31, 2021. The first agreement is a structured quota share agreement, which has a cession rate of 25% and covers United Property and Casualty Insurance Company and Family Security Insurance Company, Inc.'s non-catastrophe losses on policies in-force at December 31, 2021 in Florida, Texas and Louisiana. The second agreement is a quota share agreement with HCPCI and TypTap Insurance Company effective December 31, 2021 through May 31, 2022, which provides 85% reinsurance coverage on in-force, new and renewal policies in Georgia, North Carolina and South Carolina.

4

Exhibit 99.1

In addition to the changes in the Company's quota share agreements, the Company also reduced the retention amounts related to their catastrophe excess of loss reinsurance program for the 2021-2022 season, resulting in higher ceded premiums year over year but less risk if the named storm season would have been as active as the 2020-2021 season. These modifications have resulted in increases to the Company's ceding ratio quarter-over-quarter.

Investment Portfolio Highlights

The Company's cash, restricted cash and investment holdings decreased from $964.8 million at December 31, 2021 to $908.7 million at March 31, 2022. The Company's cash and investment holdings consist of investments in U.S. government and agency securities, corporate debt and 100% investment grade money market instruments. Fixed maturities represented approximately 90.9% of total investments at March 31, 2022, compared to 92.2% at December 31, 2021. At March 31, 2022, the Company's fixed maturity investments had a modified duration of 3.9 years, compared to 4.0 years at December 31, 2021.

At March 31, 2022, the Company's fixed maturity investment holdings decreased by $101.9 million, or 15.4% from December 31, 2021, in order to satisfy the Company's liquidity requirements during the first quarter of 2022.

Book Value Analysis

Book value per common share decreased 17.2% from $7.20 at December 31, 2021, to $5.96 at March 31, 2022. Underlying book value per common share decreased 10.9% from $7.35 at December 31, 2021 to $6.55 at March 31, 2022. A decrease in the Company's retained earnings as the result of a net loss in the first quarter of 2022 drove the decrease in the Company's book value per share. As shown in the table below, removing the effect of AOCI increases the Company's book value per common share, as the Company experienced unfavorable market conditions for the three months ended March 31, 2022.

($ in thousands, except for share and per share data)	March 31, 2022		December 31, 2021
Book Value per Share
Numerator:
Common stockholders' equity attributable to UIHC	$	257,971	$	312,406
Denominator:
Total Shares Outstanding	43,257,595		43,370,442
Book Value Per Common Share	$	5.96	$	7.20
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI)
Numerator:
Common stockholders' equity attributable to UIHC	$	257,971	$	312,406
Less: Accumulated other comprehensive loss	(25,657)		(6,531)
Stockholders' Equity, excluding AOCI	$	283,628	$	318,937
Denominator:
Total Shares Outstanding	43,257,595		43,370,442
Underlying Book Value Per Common Share(1)	$	6.55	$	7.35

(1) Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.

Definitions of Non-GAAP Measures

The Company believes that investors' understanding of UPC Insurance's performance is enhanced by the Company's disclosure of the following non-GAAP measures. The Company's methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

5

Exhibit 99.1

Net loss excluding the effects of amortization of intangible assets, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core loss) is a non-GAAP measure that is computed by adding amortization, net of tax, to net income and subtracting realized gains (losses) on the Company's investment portfolio, net of tax, and unrealized gains (losses) on the Company's equity securities, net of tax, from net loss. Amortization expense is related to the amortization of intangible assets acquired through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company's operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss. The core loss measure should not be considered a substitute for net loss and does not reflect the overall profitability of the Company's business.

Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core loss for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core loss is an after-tax non-GAAP measure that is calculated by excluding from net loss the effect of non-cash amortization of intangible assets, unrealized gains or losses on the Company's equity security investments and net realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, core loss, core loss per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core loss, core loss per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company's business.

Combined ratio excluding the effects of current year catastrophe losses and prior year reserve development (underlying combined ratio) is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company's business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.

Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE) is a non-GAAP measure that is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trends in a given period. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company's business.

