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.”