United Insurance Holdings (UIHC) Tops Q3 EPS by 17c, Revenues Beat

United Insurance Holdings (NASDAQ: UIHC) reported Q3 EPS of ($1.73), $0.17 better than the analyst estimate of ($1.90). Revenue for the quarter came in at $212.73 million versus the consensus estimate of $197.17 million.

“First, our thoughts are with all of the victims of the record-setting catastrophes this year, and our thanks to the many employees and partners that continue to serve our insureds," said Dan Peed, CEO of UPC Insurance.

"Year-to-date we have seen a record number of named storms in our geographic footprint. As an insurer that focuses on providing homeowners' insurance in hurricane-prone coastal areas, we experienced our largest ever quarterly losses due to these unprecedented storms.

Unfortunately, the losses attributable to the named storms masked numerous successes in the third quarter, including continued improvement in our core ex-hurricane earnings, increased rate earning through our portfolio, a decreased expense ratio, and accelerated rate increases on both the commercial and personal lines of our business.

As we conclude 2020 and move into the new year, we believe the tightening market conditions will not adversely affect our planned rate increases in both our commercial specialty and personal lines of our business. We remain optimistic that we will be well-positioned to reduce volatility through increased reinsurance cessions, while still achieving positive returns."

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

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