Book value per common share, excluding the impact of accumulated other comprehensive loss (underlying book value per common share), is a non-GAAP measure that is computed by dividing common stockholders' equity after excluding accumulated other comprehensive loss, by total common shares outstanding plus dilutive potential common shares outstanding. The Company uses the trend in book value per common share, excluding the impact of accumulated other comprehensive loss, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes this non-GAAP measure is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors that are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive loss, should not be considered a substitute for book value per common share and does not reflect the recorded net worth of the Company's business.

6

Exhibit 99.1

Conference Call Details

Date and Time:    May 9, 2022 - 5:00 P.M. ET

Participant Dial-In:    (United States): 877-445-9755

    (International): 201-493-6744

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://event.webcasts.com/starthere.jsp?ei=1544118&tp_key=28134a7f74

An archive of the webcast will be available for a limited period of time thereafter.

Presentation:     The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at investors.upcinsurance.com/Presentations.

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 Florida, Louisiana, New York, and Texas. The Company also writes policies in Georgia, South Carolina and North Carolina, where renewal rights have been sold and all premiums and losses are ceded. 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

Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements”. The Company believes these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions, or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in, or implied by, the forward-looking statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” "plan," “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. Factors that could cause actual results to differ materially may be found in the Company's filings with the U.S. Securities and Exchange Commission, in the “Risk Factors” section in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.

### #### ###

CONTACT:	OR	INVESTOR RELATIONS:
United Insurance Holdings Corp.		The Equity Group
Jessica Barclay		Karin Daly
Deputy CFO		Vice President
(727) 895-7737 / jbarclay@upcinsurance.com		(212) 836-9623 / kdaly@equityny.com

7

Exhibit 99.1

Consolidated Statements of Comprehensive Loss

In thousands, except share and per share amounts

	Three Months Ended
	March 31,
	2022		2021
REVENUE:
Gross premiums written	$	279,475	$	311,638
Change in gross unearned premiums	39,731		45,025
Gross premiums earned	319,206		356,663
Ceded premiums earned	(218,349)		(210,714)
Net premiums earned	100,857		145,949
Net investment income	2,478		3,583
Net realized investment gains (losses)	(1,769)		503
Net unrealized gains (losses) on equity securities	(2,268)		2,564
Other revenue	3,068		9,190
Total revenues	$	102,366	$	161,789
EXPENSES:
Losses and loss adjustment expenses	91,368		115,781
Policy acquisition costs	26,016		40,821
Operating expenses	12,248		13,222
General and administrative expenses	16,005		15,882
Interest expense	2,379		2,375
Total expenses	148,016		188,081
Loss before other income	(45,650)		(26,292)
Other income	1,343		10
Loss before income taxes	(44,307)		(26,282)
Benefit for income taxes	(11,050)		(7,822)
Net Loss	$	(33,257)	$	(18,460)
Less: Net loss attributable to noncontrolling interests	(85)		(689)
Net loss attributable to UIHC	$	(33,172)	$	(17,771)
OTHER COMPREHENSIVE LOSS:
Change in net unrealized losses on investments	(27,689)		(21,739)
Reclassification adjustment for net realized investment losses (gains)	1,769		(503)
Income tax benefit related to items of other comprehensive loss	6,236		5,376
Total comprehensive loss	$	(52,941)	$	(35,326)
Less: Comprehensive loss attributable to noncontrolling interests	(643)		(917)
Comprehensive loss attributable to UIHC	$	(52,298)	$	(34,409)
Weighted average shares outstanding
Basic	42,980,691		42,898,488
Diluted	42,980,691		42,898,488
Earnings available to UIHC common stockholders per share
Basic	$	(0.77)	$	(0.41)
Diluted	$	(0.77)	$	(0.41)
Dividends declared per share	$	0.06	$	0.06

