Company Quick10K Filing
United Insurance Holdings
Price13.61 EPS-1
Shares43 P/E-18
MCap588 P/FCF3
Net Debt-183 EBIT-31
TEV405 TEV/EBIT-13
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-10
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-09
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-03-02
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-25
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-04
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-06
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-08
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-14
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-15
10-Q 2011-03-31 Filed 2011-05-11
10-K 2010-12-31 Filed 2011-03-17
10-Q 2010-09-30 Filed 2010-11-10
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-12
10-K 2009-12-31 Filed 2010-03-25
8-K 2020-08-05 Earnings, Regulation FD, Exhibits
8-K 2020-06-29 Officers, Regulation FD, Exhibits
8-K 2020-06-18
8-K 2020-06-01
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-04-23
8-K 2020-02-20
8-K 2020-01-09
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-06-04
8-K 2019-05-07
8-K 2019-05-07
8-K 2019-04-01
8-K 2019-02-19
8-K 2019-01-04
8-K 2018-11-01
8-K 2018-10-10
8-K 2018-09-12
8-K 2018-08-01
8-K 2018-06-01
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-05-08
8-K 2018-04-20
8-K 2018-03-05
8-K 2018-02-21
8-K 2018-01-12
8-K 2018-01-05

UIHC 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exh31130jun20.htm
EX-31.2 exh31230jun20.htm
EX-32.1 exh32130jun20.htm
EX-32.2 exh32230jun20.htm

United Insurance Holdings Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.82.21.71.10.60.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  
_______________________

FORM 10-Q
_______________________

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020

OR

    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________

Commission File Number 001-35761 
_____________________
United Insurance Holdings Corp.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
 
75-3241967
 
 
(State or Other Jurisdiction of
Incorporation or Organization)
 
(IRS Employer Identification Number)
 
 
800 2nd Avenue S,
St. Petersburg,
Florida
 
33701
 
 
(Address of Principal Executive Offices)
 
(Zip Code)

 
727-895-7737
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Common Stock, $0.0001 par value per share
UIHC
Nasdaq Stock Market LLC

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. £
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  R
As of July 31, 2020, 43,068,379 shares of common stock, par value $0.0001 per share, were outstanding.
 


UNITED INSURANCE HOLDINGS CORP.



PART I. FINANCIAL INFORMATION
 
 
Item 1. Financial Statements
 
    Condensed Consolidated Balance Sheets (Unaudited)
 
    Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
 
    Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
 
    Condensed Consolidated Statements of Cash Flows (Unaudited)
 
    Notes to Unaudited Condensed Consolidated Financial Statements
 
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk
 
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
 
 
Item 1. Legal Proceedings
 
Item 1A. Risk Factors
 
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
 
Item 3. Defaults Upon Senior Securities
 
Item 4. Mine Safety Disclosures
 
Item 5. Other Information
 
Item 6. Exhibits
Signatures
 
Throughout this Quarterly Report on Form 10-Q (Form 10-Q), we present amounts in all tables in thousands, except for share amounts, per share amounts, policy counts or where more specific language or context indicates a different presentation. In the narrative sections of this Form 10-Q, we show full values rounded to the nearest thousand.

2

UNITED INSURANCE HOLDINGS CORP.



FORWARD-LOOKING STATEMENTS

This Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements about anticipated growth in revenues, gross written premium, earnings per share, estimated unpaid losses on insurance policies, investment returns, and diversification and expectations about our liquidity, our ability to meet our investment objectives and our ability to manage and mitigate market risk with respect to our investments. Without limiting the generality of the foregoing, words such as “may,” “will,” “expect,” “endeavor,” “project,” “believe,” “plan,” “anticipate,” “intend,” “could,” “would,” “estimate,” or “continue” or the negative variations thereof or comparable terminology are intended to identify forward-looking statements. These statements are based on current expectations, estimates and projections about the industry and market in which we operate, and management's beliefs and assumptions. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties include, without limitation:

