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United Insurance Releases Q2, H1 Financials

Net premiums earned during the second quarter were $21.9 million

United Insurance, a property and casualty insurance holding company, has reported its unaudited financial results for the three and six month period ended June 30, 2009.

For the second quarter, the company reported a net income of $2.8 million, or $0.27 per diluted share, compared to net income of $9.2 million, or $0.78 per diluted share, for the same period last year.

For the six-month period ended June 30, 2009, the company generated a net income of $6 million, or $0.57 per diluted share, compared to net income of $17.7 million, or $1.50 per diluted share, for the same period last year.

For the second quarter, the company’s gross premiums written increased 40% to $58.1 million, as compared to $41.5 million during the second quarter of 2008. United also experienced an increase in gross premiums written of 35% for the six-month period ended June 30, 2009, compared to the prior year.

Net premiums earned during the second quarter were $21.9 million, compared to $19.7 million during the second quarter of 2008. The increase in the year-to-date period over the same period in 2008 was $3.1 million.