United Insurance Holdings (UIHC) Misses Q2 EPS by 19c

United Insurance Holdings (NASDAQ: UIHC) reported Q2 EPS of $0.26, $0.19 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $85.34 million versus the consensus estimate of $80.52 million.

“We saw very strong and accelerating organic growth throughout the quarter," said John Forney, President & CEO of UPC Insurance. "While cat losses and elevated expenses caused by the investments we are making in people and infrastructure weighed on our bottom line results, our plan to build a geographically diversified insurer focusing on coastal states from Texas to Maine is on track. During the quarter, we experienced a 76% increase in new policy production compared to the same quarter last year, and almost 80% of the new policies we sold during the quarter came from outside Florida. Over 40% of our 285,000 policies in force are now outside Florida, and our noncat loss ratio in each of those states has been below our modeled targets. We look forward to continuing this robust growth as we add new states and deepen our penetration in existing states."

For earnings history and earnings-related data on United Insurance Holdings (UIHC) click here.

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