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United Insurance Holdings Corp. (UIHC) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

United Insurance Holdings Corp.

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CIK: 1165408 Ticker: UIHC
Exhibit 99.1
uhiclogorta21.gif

FOR IMMEDIATE RELEASE
 
UNITED INSURANCE HOLDINGS CORP. REPORTS FINANCIAL RESULTS
FOR ITS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2022
 
Company to Host Quarterly Conference Call at 5:00 P.M. ET on March 2, 2023
The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at investors.upcinsurance.com/Presentations.
 
St. Petersburg, FL - March 2, 2023: United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and year ended December 31, 2022.
($ in thousands, except for per share data)Three Months EndedYear Ended
December 31,December 31,
20222021Change20222021Change
Gross premiums written$229,239 $268,890 (14.7)%$1,124,063 $1,329,445 (15.4)%
Gross premiums earned$296,323 $341,886 (13.3)%$1,223,183 $1,408,443 (13.2)%
Net premiums earned$134,177 $145,081 (7.5)%$462,626 $589,761 (21.6)%
Total revenues$113,475 $154,544 (26.6)%$455,422 $634,527 (28.2)%
Loss before income tax$(294,616)$(6,202)NM$(442,625)$(83,857)NM
Net loss attributable to UIHC$(294,914)$(2,316)NM$(467,999)$(57,919)NM
Net loss available to UIHC common
stockholders per diluted share
$(6.84)$(0.05)NM$(10.87)$(1.35)NM
Reconciliation of net loss to core loss:
Plus: Non-cash amortization of intangible assets and goodwill impairment (1)
$812 $811 0.1 %$16,817 $3,555 NM
Less: Net realized gains (losses) on investment portfolio$(30,226)$(2,349)NM$(32,082)$3,567 NM
Less: Unrealized gains (losses) on equity securities$3,285 $1,528 NM$(6,585)$3,237 NM
Less: Net tax impact (2)
$5,828 $343 NM$11,652 $(682)NM
Core loss (3) (4)
$(272,989)$(1,027)NM$(424,167)$(60,486)NM
Core loss per diluted share (3) (4)
$(6.33)$(0.02)NM$(9.85)$(1.41)NM
Book value per share$(4.16)$7.20 NM
NM = Not Meaningful
(1) For the year ended December 31, 2022, non-cash amortization of intangible assets includes $13.6 million related to the impairment of goodwill attributable to the Company's personal residential property and casualty insurance policies (personal lines) operating segment.
(2) In order to reconcile net loss to the core loss measures, the Company included the tax impact of all adjustments using the 21% corporate federal tax rate.
(3) For the three months and year ended December 31, 2022, core loss includes $71.0 million and $128.5 million, respectively, in tax expense related to the Company's recognition of a valuation allowance.
(4) Core loss, and core loss per diluted share, both of which are measures that are not based on GAAP, are reconciled above to net loss and net loss per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.





1
The following information was filed by United Insurance Holdings Corp. (UIHC) on Thursday, March 2, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside United Insurance Holdings Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document &Amp; Entity Information Document
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Details)
Accumulated Other Comprehensive Income (Tables)
Commitments And Contingencies
Commitments And Contingencies Lease Assets And Liabilities (Details)
Commitments And Contingencies Lease Liability Cash Activity (Details)
Commitments And Contingencies Lease, Cost (Details)
Commitments And Contingencies Leases (Tables)
Commitments And Contingencies Schedule Of Future Minimum Rental Payments (Details)
Commitments And Contingencies Weighted Average Lease Terms (Details)
Credit Losses
Credit Losses (Details)
Credit Losses (Tables)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (Tables)
Deferred Policy Acquisition Costs Deferred Costs, Capitalized, Prepaid, And Other Assets (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Effects Of Reinsurance On Losses (Details)
Effects Of Reinsurance On Premiums (Details)
Employee Benefit Plan
Employee Benefit Plan - Narrative (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details)
Goodwill And Intangible Assets (Tables)
Goodwill And Intangible Assets - Intangible Assets (Details)
Goowill And Intangible Assets - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes Narrative (Details)
Investments
Investments (Tables)
Investments - Investment Income (Details)
Investments - Schedule Of Available-For-Sale Securities Reconciliation (Details)
Investments - Schedule Of Realized Gain (Loss) (Details)
Investments Aging Of Unrealized Losses By Class (Details)
Investments By Category And Level (Details)
Investments Classified By Maturity Date (Details)
Investments Equity Investments, By Category (Details)
Investments Fair Value Inputs, Assets, Quantitative Information (Details)
Investments Restricted Cash (Details)
Liability For Unpaid Losses And Loss Adjustment Expense
Liability For Unpaid Losses And Loss Adjustment Expense (Details)
Liability For Unpaid Losses And Loss Adjustment Expense (Tables)
Liability For Unpaid Losses And Loss Adjustment Expense - Claims Development (Details)
Liability For Unpaid Losses And Loss Adjustment Expense - Reconciliation (Details)
Liability For Unpaid Losses And Loss Adjustment Expenses - Percentage Payout (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Debt Issuance Costs (Details)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Long-Term Debt Instruments (Details)
Long-Term Debt, Fiscal Year Maturity (Details)
Organization, Consolidation And Presentation
Property And Equipment
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Property And Equipment Table (Details)
Provision For Income Taxes (Details)
Reinsurance
Reinsurance (Tables)
Reinsurance - Narrative (Details)
Reinsurance Recoverables (Details)
Schedule Of Deferred Tax Assets (Details)
Securities On Deposit (Details)
Segment Reporting
Segment Reporting (Details)
Segment Reporting (Tables)
Significant Accounting Policies
Significant Accounting Policies (Policies)
Significant Accounting Policies - Narrative (Details)
Statutory Accounting And Regulation
Statutory Accounting And Regulation - Narrative (Details)
Stock Based Compensation Expense (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation Non-Vested Common Stock Grants (Details)
Stock-Based Compensation Non-Vested Stock Options (Details)
Stock-Based Compensation Weighted-Average Assumptions - Stock Options (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity Dividends (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Tax Expense Reconciliation (Details)
Unrecognized Tax Benefit (Details)
Ticker: UIHC
CIK: 1401521
Form Type: 10-K Annual Report
Accession Number: 0001401521-23-000023
Submitted to the SEC: Mon Apr 17 2023 5:25:08 PM EST
Accepted by the SEC: Mon Apr 17 2023
Period: Saturday, December 31, 2022
Industry: Fire Marine And Casualty Insurance

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