United Insurance Holdings Earnings 2020-03-31

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

10-Q 1 a10-qdocument31mar20.htm 10-Q Document

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 March 31, 2020

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		33701
	St. Petersburg, Florida		(Zip Code)
	(Address of Principal Executive Offices)

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 R 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 R 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	þ
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 May 1, 2020, 42,983,371 shares of common stock, par value $0.0001 per share, were outstanding.

UNITED INSURANCE HOLDINGS CORP.



PART I. FINANCIAL INFORMATION
	Item 1. Financial Statements	4
	Condensed Consolidated Balance Sheets (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)	5
	Condensed Consolidated Statements of Stockholders' Equity (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows (Unaudited)	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	30
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	40
	Item 4. Controls and Procedures	40
PART II. OTHER INFORMATION
	Item 1. Legal Proceedings	41
	Item 1A. Risk Factors	41
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	42
	Item 3. Defaults Upon Senior Securities	42
	Item 4. Mine Safety Disclosures	42
	Item 5. Other Information	42
	Item 6. Exhibits	43
Signatures		44

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.

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.

UNITED INSURANCE HOLDINGS CORP.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets (Unaudited)



	March 31, 2020			December 31, 2019
ASSETS
Investments, at fair value:
Fixed maturities, available-for-sale (amortized cost of $862,565 and $869,598, respectively)	$	873,786		$	884,861
Equity securities	111,915			116,610
Other investments (amortized cost of $9,336 and $8,067, respectively)	9,565			10,252
Total investments	$	995,266		$	1,011,723
Cash and cash equivalents	218,355			215,469
Restricted cash	64,058			71,588
Total cash, cash equivalents and restricted cash	$	282,413		$	287,057
Accrued investment income	5,478			5,901
Property and equipment, net	34,955			32,728
Premiums receivable, net (credit allowance of $126 and $165, respectively)	90,547			86,568
Reinsurance recoverable on paid and unpaid losses, net (credit allowance of $241 and $256, respectively)	514,485			550,136
Ceded unearned premiums	179,513			270,034
Goodwill	73,045			73,045
Deferred policy acquisition costs, net	104,882			104,572
Intangible assets, net	24,941			26,079
Other assets, net (credit allowance of $112 and $141, respectively)	26,234			19,375
Total Assets	$	2,331,759		$	2,467,218
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	711,042		$	760,357
Unearned premiums	664,619			674,055
Reinsurance payable on premiums	112,390			166,131
Payments outstanding	45,029			57,555
Accounts payable and accrued expenses	70,506			78,592
Operating lease liability	2,421			324
Other liabilities	60,959			47,407
Notes payable, net	158,636			158,932
Total Liabilities	$	1,825,602		$	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; 43,053,003 and 43,056,310 issued, respectively; 42,943,447 and 43,028,074 outstanding, respectively	4			4
Additional paid-in capital	392,552			391,852
Treasury shares, at cost: 212,083 shares	(431		)	(431		)
Accumulated other comprehensive income	8,493			11,319
Retained earnings	84,838			100,394
Total stockholders' equity attributable to United Insurance Holdings Corp. (UIHC) stockholders	$	485,456		$	503,138
Noncontrolling interests (NCI)	20,701			20,727
Total Stockholders' Equity	$	506,157		$	523,865
Total Liabilities and Stockholders' Equity	$	2,331,759		$	2,467,218

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

UNITED INSURANCE HOLDINGS CORP.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited)



	Three months ended
	March 31,
	2020			2019
REVENUE:
Gross premiums written	$	335,183		$	318,559
Change in gross unearned premiums	9,436			(6,746		)
Gross premiums earned	344,619			311,813
Ceded premiums earned	(153,023		)	(131,091		)
Net premiums earned	191,596			180,722
Net investment income	6,917			7,295
Net realized investment gains (losses)	(68		)	181
Net unrealized gain (loss) on equity securities	(26,456		)	10,173
Other revenue	4,315			3,950
Total revenue	176,304			202,321
EXPENSES:
Losses and loss adjustment expenses	102,837			104,547
Policy acquisition costs	58,875			55,246
Operating expenses	9,704			10,211
General and administrative expenses	18,301			17,581
Interest expense	2,419			2,409
Total expenses	192,136			189,994
Income (loss) before other income	(15,832		)	12,327
Other income	28			6
Income (loss) before income taxes	(15,804		)	12,333
Provision (benefit) for income taxes	(3,288		)	2,755
Net income (loss)	$	(12,516	)	$	9,578
Less: Net income attributable to noncontrolling interests	207			109
Net income (loss) attributable to UIHC	$	(12,723	)	$	9,469
OTHER COMPREHENSIVE INCOME (LOSS):
Change in net unrealized gains (losses) on investments	(4,110		)	14,322
Reclassification adjustment for net realized investment losses (gains)	68			(181		)
Income tax benefit (expense) related to items of other comprehensive income (loss)	983			(3,459		)
Total comprehensive income (loss)	$	(15,575	)	$	20,260
Less: Comprehensive income (loss) attributable to NCI	(26		)	231
Comprehensive income (loss) attributable to UIHC	$	(15,549	)	$	20,029

