1347 Property Insurance Holdings, Inc. (PIH) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

1347 Property Insurance Holdings, Inc. 8-K

Exhibit 99.1

1347 PROPERTY INSURANCE HOLDINGS, INC. ANNOUNCES 2017 SECOND QUARTER

FINANCIAL RESULTS

Q2 2017 Net Income of $0.9 million, or $0.15 per diluted share

Conference Call Scheduled For August 11, 2017 at 10:00 a.m. ET

Tampa, FL – August 10, 2017 – 1347 Property Insurance Holdings, Inc. (NASDAQ: PIH) (the “Company”), a property and casualty insurance holding company offering specialty insurance to individual and commercial customers in Louisiana and Texas through its wholly-owned subsidiary, Maison Insurance Company (“Maison”), today announced financial results for its second quarter ended June 30, 2017.

Second Quarter 2017 Financial and Operating Highlights 

(unless noted all financial comparisons are to the prior-year quarter) 

Management Comments

Doug Raucy, Chief Executive Officer, stated, “We are pleased to have grown our book value another 16 cents per share in the second quarter to $7.99. We ended the second quarter with almost 37,500 policies in force, representing growth of over 21% from a year ago. As a result, our gross written premiums rose 27.9% as compared to the second quarter of 2016, primarily from our voluntary independent agencies.  We focus intently on our independent agent network and work every day to create a win-win relationship for them and Maison.” Mr. Raucy continued, “While we did not experience any CAT events in the second quarter, non-catastrophe weather losses were significant in the quarter, comprising more than half of our net loss ratio for the three month period due to a number of smaller wind/hail events in Texas and Louisiana which occurred primarily in April and May. Even after the impact of these storms, our resulting net combined ratio for the quarter was 89.5%, which was still solidly profitable and proof again in the resilience of our business model.”