our exposure to catastrophic events and severe weather conditions;
the regulatory, economic and weather conditions present in Florida, the state in which we are most concentrated;
our ability to cultivate and maintain agent relationships, particularly our relationship with AmRisc, LLC (AmRisc);
the possibility that actual claims incurred may exceed our loss reserves for claims;
assessments charged by various governmental agencies;
our ability to implement and maintain adequate internal controls over financial reporting;
our ability to maintain information technology and data security systems, and to outsource relationships;
our reliance on key vendor relationships, and the ability of our vendors to protect the personally identifiable information of our customers, claimants or employees;
our ability to attract and retain the services of senior management;
risks and uncertainties relating to our acquisitions, mergers and other strategic transactions;
risks associated with joint ventures and investments in which we share ownership or management with third parties;
our ability to generate sufficient cash to service all of our indebtedness and comply with covenants and other requirements related to our indebtedness;
our ability to increase or maintain our market share;
changes in the regulatory environment present in the states in which we operate;
the impact of new federal or state regulations that affect the insurance industry;
the cost, variability and availability of reinsurance;
our ability to collect from our reinsurers on our reinsurance claims;
dependence on investment income and the composition of our investment portfolio and related market risks;
the possibility of the pricing and terms for our products to decline due to the historically cyclical nature of the property and casualty insurance and reinsurance industry;
the outcome of legal actions pending against us, including the terms of any settlements;
downgrades in our financial strength or stability ratings;
the impact of future sales of substantial amounts of our common stock by us or our significant stockholders on our stock price;
our ability to pay dividends in the future, which may be constrained by our holding company structure;
the ability of our subsidiaries to pay dividends in the future, which may affect our liquidity and our ability to meet our obligations;
the ability of R. Daniel Peed and his affiliates to exert significant control over us due to substantial ownership of our common stock, subject to certain restrictive covenants that may restrict our ability to pursue certain opportunities;
the impact of transactions by R. Daniel Peed and his affiliates on the price of our common stock;
provisions in our charter documents that may make it harder for others to obtain control of us;
the impact of the novel strain of coronavirus (COVID-19) and related business disruption and economic uncertainty on our business, results of operations and financial condition; and
other risks and uncertainties described in the section entitled "Risk Factors" in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2019.

We caution you not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. Except as may be required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, the occurrence of unanticipated events or otherwise.

3

UNITED INSURANCE HOLDINGS CORP.


PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)


June 30,
2020

December 31, 2019
ASSETS



 
Investments, at fair value:

 

 
Fixed maturities, available-for-sale (amortized cost of $975,797 and $869,598, respectively)

$
1,015,291


$
884,861

Equity securities

131,003


116,610

Other investments (amortized cost of $11,334 and $8,067, respectively)

12,010


10,252

Total investments

$
1,158,304


$
1,011,723

  Cash and cash equivalents

229,631


215,469

Restricted cash
 
51,939

 
71,588

Total cash, cash equivalents and restricted cash
 
$
281,570

 
$
287,057

Accrued investment income

5,815


5,901

Property and equipment, net
 
37,949

 
32,728

Premiums receivable, net (credit allowance of $192 and $165, respectively)

113,288


86,568

Reinsurance recoverable on paid and unpaid losses, net (credit allowance of $226 and $256, respectively)

486,805


550,136

Ceded unearned premiums

498,838


270,034

Goodwill
 
73,045

 
73,045

Deferred policy acquisition costs, net

120,182


104,572

Intangible assets, net
 
23,898

 
26,079

Other assets, net (credit allowance of $82 and $141, respectively)

30,738


19,375

Total Assets

$
2,830,432


$
2,467,218

LIABILITIES AND STOCKHOLDERS' EQUITY




Liabilities:




Unpaid losses and loss adjustment expenses

$
683,471


$
760,357

Unearned premiums

760,131


674,055

Reinsurance payable on premiums

460,807


166,131

Payments outstanding
 
45,552

 
57,555

Accounts payable and accrued expenses
 
88,061

 
78,592

Operating lease liability
 
2,369

 
324

Other liabilities

82,184


47,407

Notes payable, net

158,340

 
158,932

Total Liabilities

$
2,280,915


$
1,943,353

Commitments and contingencies (Note 10)