Weighted average shares outstanding
Basic	42,805,527			42,696,681
Diluted	42,805,527			42,986,484

Earnings available to UIHC common stockholders per share
Basic	$	(0.30	)	$	0.22
Diluted	$	(0.30	)	$	0.22

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

Statements include related party transactions as detailed in Note 12.

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 (loss)			Retained Earnings			Stockholders' Equity Attributable to UIHC			NCI		Total Stockholders’ Equity
	Number of Shares	Dollars
	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	—	—		—		—			—			9,469			9,469			109		9,578
Other comprehensive income, net	—	—		—		—			10,560			—			10,560			122		10,682
Stock Compensation	24,151	—		901		—			—			—			901			—		901
Cash dividends on common stock ($0.06 per common share)	—	—		—		—			—			(2,569		)	(2,569		)	—		(2,569		)
March 31, 2019	43,008,729	$	4	$	390,042	$	(431	)	$	1,530		$	147,446		$	538,591		$	20,370	$	558,961



	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
	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 (loss)	—		—		—		—			—			(12,723		)	(12,723		)	207			(12,516		)
Other comprehensive loss, net	—		—		—		—			(2,826		)	—			(2,826		)	(233		)	(3,059		)
Reclassification due to adoption of ASU 2016-13	—		—		—		—			—			(262		)	(262		)	—			(262		)
Stock Compensation	(84,627	)	—		700		—			—			—			700			—			700
Cash dividends on common stock ($0.06 per common share)	—		—		—		—			—			(2,571		)	(2,571		)	—			(2,571		)
March 31, 2020	42,943,447		$	4	$	392,552	$	(431	)	$	8,493		$	84,838		$	485,456		$	20,701		$	506,157

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

UNITED INSURANCE HOLDINGS CORP.

Condensed Consolidated Statements of Cash Flows (Unaudited)



	Three Months Ended March 31,
	2020			2019
OPERATING ACTIVITIES
Net income (loss)	$	(12,516	)	$	9,578
Adjustments to reconcile net income (loss) to net cash used by operating activities:
Depreciation and amortization	2,510			2,320
Bond amortization and accretion	1,564			1,186
Net realized losses (gains) on investments	68			(181		)
Net unrealized losses (gains) on equity securities	26,456			(10,173		)
Provision for uncollectable premiums	10			(58		)
Deferred income taxes, net	(3,461		)	(958		)
Stock based compensation	700			901
Changes in operating assets and liabilities:
Accrued investment income	423			352
Premiums receivable	(3,854		)	2,946
Reinsurance recoverable on paid and unpaid losses	35,395			(28,462		)
Ceded unearned premiums	90,521			84,581
Deferred policy acquisition costs, net	(310		)	(3,907		)
Other assets	(6,999		)	(2,902		)
Unpaid losses and loss adjustment expenses	(49,315		)	(31,235		)
Unearned premiums	(9,436		)	6,746
Reinsurance payable on premiums	(53,741		)	(59,153		)
Payments outstanding	(12,526		)	9,107
Accounts payable and accrued expenses	(8,086		)	(6,899		)
Operating lease liability	2,097			438
Other liabilities	17,998			23,309
Net cash provided by (used in) operating activities	$	17,498		$	(2,464	)
INVESTING ACTIVITIES
Proceeds from sales, maturities and repayments of:
Fixed maturities	63,743			45,586
Equity securities	1,233			511
Other investments	212			2,256
Purchases of:
Fixed maturities	(58,266		)	(23,359		)
Equity securities	(21,116		)	(862		)
Other investments	(1,481		)	(5,361		)
Cost of property, equipment and capitalized software acquired	(3,515		)	(3,297		)
Net cash provided by (used in) investing activities	$	(19,190	)	$	15,474
FINANCING ACTIVITIES
Repayments of borrowings	(381		)	(382		)
Dividends	(2,571		)	(2,569		)
Net cash used in financing activities	$	(2,952	)	$	(2,951	)
Increase (decrease) in cash, cash equivalents and restricted cash	(4,644		)	10,059
Cash, cash equivalents and restricted cash at beginning of period	287,057			184,120
Cash, cash equivalents and restricted cash at end of period	$	282,413		$	194,179
Supplemental Cash Flows Information
Interest paid	$	70		$	105
Income taxes paid	$	—		$	—