8

Exhibit 99.1

Consolidated Balance Sheets

In thousands, except share amounts

	March 31, 2022		December 31, 2021
ASSETS
Investments, at fair value:
Fixed maturities, available-for-sale	$	561,728	$	663,602
Equity securities	39,407		37,958
Other investments	16,707		18,006
Total investments	$	617,842	$	719,566
Cash and cash equivalents	257,871		212,024
Restricted cash	33,002		33,254
Accrued investment income	2,859		3,296
Property and equipment, net	28,477		31,561
Premiums receivable, net	76,889		79,166
Reinsurance recoverable on paid and unpaid losses	911,812		997,120
Ceded unearned premiums	283,964		430,631
Goodwill	73,045		73,045
Deferred policy acquisition costs	45,713		38,520
Intangible assets, net	17,563		18,375
Other assets	80,418		62,015
Total Assets	$	2,429,455	$	2,698,573
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	967,214	$	1,084,450
Unearned premiums	605,209		644,940
Reinsurance payable on premiums	196,911		248,625
Payments outstanding	104,278		114,524
Accounts payable and accrued expenses	73,334		76,258
Operating lease liability	1,751		1,934
Other liabilities	47,615		39,324
Notes payable, net	156,264		156,561
Total Liabilities	$	2,152,576	$	2,366,616
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; 43,469,678and 43,360,429issued, respectively; 43,257,595 and 43,370,442 outstanding, respectively	4		4
Additional paid-in capital	394,720		394,268
Treasury shares, at cost; 212,083 shares	(431)		(431)
Accumulated other comprehensive loss	(25,657)		(6,531)
Retained earnings (deficit)	(110,665)		(74,904)
Total stockholders' equity attributable to UIHC stockholders	$	257,971	$	312,406
Noncontrolling interests	18,908		19,551
Total Stockholders' Equity	$	276,879	$	331,957
Total Liabilities and Stockholders' Equity	$	2,429,455	$	2,698,573

9

EX-99.2

United Insurance Holdings Corporation (Nasdaq: UIHC) Investor Presentation May 9th, 2022

Company Overview 2 UPC Insurance is a specialty underwriter of catastrophe exposed property insurance in the U.S. United Insurance Holding Corp. (NASDAQ: UIHC) was founded in 1999 and is the insurance holding company for 5 P&C carriers and operating affiliates operating under the brand UPC Insurance (UPC). UPC has the #1 market share of commercial residential property insurance (commercial lines) in Florida with over 5,900 policies and $446 million of premium in-force. UPC’s homeowners & fire insurance products (personal lines) are focused on Florida, Louisiana, New York, and Texas with roughly 329,000 policies and $699 million of premium in-force. ¹ UIHC as of March 31, 2022 Total Assets: $2.4 billion Total Equity: $258 million Premium in-Force: $1.15 billion ¹ Employees: 485 Headquarters: St. Petersburg, FL Financial Strength Ratings: A- (Kroll) A (Demotech) 1 Excludes discontinued states where renewal rights have been sold 2 Demotech does not rate Journey Insurance Company Specialty Commercial Property Underwriters Specialty Homeowners Underwriters ²

3 • Q1-2022 Results • Core loss of -$29.3m (-$0.68 per share) compared unfavorably to -$19.4m (-$0.45 per share) last year due to higher net retained losses from 10 new catastrophe events and higher loss severity on attritional claims. • Net premiums were driven lower by the renewal rights sales (NE & SE regions) and quota share cessions intended to de-risk and provide capital support via ceding commissions that also reduced losses and policy acquisition costs. • Stockholders’ equity attributable to UIHC on March 31, 2022, was $258.0m or $5.96 per share with tangible book value of $3.86 per share. • Other Highlights • Received regulatory approval to terminate our intercompany pooling agreement effective January 1, 2022. • Merger of Journey Insurance Company into American Coastal Insurance Company is pending regulatory approval but is expected to assist with improving capital adequacy across our insurance group during the second quarter of 2022. • Lower layers of our core catastrophe reinsurance program renewing on June 1, 2022, are mostly complete. Executive Summary