Stockholders' Equity:




Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding

$


$

Common stock, $0.0001 par value; 50,000,000 shares authorized; 43,216,919 and 43,056,310 issued, respectively; 43,068,379 and 43,028,074 outstanding, respectively

4


4

Additional paid-in capital

392,633


391,852

Treasury shares, at cost: 212,083 shares

(431
)

(431
)
Accumulated other comprehensive income

29,527


11,319

Retained earnings

106,534


100,394

Total stockholders' equity attributable to United Insurance Holdings Corp. (UIHC) stockholders
 
$
528,267

 
$
503,138

Noncontrolling interests (NCI)
 
21,250

 
20,727

Total Stockholders' Equity

$
549,517


$
523,865

Total Liabilities and Stockholders' Equity

$
2,830,432


$
2,467,218

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

4

UNITED INSURANCE HOLDINGS CORP.


Condensed Consolidated Statements of Comprehensive Income (Unaudited)


Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,


2020

2019
 
2020
 
2019
REVENUE:




 
 
 
 
Gross premiums written

$
439,651

 
$
449,762

 
$
774,834

 
$
768,321

Change in gross unearned premiums

(95,512
)
 
(119,737
)
 
(86,076
)
 
(126,483
)
Gross premiums earned

344,139

 
330,025

 
688,758

 
641,838

Ceded premiums earned

(158,657
)
 
(139,621
)
 
(311,680
)
 
(270,712
)
Net premiums earned

185,482

 
190,404

 
377,078

 
371,126

Net investment income

5,907

 
7,570

 
12,824

 
14,865

Net realized investment gains (losses)

59

 
(13
)
 
(9
)
 
168

Net unrealized gain (loss) on equity securities

20,552

 
2,737

 
(5,904
)
 
12,910

Other revenue

4,397

 
4,078

 
8,712

 
8,028

Total revenue

216,397

 
204,776

 
392,701

 
407,097

EXPENSES:




 
 
 
 
Losses and loss adjustment expenses

101,693

 
116,252

 
204,530

 
220,799

Policy acquisition costs

52,573

 
61,622

 
111,448

 
116,868

Operating expenses

13,977

 
11,199

 
23,681

 
21,410

General and administrative expenses

16,121

 
16,802

 
34,422

 
34,383

Interest expense

2,565

 
2,527

 
4,984

 
4,936

Total expenses

186,929

 
208,402

 
379,065

 
398,396

Income (loss) before other income

29,468

 
(3,626
)
 
13,636

 
8,701

Other income

14

 
21

 
42

 
27

Income (loss) before income taxes

29,482

 
(3,605
)
 
13,678

 
8,728

Provision (benefit) for income taxes

5,040

 
(808
)
 
1,752

 
1,947

Net income (loss)

$
24,442

 
$
(2,797
)
 
$
11,926

 
$
6,781

Less: Net income attributable to NCI
 
168

 
106

 
375

 
215

Net income (loss) attributable to UIHC
 
$
24,274

 
$
(2,903
)
 
$
11,551

 
$
6,566

OTHER COMPREHENSIVE INCOME:




 
 
 
 
Change in net unrealized gains on investments

28,332

 
10,633

 
24,222

 
24,955

Reclassification adjustment for net realized investment losses (gains)

(59
)
 
13

 
9

 
(168
)
Income tax expense related to items of other comprehensive income

(6,858
)
 
(2,429
)
 
(5,875
)
 
(5,888
)
Total comprehensive income

$
45,857

 
$
5,420

 
$
30,282

 
$
25,680

Less: Comprehensive income attributable to NCI
 
549

 
205

 
523

 
436

Comprehensive income attributable to UIHC

$
45,308


$
5,215

 
$
29,759

 
$
25,244

 
 
 
 
 
 
 
 
 
Weighted average shares outstanding




 
 
 
 
Basic

42,860,922

 
42,762,417

 
42,833,225

 
42,729,730

Diluted
 
43,055,115

 
42,762,417

 
43,041,623

 
43,097,244






 
 
 
 
Earnings available to UIHC common stockholders per share




 
 
 
 
Basic

$
0.57

 
$
(0.07
)
 
$
0.27

 
$
0.15

Diluted
 
$
0.56

 
$
(0.07
)
 
$
0.27

 
$
0.15

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
Statements include related party transactions as detailed in Note 12.