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 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 Chief Executive Officer, 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 (Loss), 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 payments outstanding" in the operating section, to provide the users of the financial statement with more transparency. These reclassifications had no impact on our results of operations or stockholders' equity, as previously reported.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

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.

(c)Impact of COVID-19, Financial Status and Outlook

In recent months, there has been an outbreak of a novel strain of COVID-19 in many countries in the world, which was declared a pandemic by the World Health Organization in March 2020. This has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans and restrictions, self-imposed quarantine periods, state and local shelter-in-place orders, business and government shutdowns and social distancing, have caused material disruption to businesses and economies globally. In addition, global equity markets have experienced significant volatility and weakness.

We are committed to our employees, agents, customers and shareholders in our resolve to maintain a stable and secure business. We have continued to operate at nearly full capacity while taking the necessary steps to ensure the health and safety of our employees through adherence to CDC and local government work guidelines. In addition, we have converted to virtual sales processes to enable our agents to continue their activities.

We have not seen a material impact from COVID-19 on our business operations, financial position, liquidity or our ability to service our policyholders to date, with the exception of fluctuations in our investment portfolios due to volatility in the equity securities markets, as further described in Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Form 10-Q. The COVID-19 pandemic and resulting global disruptions did not have a material impact on our access to credit and capital markets needed to maintain sufficient liquidity for our continued operating needs.

The scope, severity and longevity of any business shutdowns and economic disruption as a result of the COVID-19 outbreak is highly uncertain and cannot be predicted at this time, as new information may continue to emerge concerning the actions governments may take to contain or mitigate the spread of the virus or address its impact on individuals, businesses and the economy. We did not incur material claims or significant disruptions to our business for the three months ended March 31, 2020. At this time, it is not possible to reasonably estimate the extent of the impact of the economic uncertainties on our business, results of operations and financial conditions in future periods, but we will continue to respond to the COVID-19 pandemic and take reasonable measures to make sure customers continue to be served without interruption.

2) SIGNIFICANT ACCOUNTING POLICIES

(a) Changes to Significant Accounting Policies

We have made no changes to our significant accounting policies as reported in our Annual Report on Form 10-K for the year ended December 31, 2019, except for the standards adopted in 2020 as noted below.

(b) Allowance for Expected Credit Losses

We are exposed to credit losses primarily through three different pools of assets based on similar risk characteristics: premiums receivable for direct written business; reinsurance recoverables from ceded losses to our reinsurers; and our note receivable. We estimate the expected credit losses based on historical trends, credit ratings assigned to reinsurers by rating agencies, average default rates, current economic conditions, and reasonable and supportable forecasts of future economic conditions that affect the collectability of the reported amounts over its expected life. Changes in the relevant information may significantly affect the estimates of expected credit losses.

The allowance for credit losses is deducted from the amortized cost basis of the assets to present their net carrying value at the amount expected to be collected. Each period, the allowance for credit losses is adjusted through earnings to reflect expected credit losses over the remaining lives of the assets.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

The following table summarizes our allowance for expected credit losses by pooled asset for the three months ended March 31, 2020:



	December 31, 2019		Provision for expected credit losses			Write-offs		March 31, 2020
Premiums Receivable	$	165	$	(39	)	$	—	$	126
Reinsurance Recoverables	256		(15		)	—		241
Note Receivable	141		(29		)	—		112
Total	$	562	$	(83	)	$	—	$	479

On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act to mitigate the economic impacts of the COVID-19 crisis. We are assessing the impact of applying the tax provisions of the CARES Act, and believe it will have a favorable but immaterial impact on our U.S. Federal Tax obligations.