Q1-2022 Results 4 Direct results hurt by reinsurance spend intended to provide risk-based capital support Direct results exclude ceded premiums, ceded losses and ceding commissions to show the true underlying results before risk-transfer. Q1-22 Q1-21 Change Core income (loss) (29,341)$ (19,370)$ 51.5% per diluted share (CEPS) (0.68)$ (0.45)$ Included the following items Net current year catastrophe loss & LAE incurred 28,616$ 23,965$ Net (favorable) unfavorable reserve development 1,433$ 29,769$ Total items 30,049$ 53,734$ Key ratios Direct Loss & LAE ratio - NonCAT 32.3% 32.4% (0.1) pts Direct Loss & LAE ratio - CAT (Current AY) 13.0% 29.0% (16.1) pts Direct Expense ratio 28.0% 27.9% 0.1 pts Ceding ratio - quota share reinsurance -32.0% -26.2% (5.8) pts Ceding ratio - other reinsurance -36.4% -32.9% (3.5) pts Ceded ratio - total -68.4% -59.1% (9.3) pts Net loss & LAE ratio - NonCAT 57.1% 51.8% 5.3 pts Net loss & LAE ratio - CAT 33.5% 27.4% 6.0 pts Net expense ratio 53.8% 47.9% 5.9 pts Combined ratio 144.4% 127.2% 17.3 pts Net current year catastrophe loss & LAE incurred -28.4% -16.4% Net favorable (unfavorable) reserve development -1.4% -20.4% Underlying combined ratio 114.6% 90.4% 24.2 pts

Results by Line of Business 5 Commercial continues to perform well but de-risking efforts hurt Personal Lines. $ in millions CL PL Other Total CL PL Other Total Gross Premiums Earned 107.5$ 211.7$ -$ 319.2$ 98.2$ 258.4$ -$ 356.7$ Ceded Premiums Earned (62.0) (156.3) - (218.3) (56.4) (154.3) - (210.7) Net Premiums Earned 45.4 55.4 - 100.9 41.9 104.1 - 145.9 Investment & Other Income 1.1 2.4 1.6 5.1 1.2 12.0 0.0 13.3 Unrealized G(L) on Equities (0.8) (1.5) - (2.3) 0.1 2.5 - 2.6 Total Revenue 45.8 56.3 1.6 103.7 43.2 118.6 0.0 161.8 Underlying Loss & LAE 12.8 48.5 - 61.3 10.2 52.0 - 62.2 Current year CAT Loss & LAE 3.1 25.5 - 28.6 4.4 19.6 - 24.0 Prior year development (1.8) 3.2 - 1.4 (0.8) 30.4 - 29.6 Total Loss 14.1 77.3 - 91.4 13.8 102.0 - 115.8 Operating & Interest Expense 20.1 33.7 2.8 56.6 21.4 47.8 3.0 72.3 Total Expenses 34.2 111.0 2.8 148.0 35.2 149.8 3.0 188.1 Income (Loss) before tax 11.6$ (54.7)$ (1.2)$ (44.3) 8.0$ (31.2)$ (3.0)$ (26.3) Income tax expense (benefit) (11.1) (11.1) (7.8) (7.8) Less: Non-controlling interests (0.1) (0.1) (0.7) (0.7) Net income (loss) attributable to UIHC (33.2) (17.7) Net Loss Ratio 31.1% 139.4% 90.6% 33.0% 98.0% 79.3% Net Expense Ratio 44.2% 60.8% 53.8% 51.2% 45.9% 47.9% Combined Ratio 75.3% 200.2% 144.4% 84.2% 143.9% 127.2% CAT Loss 6.8% 46.0% 28.4% 10.4% 18.8% 16.4% PY Development F/(U) -4.0% 5.8% 1.4% -1.8% 29.2% 20.3% Underlying Combined Ratio 72.4% 148.4% 114.6% 75.6% 95.8% 90.5% QTD 3.31.22 QTD 3.31.21

