United Insurance Holdings (UIHC) Misses Q2 EPS by 5c

United Insurance Holdings (NASDAQ: UIHC) reported Q2 EPS of $0.45, $0.05 worse than the analyst estimate of $0.50.

"Q2 was a quarter of terrific achievement for UPC Insurance," said John Forney, the Company's President and Chief Executive Officer. "During the quarter, we closed the purchase of Interboro Insurance Company, which brought us a new group of talented associates as well as a foothold in New York, which will be an important state for us. We also placed our hurricane reinsurance program, which provides us nearly $1.5 billion in coverage and included our first-ever capital markets placement. The quarter also saw continued sales momentum - the three months of Q2 were the first, second, and third largest new business production months in the company’s history. At the end of the quarter, we had over 400,000 policies in force, representing just under $700 million in annual premium. Over half of our policies and premium are now outside Florida. During the quarter, we experienced a very high level of weather-related losses, both catastrophe and non-catastrophe, but despite these headwinds we were able to produce solid profits and maintain a strong return on equity. As always, I’m grateful for the daily commitment to excellence shown by the many dedicated associates at UPC Insurance, and excited at the prospects that lay ahead for our company."

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

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