United Insurance Holdings Corp. Reports 2010 First Quarter Financial Results
(United or the Company), a property and casualty insurance holding company, announced unaudited financial results for its first quarter ended March 31, 2010.For the first quarter, United reported a net loss of $3.7 million, or $0.35 per diluted share, compared to recording net income of $3.1 million, or $0.30 per diluted share, during the same period last year.
"The unusually high reinsurance costs from last season's contracts, several large losses and Florida's unseasonably cold winter impacted our first quarter results," said Don Cronin, United's CEO. "We remain confident that the additional rate increases we received last year and our thoughtful approach to risk management will improve our bottom line results." The Florida Office of Insurance Regulation approved the 12.7% and 14% average rate increases for the Company's homeowner product which became effective on September 15, 2009, and March 15, 2010, respectively. United continued to manage its future risk exposure as in-force policies decreased 3% to 90,000 at March 31, 2010 compared to 93,000 at December 31, 2009.