6 Personal Lines Renewal Rate Change is Significant We continued to see improved rate adequacy in Q1, but it takes time to earn through. LA TX All Personal Lines Metric 2021 Q1 2021 Q2 2021 Q3 2021 Q4 2022 Q1 Renewing Policies 79,241 99,964 93,364 71,661 64,016 Renewal Acceptance 84.8% 82.7% 80.8% 82.3% 79.4% Company Initiated Non-Renewals 4,931 10,756 11,959 5,046 5,755 Renewal Acceptance xNon-Renewals 89.5% 90.8% 90.2% 87.4% 85.5% Renewed TIV 38,259,906,721 49,343,350,477 45,444,516,211 35,129,624,436 33,159,540,114 Expiring TIV 37,311,555,741 48,111,730,896 44,302,602,896 33,842,563,649 30,865,894,811 Additional TIV 948,350,979 1,231,619,581 1,141,913,315 1,287,060,787 2,293,645,304 Percent Change 2.5% 2.6% 2.6% 3.8% 7.4% Renewed Premium 152,669,228 204,744,103 199,430,515 156,293,383 151,429,011 Expiring Premium 134,921,223 180,860,424 169,762,340 134,640,765 119,597,661 Additional Premium 17,748,005 23,883,678 29,668,175 21,652,618 31,831,351 Percent Change 13.2% 13.2% 17.5% 16.1% 26.6% Renewal Premium Rate/$1k TIV 3.99 4.15 4.39 4.45 4.57 Expiring Premium Rate/$1k TIV 3.62 3.76 3.83 3.98 3.87 Monthly Rate Change 10.3% 10.4% 14.5% 11.8% 17.9% R e n e w in g P o li ci e s O n ly Renewal retention dipped down to 85.5% in Q1 2022 vs. 89.5% in Q1 2021 driven by FL rate changes Record high quarterly rate changes in Q1 2022 Overall TIV increase reflecting efforts of ITV initiatives+37¢ +39¢ +56¢ +47¢ +70¢ Despite 19% fewer policies renewing in Q1 YoY, 79% more premium is being collected as a result of rate increases Companies: UPC, FSIC & IIC States: TX, LA, FL & NY

Premium Relative to Exposure Improving 7 Rate changes are expected to hold premiums relatively flat, but TIV expected to decline further.

Summary of Business In-force 8 Q1-22 Premium Mix ¹ Reduction in personal lines and growth in commercial continues to move us toward a 50/50 balance. ¹ Calculated using adjusted results 12.31.21 3.31.22 Change 12.31.21 3.31.22 Change 12.31.21 3.31.22 Change 1 FL 198,838 185,032 -6.9% 437,211$ 428,653$ -2.0% 89,605$ 85,098$ -5.0% 2 SC 33,748 30,791 -8.8% 50,589$ 48,284$ -4.6% 16,299$ 15,146$ -7.1% 3 MA 24,992 - 47,328$ -$ 20,520$ -$ 4 RI - - -$ -$ -$ -$ 5 NC 19,306 15,220 -21.2% 32,464$ 27,526$ -15.2% 10,036$ 8,076$ -19.5% 6 NJ 30,867 - 32,294$ -$ 16,523$ -$ 7 TX 67,755 61,783 -8.8% 130,754$ 116,474$ -10.9% 29,915$ 27,406$ -8.4% 8 LA 41,956 39,864 -5.0% 89,934$ 90,343$ 0.5% 18,330$ 17,949$ -2.1% 9 GA 4,708 3,275 -30.4% 6,006$ 4,456$ -25.8% 2,298$ 1,618$ -29.6% 10 HI - - -$ -$ -$ -$ 11 CT - - -$ -$ -$ -$ 12 NY 43,529 42,248 -2.9% 63,787$ 63,556$ -0.4% 32,013$ 31,082$ -2.9% 13 Toal PL 465,699 378,213 -18.8% 890,367$ 779,292$ -12.5% 235,539$ 186,375$ -20.9% 14 Discontinued 113,621 49,286 168,681$ 80,266$ 65,676$ 24,840$ % of UIHC 13% 7% 10% 15 PL Adjusted 352,078 328,927 -6.6% 721,686$ 699,026$ -3.1% 169,863$ 161,535$ -4.9% 16 Total CL 6,025 5,904 -2.0% 425,415$ 445,795$ 4.8% 74,130$ 73,636$ -0.7% 17 Total UIHC 471,724 384,117 -18.6% 1,315,782$ 1,225,087$ -6.9% 309,669$ 260,011$ -16.0% 18 UIHC Adjusted 358,103 334,831 -6.5% 1,147,101$ 1,144,821$ -0.2% 243,993$ 235,171$ -3.6% Policies Premium ($000) TIV ($000,000) 61.1% 38.9% PL CL

