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United Q1 Revenues Down 23% To $16.9m

IBR Staff Writer Published 13 May 2010

United Insurance Holdings has reported total revenues of $16.9m for the first quarter of 2010, a decrease of 23% compared to $21.9m for the same quarter in 2009.

Gross premiums written for the quarter were $35.5m compared to $37m for the same period last year, while net premiums written for the quarter were $34.02m compared to $35.1m for the same period last year.

The company posted net premiums earned of $14.6m for the first quarter of 2010 compared to $21.5m for the same quarter in 2009.

For the quarter ended March 31, 2010, the company posted a net loss of $3.6m, or $0.35 per share compared to a net income of $3.1m, or $0.30 per share for the same period last year.

Don Cronin, CEO of United Insurance Holdings, said: “The unusually high reinsurance costs from last season’s contracts, several large losses and Florida’s unseasonably cold winter impacted our first quarter results. 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.”