(d) Recently Adopted Accounting Pronouncements

In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13). This update modifies the existing disclosure requirements on fair value measurements in Topic 820 by changing requirements regarding Level 1, Level 2 and Level 3 investments. ASU 2018-13 is effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual periods. Entities are permitted to early adopt any removed or modified disclosures of ASU 2018-13 immediately and delay the adoption of the additional disclosures until their effective date. We early adopted the guidance on removed and modified disclosures and adopted the remainder of the guidance on January 1, 2020, which has not impacted the accompanying unaudited condensed consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). This update simplifies the manner in which an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 is effective for annual periods beginning after December 15, 2019, including interim periods within those annual periods, with early adoption permitted for certain requirements. We intend to adopt this new guidance when we perform our annual assessment of goodwill as of September 30, 2020. In the event that a triggering event occurs and requires an earlier interim assessment, we intend to adopt the updated guidance at that time. Any impact of the standard on our consolidated financial statements and related disclosures will be dependent on market conditions of the reporting units at the time of our assessment and subsequent adoption.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). This update is intended to replace the incurred loss impairment methodology in current GAAP with a method that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 will provide users with more useful information regarding the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. In addition, credit losses on available-for-sale debt securities will now have to be presented as an allowance rather than as a write-down. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We adopted this guidance as of January 1, 2020 using a modified retrospective approach, which allowed us to initially apply the new credit loss guidance at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings for 2020, with no adjustment to prior periods presented.The cumulative effect to the opening balance of retained earnings was a decrease of $262,000, net of reversals from allowances recorded under prior guidance.

(e) Pending Accounting Pronouncements

We have evaluated recent accounting pronouncements that have had or may have a significant effect on our financial statements or on our disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes (ASU 2019-12). This update enhances and simplifies various aspects of the income tax guidance, including intra-period

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 is effective for annual reporting periods beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. We do not intend to early adopt and are assessing the impact of adopting this new accounting standard on our unaudited condensed consolidated financial statements and related disclosures.

3) INVESTMENTS

The following table details fixed-maturity available-for-sale securities, by major investment category, at March 31, 2020 and December 31, 2019:



	Cost or Adjusted/Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
March 31, 2020
U.S. government and agency securities	$	104,530	$	5,034	$	44	$	109,520
Foreign government	3,721		70		1		3,790
States, municipalities and political subdivisions	126,962		2,885		38		129,809
Public utilities	27,125		479		313		27,291
Corporate securities	285,633		4,087		7,025		282,695
Mortgage-backed securities	255,523		8,872		1,541		262,854
Asset-backed securities	52,181		282		849		51,614
Redeemable preferred stocks	6,890		—		677		6,213
Total fixed maturities	$	862,565	$	21,709	$	10,488	$	873,786

December 31, 2019
U.S. government and agency securities	$	120,260	$	749	$	193	$	120,816
Foreign government	3,975		97		1		4,071
States, municipalities and political subdivisions	131,203		2,611		63		133,751
Public utilities	24,660		700		26		25,334
Corporate securities	281,892		7,123		143		288,872
Mortgage-backed securities	248,206		4,174		477		251,903
Asset-backed securities	56,487		683		41		57,129
Redeemable preferred stocks	2,915		72		2		2,985
Total fixed maturities	$	869,598	$	16,209	$	946	$	884,861

Equity securities are summarized as follows:



	March 31, 2020				December 31, 2019
	Estimated Fair Value		Percent of Total		Estimated Fair Value		Percent of Total

Mutual funds	$	52,492	46.9	%	$	65,453	56.1	%
Public utilities	6,255		5.6		3,663		3.1
Other common stocks	45,801		40.9		44,492		38.2
Nonredeemable preferred stocks	7,367		6.6		3,002		2.6
Total equity securities	$	111,915	100.0	%	$	116,610	100.0	%

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

When we sell investments, we calculate the gain or loss realized on the sale by comparing the sales price (fair value) to the cost or adjusted/amortized cost of the security sold. We determine the cost or adjusted/amortized cost of the security sold using the specific-identification method. The following table details our realized gains (losses) by major investment category for the three months ended March 31, 2020 and 2019:



	2020					2019
	Gains (Losses)			Fair Value at Sale		Gains (Losses)			Fair Value at Sale
Three Months Ended March 31,
Fixed maturities	$	345		$	59,225	$	248		$	6,004
Equity securities	12			280		6			59
Short-term investments	—			35		—			—
Total realized gains	357			59,540		254			6,063
Fixed maturities	(337		)	4,518		(36		)	9,589
Equity securities	(88		)	953		(37		)	383
Short-term investments	—			128		—			—
Total realized losses	(425		)	5,599		(73		)	9,972
Net realized investment gains (losses)	$	(68	)	$	65,139	$	181		$	16,035

The table below summarizes our fixed maturities at March 31, 2020 by contractual maturity periods. Actual results may differ as issuers may have the right to call or prepay obligations, with or without penalties, prior to the contractual maturities of those obligations.