9 Litigation Update Notice of intent (NOI) to litigate is trending up but not all are resulting in new suits YTD NOI’s = 2,000 Settled = 175 (9%) New Suit = 812 (41%) (50% still pending)

Underwriting Priorities 10 Extreme focus on repositioning our risk portfolio to achieve an underwriting profit. ➢ Mosaic: AI, Big Data and Predictive Analytics – next generation risk selection and profitability tool: • Update portfolio last three years to 1/1/22 rates – 105% combined ratio projected. • Exposure management (non-renewals) – 168% combined ratio projected. • Underwriting action – 118% combined ratio projected. • No Action (A/B/C scoring) – approximately 73% of our personal lines risk portfolio at 91% combined ratio projected. ➢ Insurance to Value (ITV) Initiatives: • Increase coverage amounts helping drive additional premium growth. • Florida 10%-12%; Louisiana 16%-20%; Texas 20%-25%. ➢ TIV and PML reductions continuing across personal lines portfolio: • We are ahead of plan with PML & AAL down 26-40%. ➢ Litigation rates down and using new underwriting tools to manage litigation exposure: • SB76 plus Mosaic predictive litigation model is expected to help control loss costs over time. ➢ Focused footprint to reduce frequency of CAT losses: • Over last 18 months, reduced exposure by exiting NJ, CT, MA, RI, HI, GA, NC & SC. • Remaining exposure limit to FL, LA, NY and TX for this hurricane season.

Mosaic Segmentation Example – Florida Personal Lines 11 Our big data + predictive analytics has identified risks with a high propensity to loss FSIC Baseline Exposure Management Rec Letter Inspection No Action A B C Actual EP 199,893,618 29,608,778 8,111,932 16,596,225 145,576,683 69,053,508 34,112,736 42,410,439 Re-Rated EP 260,768,180 42,116,470 11,112,760 23,300,625 184,238,325 85,793,852 43,195,738 55,248,734 Un-realized Future Rate 60,874,561 12,507,692 3,000,828 6,704,400 38,661,641 16,740,344 9,083,002 12,838,296 Un-realized Future Rate % 23.3% 29.7% 27.0% 28.8% 21.0% 19.5% 21.0% 23.2% EHY 101,046 14,704 4,111 8,498 73,733 36,886 16,856 19,991 Combined Ratio 107.9% 174.0% 103.6% 116.4% 92.0% 80.1% 92.6% 110.5% In-Force Count 89,257 11,714 3,627 6,717 67,199 34,777 15,029 17,393 In-Force Distribution 13.1% 4.1% 7.5% 75.3% 39.0% 16.8% 19.5% In-Force Re-Rated Premium 226,986,091 29,732,025 9,846,211 18,870,392 168,537,463 82,755,347 39,137,665 46,644,451 Average Re-Rate Premium 2,543 2,538 2,715 2,809 2,508 2,380 2,604 2,682 In-Force TIV 41,544,458,840 5,062,734,170 1,480,229,790 3,064,961,850 31,936,533,030 16,572,268,060 7,225,657,780 8,138,607,190 Average Prem per TIV 5.464 5.873 6.652 6.157 5.277 4.994 5.416 5.731 UPC Baseline Exposure Management Rec Letter Inspection No Action A B C Actual EP 157,991,086 20,495,032 8,947,589 14,256,088 114,292,378 49,893,513 29,472,197 34,926,668 Re-Rated EP 197,773,763 25,461,093 11,837,468 18,242,632 142,232,569 61,727,331 36,821,015 43,684,224 Un-realized Future Rate 39,782,677 4,966,062 2,889,880 3,986,544 27,940,192 11,833,817 7,348,818 8,757,556 Un-realized Future Rate % 20.1% 19.5% 24.4% 21.9% 19.6% 19.2% 20.0% 20.0% EHY 64,090 7,672 4,216 5,740 46,462 21,247 10,991 14,225 Combined Ratio 103.1% 157.5% 137.4% 101.7% 90.5% 91.5% 88.8% 90.6% In-Force Count 57,023 7,880 3,221 4,829 41,093 17,561 10,388 13,144 In-Force Distribution 13.8% 5.6% 8.5% 72.1% 30.8% 18.2% 23.1% In-Force Re-Rated Premium 172,882,330 23,469,705 9,211,304 15,262,816 124,938,505 51,219,611 33,871,355 39,847,539 Average Re-Rate Premium 3,032 2,978 2,860 3,161 3,040 2,917 3,261 3,032 In-Force TIV 31,485,846,987 4,124,884,220 1,647,863,020 2,591,602,272 23,121,497,475 10,231,799,272 5,969,363,593 6,920,334,610 Average Prem per TIV 5.491 5.690 5.590 5.889 5.404 5.006 5.674 5.758 No Action = ~73% of our in-force risks