5

UNITED INSURANCE HOLDINGS CORP.



Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended
(Unaudited)
 
Common Stock
 
Additional Paid-in Capital
 
Treasury Stock
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Stockholders' Equity Attributable to UIHC
 
NCI
 
Total Stockholders’ Equity
 
Number of Shares
 
Dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2019
43,008,729

 
$
4

 
$
390,042

 
$
(431
)
 
$
1,530

 
$
147,446

 
$
538,591

 
$
20,370

 
$
558,961

Net income (loss)

 

 

 

 

 
(2,903
)
 
(2,903
)
 
106

 
(2,797
)
Other comprehensive income, net


 

 

 

 
8,118

 

 
8,118

 
99

 
8,217

Stock Compensation
222,455

 

 
677

 

 

 

 
677

 

 
677

Cash dividends on common stock ($0.06 per common share)

 

 

 

 

 
(2,570
)
 
(2,570
)
 

 
(2,570
)
June 30, 2019
43,231,184

 
$
4

 
$
390,719

 
$
(431
)
 
$
9,648

 
$
141,973

 
$
541,913

 
$
20,575

 
$
562,488

 
Common Stock
 
Additional Paid-in Capital
 
Treasury Stock
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Stockholders' Equity Attributable to UIHC
 
NCI
 
Total Stockholders’ Equity
 
Number of Shares
 
Dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2020
42,943,447

 
$
4

 
$
392,552

 
$
(431
)
 
$
8,493

 
$
84,838

 
$
485,456

 
$
20,701

 
$
506,157

Net income

 

 

 

 

 
24,274

 
24,274

 
168

 
24,442

Other comprehensive income, net


 

 

 

 
21,034

 

 
21,034

 
381

 
21,415

Stock Compensation
124,932

 

 
81

 

 

 

 
81

 

 
81

Cash dividends on common stock ($0.06 per common share)

 

 

 

 

 
(2,578
)
 
(2,578
)
 

 
(2,578
)
June 30, 2020
43,068,379

 
$
4

 
$
392,633

 
$
(431
)
 
$
29,527

 
$
106,534

 
$
528,267

 
$
21,250

 
$
549,517


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.



6

UNITED INSURANCE HOLDINGS CORP.



Condensed Consolidated Statements of Stockholders’ Equity For the Six Months Ended
(Unaudited)
 
Common Stock
 
Additional Paid-in Capital
 
Treasury Stock
 
Accumulated Other Comprehensive Income (loss)
 
Retained Earnings
 
Stockholders' Equity Attributable to UIHC
 
NCI
 
Total Stockholders’ Equity
 
Number of Shares
 
Dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2018
42,984,578

 
$
4

 
$
389,141

 
$
(431
)
 
$
(9,030
)
 
$
140,546

 
$
520,230

 
$
20,139

 
$
540,369

Net income

 

 

 

 

 
6,566

 
6,566

 
215

 
6,781

Other comprehensive income, net


 

 

 

 
18,678

 

 
18,678

 
221

 
18,899

Stock Compensation
246,606

 

 
1,578

 

 

 

 
1,578

 

 
1,578

Cash dividends on common stock ($0.12 per common share)

 

 

 

 

 
(5,139
)
 
(5,139
)
 

 
(5,139
)
June 30, 2019
43,231,184

 
$
4

 
$
390,719

 
$
(431
)
 