	March 31, 2020
	Cost or Amortized Cost		Percent of Total		Fair Value		Percent of Total
Due in one year or less	$	81,916	9.5	%	$	81,888	9.4	%
Due after one year through five years	266,843		30.9		269,289		30.8
Due after five years through ten years	194,258		22.5		196,540		22.5
Due after ten years	11,844		1.4		11,601		1.3
Asset and mortgage backed securities	307,704		35.7		314,468		36.0
Total	$	862,565	100.0	%	$	873,786	100.0	%

The following table summarizes our net investment income by major investment category:



	Three Months Ended March 31,
	2020			2019
Fixed maturities	$	5,470		$	6,062
Equity securities	771			492
Cash and cash equivalents	671			135
Other investments	266			768
Other assets	9			88
Investment income	7,187			7,545
Investment expenses	(270		)	(250		)
Net investment income	$	6,917		$	7,295

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

Portfolio monitoring

We have a quarterly portfolio monitoring process to identify and evaluate each fixed-income security whose carrying value may be impaired as the result of a credit loss. For each fixed-income security in an unrealized loss position, if we determine that we intend to sell the security or that it is more likely than not that we will be required to sell the security before recovery of the cost or amortized cost basis for reasons such as liquidity needs, contractual or regulatory requirements. The security's entire decline in fair value is recorded in earnings.

If our management decides not to sell the fixed-income security and it is more likely than not that we will not be required to sell the fixed-income security before recovery of its amortized cost basis, we evaluate whether the decline in fair value has resulted from credit losses or other factors. This is typically indicated by a change in the rating of the security assigned by a rating agency, and any adverse conditions specifically related to the security or industry, among other factors. If the assessment indicates that a credit loss may exist, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses will be recorded in earnings. Credit loss is limited to the difference between a security's amortized cost basis and its fair value. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive income (loss).

During the three months ended March 31, 2020, we determined that none of our fixed-income securities shown in the table below that are in an unrealized loss position, have declines in fair value that are reflected as a result of credit losses. Therefore, no credit loss allowance was recorded at March 31, 2020. The issuers of our debt security investments continue to make interest payments on a timely basis. We do not intend to sell, nor is it likely that we would be required to sell the debt securities before we recover our amortized cost basis. Equity securities are reported at fair value with changes in fair value recognized in the valuation of equity investments.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

The following table presents an aging of our unrealized investment losses by investment class:



	Less Than Twelve Months					Twelve Months or More
	Number of Securities⁽¹⁾	Gross Unrealized Losses		Fair Value		Number of Securities⁽¹⁾	Gross Unrealized Losses		Fair Value
March 31, 2020
U.S. government and agency securities	3	$	2	$	2,467	22	$	42	$	13,125
Foreign governments	—	—		—		1	1		350
States, municipalities and political subdivisions	19	38		13,084		—	—		—
Public utilities	31	313		14,960		—	—		—
Corporate securities	300	6,948		134,296		10	77		2,792
Mortgage-backed securities	93	1,304		53,126		10	237		3,904
Asset-backed securities	57	843		23,749		1	6		994
Redeemable preferred stocks	66	677		6,116		—	—		—
Total fixed maturities	569	$	10,125	$	247,798	44	$	363	$	21,165

December 31, 2019
U.S. government and agency securities	37	$	89	$	26,372	39	$	104	$	31,364
Foreign governments	—	—		—		2	1		600
States, municipalities and political subdivisions	31	61		14,508		2	2		1,262
Public utilities	9	25		4,626		2	1		250
Corporate securities	42	124		22,435		27	19		9,605
Mortgage-backed securities	89	322		59,101		50	155		12,738
Asset-backed securities	15	34		8,447		5	7		1,259
Redeemable preferred stocks	—	—		—		1	2		97
Total fixed maturities	223	$	655	$	135,489	128	$	291	$	57,175

⁽¹⁾ This amount represents the actual number of discrete securities, not the number of shares or units of those securities. The numbers are not presented in thousands.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

Fair value measurement

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchy for inputs used in determining fair value maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Assets and liabilities recorded on our Unaudited Condensed Consolidated Balance Sheets at fair value are categorized in the fair value hierarchy based on the observability of inputs to the valuation techniques as follows:

Level 1: Assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market that we can access.