2022 Projected Core CAT Program 12 Moving from cascading aggregate to a more traditional occurrence structure at 6.1.2022 Combined FHCF 90% of $1.47B xs $632M Nil Reinstatement UPC, FSIC & ACIC $735M $865M Layer 1 $20M xs $20M – Prepaid Placed 77% Layer 2 $65M xs $40M - Prepaid Placed 77% Layer 3 $160M xs $105M - Prepaid Placed 77% Layer 4: $200M xs $265M 1@100% Reinstatement Layer 5 $270M xs $465M Nil Reinstatement Layer 6 $130M Limit Private Placement $20M $40M $105M $265M $465M Retention 23% Quota Share 2022 Quoting Structure By Company Estimated FHCF Layer (Inuring) ❖ Roughly $500m less limit needed due to exposure reduction ❖ Net retention expected to be held constant at ~ $15.4m ❖ Introduction of: ▪ Reinstated layers ▪ Non-cascading layers ❖ Hurricane & Earthquake Only ❖ Core includes FL, TX and LA with NY in a separate tower 2022 Program Highlights

Cautionary Statements 13 This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include expectations regarding our diversification, growth opportunities, retention rates, liquidity, investment returns and our ability to meet our investment objectives and to manage and mitigate market risk with respect to our investments. These statements are based on current expectations, estimates and projections about the industry and market in which we operate, and management's beliefs and assumptions. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "endeavor," "project," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative variations thereof, or comparable terminology, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties include, without limitation: the regulatory, economic and weather conditions in the states in which we operate; the impact of new federal or state regulations that affect the property and casualty insurance market; the cost, variability and availability of reinsurance; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to attract and retain the services of senior management; the outcome of litigation pending against us, including the terms of any settlements; dependence on investment income and the composition of our investment portfolio and related market risks; our exposure to catastrophic events and severe weather conditions; downgrades in our financial strength ratings; risks and uncertainties relating to our acquisitions including our ability to successfully integrate the acquired companies; and other risks and uncertainties described in the section entitled "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report in Form 10-K for the year ended December 31, 2020 and 2021 and our Form 10-Q for the periods ending March 31, 2021, June 30, 2021, September 30, 2021, and March 31, 2022 once available. We caution you not to place undue reliance on these forward looking statements, which are valid only as of the date they were made. Except as may be required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, the occurrence of unanticipated events, or otherwise. This presentation contains certain non-GAAP financial measures. See our earnings release, Form 10-K ,and Form 10-Q for further information regarding these non-GAAP financial measures. The information in this presentation is confidential. Any photocopying, disclosure, reproduction or alteration of the contents of this presentation and any forwarding of a copy of this presentation or any portion of this presentation to any person is prohibited.

XML

Cover Page Document	May 09, 2022
Document Information [Line Items]
Amendment Flag	false
Document Type	8-K
Document Period End Date	May 09, 2022
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, $0.0001 par value per share
Entity Registrant Name	UNITED INSURANCE HOLDINGS CORP.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-35761
Entity Tax Identification Number	75-3241967
Entity Address, Address Line One	800 2nd Avenue S.
Entity Address, Postal Zip Code	33701
Entity Address, City or Town	Saint Petersburg,
Entity Address, State or Province	FL
City Area Code	(727)
Local Phone Number	895-7737
Trading Symbol	UIHC
Security Exchange Name	NASDAQ
Entity Central Index Key	0001401521