After announcing the date for the publication of its quarterly results, United Insurance Holdings Corp. (Nasdaq: UIHC) shares increased 14.26% to trade at $0.48 in pre-market at the time of our last check.
When will UIHC make its quarterly results available?
United Insurance (UIHC) stated that it anticipates publishing its financial results for the third quarter that ended September 30, 2022, on Wednesday, November 9, 2022, following the closing of the market. At 5:00 p.m. ET on the day, United Insurance will have its quarterly conference call to go over these results and assess the company’s outlook. UIHC extended an invitation to any interested parties to join the conference call.
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UIHC feared a loss:
This month, United Insurance said that it expects the third quarter of 2022, ending on September 30th, to have catastrophe losses from Hurricane Ian of about $36.4 million before income taxes, net of anticipated reinsurance recoveries. Along with a $20 million retention by our captive reinsurer, UPC Re, this also contains a net retention of $16.4 million, which is split roughly into $7.4 million for United Property & Casualty Insurance Company and $9.0 million for American Coastal Insurance Company.
UIHC predicts that it will get 27,000 to 30,000 claims in all, with a gross projected loss of $1 billion. To present, it has received about 19,000 claims. Approximately $16 million in reinstatement premiums are also anticipated by United Insurance; these costs will be spread out over the remaining time of its Core Catastrophe reinsurance contract, which expires on May 31, 2023.
How will UIHC navigate this situation?
After the devastation caused by Hurricane Ian, United Insurance (UIHC) is now primarily focused on providing for its policyholders. Regarding the long-term economic effects of this incident on UIHC and the overall sector, there is a very high level of uncertainty. United Insurance stated that it will closely collaborate with its reinsurers, service providers, and other significant stakeholders to properly and speedily determine losses.
