United Insurance Holdings (UIHC) Reports Q4 Revenues Beat

United Insurance Holdings (NASDAQ: UIHC) reported Q4 EPS of ($0.79), $0.50 better than the analyst estimate of ($1.29). Revenue for the quarter came in at $241.22 million versus the consensus estimate of $193.86 million.

"UIHC’s fourth quarter and full fiscal year 2020 results continued to demonstrate an improving Core Income excluding named windstorms, being the fourth quarter in a row of year-over-year improvement and a 2020 fiscal year improvement of over $60 million," said Dan Peed, CEO of UPC Insurance.

"Unfortunately, being a catastrophe focused insurer, the unprecedented number of catastrophe events caused over $78 million of named windstorm net catastrophe losses in the fourth quarter, and over $208 million for fiscal year 2020.

However, given the accelerating hardening of the Florida personal lines market and our strong reinsurance partners, we are well positioned to continue expanding our underlying margin while also significantly cutting our net catastrophe occurrence and aggregate retentions. Although 2021 will be a transition year, the combination of an expanding underlying profit and a reduced aggregate catastrophe retention positions the business well for a more consistent growth in Core Income."

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

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