Compelo Insurance is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

United Insurance Reports Q3 Results

Reported a net loss of $0.73m compared to a net income of $8.9m for Q3 2008

United Insurance Holdings revenue has slumped to $20.71m for the third quarter of 2009 compared to $25.99m for the same period last year. The company reported a net loss of $0.73m, or $0.07 per diluted share, compared to net income of $8.9m, or $0.75 per diluted share, during the same period year ago.

The gross premiums written for the third quarter was $33.4m, a decrease of 8% compared to $36.2m over last year’s third quarter. The company had 96,300 policies-in-force at September 30, 2009, reflecting increases of 35% over September 30, 2008, and 20% since January 1, 2009.

United Insurance Holdings revenue declines to $69m for the nine months ended September 30, 2009 compared to $77m for the same period last year.

United generated net income of $5.2m, or $0.50 per diluted share, compared to generating net income of $26.6m, or $2.26 per diluted share, during the same period last year.

The gross premiums return increased to $128.5m for the nine months ended September 30, 2009, compared to $106.8m in the prior year period, primarily resulting from the growth in new business and improved policy retention.

Don Cronin, CEO of United Insurance Holdings, said: “Our results reflect a significant increase in reinsurance costs coupled with lower average premiums resulting from the state-mandated wind mitigation credits. We believe that our persistent efforts to manage our risk exposure and to maintain stringent underwriting criteria will reinforce our ability to generate long-term growth and profitability in our business, and allow us to better serve our policyholders going forward.”