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United Insurance Q4 Revenue Down 17.7% To $19.4m

IBR Staff Writer Published 25 March 2010

United Insurance Holdings has reported revenue of $19.4m for the fourth quarter of 2009, a decrease of 17.7% compared to $23.6m for the same period last year.

The company's gross premiums written for the quarter were $27.3m compared to $34.7m for the same period in 2008. Net premiums written for the quarter decreased by 21% to $24.9m from $32m for the same period last year. Net premiums earned decreased by 21% to $16.3m from $20.7m.

For the foruth quarter ended December 31, 2009, the company posted a net loss of $1.2m, or $0.11 per diluted share, compared to net income of $6.8m, or $0.65 per diluted share for the fourth quarter of 2008.

For the full year 2009, the company has reported revenue of $88.4m, a decrease of 12% compared to $101.06m for 2008. Gross premiums written were $155.8m representing at 10% year-over-year increase. Net premiums written were $63.8m compared to $82.3m while net premiums earned were $78.1m compared with $81.1m. Net income for the full year 2009 was $4.1m, or $0.38 per diluted share, compared to net income of $33.4m, or $3.08 per diluted share, during 2008.

Don Cronin, CEO of United, said: “The combination of the impact of the wind-mitigation credits mandated by the State, a change in the Florida Hurricane Catastrophe Fund attachment point which required us to purchase additional private reinsurance, an overall increase in reinsurance rates and lower investment returns contributed to the decline in income in 2009.”