Level 2: Assets and liabilities whose values are based on the following:

(a) Quoted prices for similar assets or liabilities in active markets;

(b) Quoted prices for identical or similar assets or liabilities in markets that are not active; or

(c) Valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.

Level 3: Assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Unobservable inputs reflect our estimates of the assumptions that market participants would use in valuing the assets and liabilities.

We estimate the fair value of our investments using the closing prices on the last business day of the reporting period, obtained from active markets such as the NYSE, Nasdaq and NYSE American. For securities for which quoted prices in active markets are unavailable, we use a third-party pricing service that utilizes quoted prices in active markets for similar instruments, benchmark interest rates, broker quotes and other relevant inputs to estimate the fair value of those securities for which quoted prices are unavailable. Our estimates of fair value reflect the interest rate environment that existed as of the close of business on March 31, 2020 and December 31, 2019. Changes in interest rates subsequent to March 31, 2020 may affect the fair value of our investments.

The fair value of our fixed maturities is initially calculated by a third-party pricing service. Valuation service providers typically obtain data about market transactions and other key valuation model inputs from multiple sources and, through the use of proprietary models, produce valuation information in the form of a single fair value for individual fixed-income and other securities for which a fair value has been requested. The inputs used by the valuation service providers include, but are not limited to, market prices from recently completed transactions and transactions of comparable securities, interest rate yield curves, credit spreads, liquidity spreads, currency rates and other information, as applicable. Credit and liquidity spreads are typically implied from completed transactions and transactions of comparable securities. Valuation service providers also use proprietary discounted cash flow models that are widely accepted in the financial services industry and similar to those used by other market participants to value the same financial information. The valuation models take into account, among other things, market observable information as of the measurement date, as described above, as well as the specific attributes of the security being valued, including its term, interest rate, credit rating, industry sector and, where applicable, collateral quality and other issue or issuer specific information. Executing valuation models effectively requires seasoned professional judgment and experience.

Any change in the estimated fair value of our fixed-income securities would impact the amount of unrealized gain or loss we have recorded, which could change the amount we have recorded for our investments and other comprehensive income (loss) on our Unaudited Condensed Consolidated Balance Sheet as of March 31, 2020.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

The following table presents the fair value of our financial instruments measured on a recurring basis by level at March 31, 2020 and December 31, 2019:



	Total		Level 1		Level 2		Level 3
March 31, 2020
U.S. government and agency securities	$	109,520	$	—	$	109,520	$	—
Foreign government	3,790		—		3,790		—
States, municipalities and political subdivisions	129,809		—		129,809		—
Public utilities	27,291		—		27,291		—
Corporate securities	282,695		—		282,695		—
Mortgage-backed securities	262,854		—		262,854		—
Asset-backed securities	51,614		—		51,614		—
Redeemable preferred stocks	6,213		1,815		4,398		—
Total fixed maturities	873,786		1,815		871,971		—
Mutual funds	52,492		52,492		—		—
Public utilities	6,255		6,255		—		—
Other common stocks	45,801		45,801		—		—
Non-redeemable preferred stocks	7,367		7,367		—		—
Total equity securities	111,915		111,915		—		—
Other investments ⁽¹⁾	1,590		300		1,290		—
Total investments	$	987,291	$	114,030	$	873,261	$	—

December 31, 2019
U.S. government and agency securities	$	120,816	$	—	$	120,816	$	—
Foreign government	4,071		—		4,071		—
States, municipalities and political subdivisions	133,751		—		133,751		—
Public utilities	25,334		—		25,334		—
Corporate securities	288,872		—		288,872		—
Mortgage-backed securities	251,903		—		251,903		—
Asset-backed securities	57,129		—		57,129		—
Redeemable preferred stocks	2,985		747		2,238		—
Total fixed maturities	884,861		747		884,114		—
Mutual Funds	65,453		65,453		—		—
Public utilities	3,663		3,663		—		—
Other common stocks	44,492		44,492		—		—
Non-redeemable preferred stocks	3,002		3,002		—		—
Total equity securities	116,610		116,610		—		—
Other investments ⁽¹⁾	499		300		199		—
Total investments	$	1,001,970	$	117,657	$	884,313	$	—

⁽¹⁾ Other investments included in the fair value hierarchy exclude these limited partnership interests that are measured at estimated fair value using the net asset value per share (or its equivalent) practical expedient.