$
9,648

 
$
141,973

 
$
541,913

 
$
20,575

 
$
562,488

 
Common Stock
 
Additional Paid-in Capital
 
Treasury Stock
 
Accumulated Other Comprehensive Income
 
Retained Earnings
 
Stockholders' Equity Attributable to UIHC
 
NCI
 
Total Stockholders’ Equity
 
Number of Shares
 
Dollars
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2019
43,028,074

 
$
4

 
$
391,852

 
$
(431
)
 
$
11,319

 
$
100,394

 
$
503,138

 
$
20,727

 
$
523,865

Net income

 

 

 

 

 
11,551

 
11,551

 
375

 
11,926

Other comprehensive income, net


 

 

 

 
18,208

 

 
18,208

 
148

 
18,356

Reclassification due to adoption of ASU 2016-13

 

 

 

 

 
(262
)
 
(262
)
 

 
(262
)
Stock Compensation
40,305

 

 
781

 

 

 

 
781

 

 
781

Cash dividends on common stock ($0.12 per common share)

 

 

 

 

 
(5,149
)
 
(5,149
)
 

 
(5,149
)
June 30, 2020
43,068,379

 
$
4

 
$
392,633

 
$
(431
)
 
$
29,527

 
$
106,534

 
$
528,267

 
$
21,250

 
$
549,517



See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


7

UNITED INSURANCE HOLDINGS CORP.


Condensed Consolidated Statements of Cash Flows (Unaudited)
 
 
Six Months Ended June 30,
 
 
2020
 
2019
OPERATING ACTIVITIES
 
 
 
 
Net income
 
$
11,926

 
$
6,781

Adjustments to reconcile net income (loss) to net cash used by operating activities:
 
 
 
 
Depreciation and amortization
 
4,746

 
4,649

Bond amortization and accretion
 
3,016

 
2,467

Net realized losses (gains) on investments
 
9

 
(168
)
Net unrealized losses (gains) on equity securities
 
5,904

 
(12,910
)
Provision for uncollectable premiums
 
213

 
62

Deferred income taxes, net
 
7,147

 
3,785

Stock based compensation
 
781

 
1,578

Changes in operating assets and liabilities:
 
 
 
 
Accrued investment income
 
86

 
(163
)
Premiums receivable
 
(26,798
)
 
(31,076
)
Reinsurance recoverable on paid and unpaid losses
 
63,075

 
117,203

Ceded unearned premiums
 
(228,804
)
 
(242,262
)
Deferred policy acquisition costs, net
 
(15,610
)
 
(19,080
)
Other assets
 
(11,504
)
 
(2,690
)
Unpaid losses and loss adjustment expenses
 
(76,886
)
 
(83,854
)
Unearned premiums
 
86,076

 
126,483

Reinsurance payable on premiums
 
294,676

 
287,571

Payments outstanding
 
(12,003
)
 
12,150

Accounts payable and accrued expenses
 
9,469

 
(9,523
)
Operating lease liability
 
2,045

 
397

Other liabilities
 
21,756

 
17,878

Net cash provided by operating activities
 
$
139,320

 
$
179,278

INVESTING ACTIVITIES
 
 
 
 
Proceeds from sales, maturities and repayments of:
 
 
 
 
Fixed maturities
 
99,195

 
132,029

Equity securities
 
7,341

 
1,690

Other investments
 
1,262

 
2,675

Purchases of:
 
 
 
 
Fixed maturities
 
(208,091
)
 
(112,031
)
Equity securities
 
(26,463
)
 
(6,514
)
Other investments
 
(4,524
)
 
(5,966
)
Cost of property, equipment and capitalized software acquired
 
(7,616
)
 
(6,231
)
Net cash provided by (used in) investing activities
 
$
(138,896
)
 
$
5,652

FINANCING ACTIVITIES
 
 
 
 
Repayments of borrowings
 
(762
)
 
(762
)
Dividends
 
(5,149
)
 
(5,139
)
Net cash used in financing activities
 
$
(5,911
)
 
$
(5,901
)
Increase (decrease) in cash, cash equivalents and restricted cash
 
(5,487
)
 
179,029

Cash, cash equivalents and restricted cash at beginning of period
 
287,057

 
184,120

Cash, cash equivalents and restricted cash at end of period
 
$
281,570

 
$
363,149

Supplemental Cash Flows Information
 
 
 
 
Interest paid
 
$
4,793

 
$
4,888

Income taxes paid
 
$
878

 
$
164

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

8

UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
June 30, 2020


1)    ORGANIZATION, CONSOLIDATION AND PRESENTATION

(a)Business

United Insurance Holdings Corp. (referred to in this document as we, our, us, the Company or UPC Insurance) is a property and casualty insurance holding company that sources, writes and services residential personal and commercial property and casualty insurance policies using a network of agents, four wholly-owned insurance subsidiaries, and one majority-owned insurance subsidiary. Our largest insurance subsidiary is United Property & Casualty Insurance Company (UPC), which was formed in Florida in 1999 and has operated continuously since that time. Our four other insurance subsidiaries are Family Security Insurance Company, Inc. (FSIC), acquired via merger on February 3, 2015; Interboro Insurance Company (IIC), acquired via merger on April 29, 2016; American Coastal Insurance Company (ACIC), acquired via merger on April 3, 2017; and Journey Insurance Company (JIC). JIC was formed in strategic partnership with a subsidiary of Tokio Marine Kiln Group Limited (Kiln) on August 30, 2018. The Kiln subsidiary holds a noncontrolling interest in JIC.

Our other subsidiaries include United Insurance Management, L.C. (UIM), a managing general agent that manages
substantially all aspects of UPC and FSIC's business; Skyway Claims Services, LLC, which provides claims adjusting services to UPC, FSIC and IIC; AmCo Holding Company, LLC (AmCo) and Family Security Holdings, LLC (FSH), which are holding company subsidiaries that consolidate their respective insurance companies; BlueLine Cayman Holdings (BlueLine), which reinsures portfolios of excess and surplus policies; UPC Re, which provides a portion of the reinsurance protection purchased by our insurance subsidiaries when needed; and Skyway Reinsurance Services, LLC, which provides reinsurance brokerage services for our insurance companies.

Our primary product is homeowners' insurance, which we currently offer in 12 states, under authorization from the insurance regulatory authorities in each state. In addition, we write commercial residential insurance in the state of Florida. We are also licensed to write property and casualty insurance in an additional six states; however, we have not commenced writing in these states.

We conduct our operations under one reportable segment, property and casualty insurance policies. Our chief operating decision maker is our President, who makes decisions to allocate resources and assesses performance at the corporate level.

(b)Consolidation and Presentation

We prepare our unaudited condensed consolidated interim financial statements in conformity with U.S. generally accepted accounting principles (GAAP). We have condensed or omitted certain information and footnote disclosures normally included in the annual consolidated financial statements presented in accordance with GAAP. In management's opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring items, considered necessary for a fair presentation of interim periods. We include all of our subsidiaries in our consolidated financial statements, eliminating intercompany balances and transactions during consolidation. Our unaudited condensed consolidated interim financial statements and footnotes should be read in conjunction with our consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2019.

While preparing our unaudited condensed consolidated financial statements, we make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements, as well as reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. Reported amounts that require us to make extensive use of estimates include our reserves for unpaid losses and loss adjustment expenses, investments and goodwill. Except for the captions on our Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Comprehensive Income, we generally use the term loss(es) to collectively refer to both loss and loss adjustment expenses.

We reclassified certain amounts in the 2019 financial statements to conform to the 2020 presentation, including reclassifying the presentation of "outstanding checks in excess of funds on deposit" in the financing section of the Unaudited Condensed Consolidated Statements of Cash Flows to "changes in operating assets and liabilities: payments outstanding" in the operating section, to provide the users of the financial statements with more transparency. These reclassifications had no impact on our results of operations or stockholders' equity, as previously reported.

Our results of operations and our cash flows as of the end of the interim periods reported herein do not necessarily indicate our results for the remainder of the year or for any other future period.

9

UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
June 30, 2020