The carrying amounts for the following financial instrument categories approximate their fair values at March 31, 2020 and December 31, 2019, because of their short-term nature: cash and cash equivalents, accrued investment income, premiums receivable, reinsurance recoverable, reinsurance payable, other assets, and other liabilities. The carrying amount of the notes payable to the Florida State Board of Administration, the Branch Banking & Trust Corporation (BB&T) and our senior notes approximate fair value as the interest rates and terms are variable.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

We are responsible for the determination of fair value and the supporting assumptions and methodologies. We have implemented a system of processes and controls designed to provide assurance that our assets and liabilities are appropriately valued. For fair values received from third parties, our processes are designed to provide assurance that the valuation methodologies and inputs are appropriate and consistently applied, the assumptions are reasonable and consistent with the objective of determining fair value, and the fair values are accurately recorded.

At the end of each quarter, we determine whether we need to transfer the fair values of any securities between levels of the fair value hierarchy and, if so, we report the transfer as of the end of the quarter. During the quarter ended March 31, 2020, we transferred no investments between levels.

For our investments in U.S. government securities that do not have prices in active markets, agency securities, state and municipal governments, and corporate bonds, we obtain the fair values from our investment custodians, which use a third-party valuation service. The valuation service calculates prices for our investments in the aforementioned security types on a month-end basis by using several matrix-pricing methodologies that incorporate inputs from various sources. The model the valuation service uses to price U.S. government securities and securities of states and municipalities incorporates inputs from active market makers and inter-dealer brokers. To price corporate bonds and agency securities, the valuation service calculates non-call yield spreads on all issuers, uses option-adjusted yield spreads to account for any early redemption features, and adds final spreads to the U.S. Treasury curve at 3 p.m. (ET) as of quarter end. Since the inputs the valuation service uses in its calculations are not quoted prices in active markets, but are observable inputs, they represent Level 2 inputs.

Other investments

We acquired investments in limited partnerships, recorded in the other investments line of our Unaudited Condensed Consolidated Balance Sheets, and we currently account for these investments at fair value utilizing a net asset value per share equivalent methodology.

The information presented in the table below is as of March 31, 2020:



	Book Value		Unrealized Gain		Unrealized Loss		Fair Value
Limited partnership investments ⁽¹⁾	$	7,746	$	321	$	92	$	7,975
Certificates of deposit	300		—		—		300
Short-term investments	1,290		—		—		1,290
Total other investments	$	9,336	$	321	$	92	$	9,565

⁽¹⁾ Distributions will be generated from investment gains, from operating income, from underlying investments of funds, and from liquidation of the underlying assets of the funds. We estimate that the underlying assets of the funds will be liquidated over the next two to ten years.

Restricted Cash

We are required to maintain assets on deposit with various regulatory authorities to support our insurance operations. The cash on deposit with state regulators is available to settle insurance liabilities. We also use trust funds in certain reinsurance transactions.

The following table presents the components of restricted assets:



	March 31, 2020		December 31, 2019
Trust funds	$	63,134	$	70,668
Cash on deposit (regulatory deposits)	924		920
Total restricted cash	$	64,058	$	71,588

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

4) EARNINGS PER SHARE (EPS)

Basic EPS is based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the vesting of outstanding restricted stock awards, restricted stock units, performance stock units and stock options. The following table shows the computation of basic and diluted EPS for the three-month periods ended March 31, 2020 and 2019, respectively:



	Three Months Ended March 31,
	2020			2019
Numerator:
Net income (loss) attributable to UIHC common stockholders	$	(12,723	)	$	9,469

Denominator:
Weighted-average shares outstanding	42,805,527			42,696,681
Effect of dilutive securities	—			289,803
Weighted-average diluted shares	42,805,527			42,986,484

Earnings available to UIHC common stockholders per share
Basic	$	(0.30	)	$	0.22
Diluted	$	(0.30	)	$	0.22

See Note 15 of these Notes to Unaudited Condensed Consolidated Financial Statements for additional information on the stock grants related to dilutive securities.

5) PROPERTY AND EQUIPMENT, NET

Property and equipment, net consisted of the following:



	March 31, 2020				December 31, 2019
Land	$	2,114			$	2,114
Building and building improvements (construction in progress of $2,904 and $2,180, respectively)	12,040				11,315
Computer hardware and software(software in progress of $8,805 and $6,317, respectively)	35,722				33,219
Office furniture and equipment	3,234				3,260
Leasehold improvements	94				20
Leased vehicles⁽¹⁾	1,898			—	1,693
Total, at cost	55,102				51,621
Less: accumulated depreciation and amortization	(20,147		)		(18,893		)
Property and equipment, net	$	34,955			$	32,728

⁽¹⁾Includes vehicles under capital leases. See Note 10 of these Notes to Unaudited Condensed Consolidated Financial Statements for further information on leases.

Depreciation and amortization expense under property and equipment was $1,287,000 and $870,000 for the three months ended March 31, 2020 and 2019, respectively.

UNITED INSURANCE HOLDINGS CORP.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2020

6) GOODWILL AND INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill, both at March 31, 2020 and December 31, 2019, was $73,045,000. There was no goodwill acquired or disposed of during the three-month periods ended March 31, 2020 and 2019.

We completed our most recent goodwill impairment testing during the fourth quarter of 2019 and determined that there was no impairment in the value of the asset as of December 31, 2019. The future potential impacts of COVID-19 on the operating results of our reporting units are uncertain, as we continue to monitor the global economic volatility. However, we remain committed to our strategic plan to realize our long-term forecasts. As a result of our analysis, and in consideration of the totality of events and circumstances, we did not identify any triggering events of impairment during the first quarter of 2020.

No impairment loss in the value of goodwill was recognized during the three-month periods ended March 31, 2020 and 2019. Additionally, there was no accumulated impairment related to goodwill at March 31, 2020 or December 31, 2019.

Intangible Assets

The following is a summary of intangible assets excluding goodwill recorded as intangible assets on our Unaudited Condensed Consolidated Balance Sheets:



	March 31, 2020		December 31, 2019
Intangible assets subject to amortization	$	21,303	$	22,440
Indefinite-lived intangible assets⁽¹⁾	3,638		3,639
Total	$	24,941	$	26,079

⁽¹⁾Indefinite-lived intangible assets are comprised of state insurance and agent licenses, as well as perpetual software licenses.

Intangible assets subject to amortization consisted of the following:



	Weighted-average remaining amortization period (in years)	Gross carrying amount		Accumulated amortization			Net carrying amount
March 31, 2020
Value of business acquired	—	$	42,788	$	(42,788	)	$	—
Agency agreements acquired	6.7	34,661

Price	13.61	EPS	-1
Shares	43	P/E	-18
MCap	588	P/FCF	3
Net Debt	-183	EBIT	-31
TEV	405	TEV/EBIT	-13
TTM 2019-09-30, in MM, except price, ratios

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	2020-05-06	Earnings, Regulation FD, Exhibits
8-K	2020-05-06	Officers, Shareholder Vote, Exhibits
8-K	2020-04-23	Amend Bylaw, Exhibits
8-K	2020-02-20	Earnings, Regulation FD, Exhibits
8-K	2020-01-09	Other Events
8-K	2019-10-30	Earnings, Regulation FD, Exhibits
8-K	2019-07-31	Earnings, Regulation FD, Other Events, Exhibits
8-K	2019-06-04	Other Events
8-K	2019-05-07	Earnings, Regulation FD, Exhibits
8-K	2019-05-07	Shareholder Vote
8-K	2019-04-01	Amend Bylaw, Exhibits
8-K	2019-02-19	Earnings, Regulation FD, Exhibits
8-K	2019-01-04	Other Events
8-K	2018-11-01	Earnings, Exhibits
8-K	2018-10-10	Officers, Exhibits
8-K	2018-09-12	Officers
8-K	2018-08-01	Earnings, Exhibits
8-K	2018-06-01	Accountant, Exhibits
8-K	2018-05-10	Other Events
8-K	2018-05-08	Earnings, Exhibits
8-K	2018-05-08	Shareholder Vote
8-K	2018-04-20	Officers
8-K	2018-03-05	Regulation FD, Exhibits
8-K	2018-02-21	Earnings, Exhibits
8-K	2018-01-12	Enter Agreement, Leave Agreement, Shareholder Rights, Amend Bylaw, Exhibits
8-K	2018-01-05	Other Events

EX-31.1	exh31131mar20.htm
EX-31.2	exh31231mar20.htm
EX-32.1	exh32131mar20.htm
EX-32.2	exh32231mar20.htm

UIHC 10Q Quarterly Report

United Insurance Holdings Earnings 2020-03-31