Company Quick10K Filing
⚲
United Insurance Holdings
Financials
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
Filings
10-Q 2021-03-31 Filed 2021-05-07
10-K 2020-12-31 Filed 2021-03-09
10-Q 2020-09-30 Filed 2020-11-06
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
Reports
8-K 2020-11-05
8-K 2020-10-23
8-K 2020-09-18
8-K 2020-09-15
8-K 2020-08-05
8-K 2020-06-29
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

Content
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
Exhibits
EX-31.1 exh31131mar21.htm
EX-31.2 exh31231mar21.htm
EX-32.1 exh32131mar21.htm
EX-32.2 exh32231mar21.htm

United Insurance Holdings Earnings 2021-03-31

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
uihc-20210331
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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 March 31, 2021

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)
Delaware75-3241967
(State or Other Jurisdiction of
Incorporation or Organization)		(IRS Employer Identification Number)
800 2nd Avenue S.33701
St. Petersburg, Florida
(Address of Principle 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 ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Stock, $0.0001 par value per shareUIHCNasdaq 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 May 4, 2021, 43,171,027 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, Texas, and Louisiana, the states in which we are most concentrated;
•our ability to cultivate and maintain agent relationships, particularly our relationship with AmRisc, LLC (AmRisc);
•our reliance on certain agencies that account for a substantial portion of our policies-in-force;
•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 litigation pending against us, including the terms of any settlements;
•downgrades in our financial strength or stability ratings;
•the impact of future transactions 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, 2020 and in Part II, Item 1A of this Form 10-Q.

We caution you to not place 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)
March 31,
2021		December 31, 2020
ASSETS 
Investments, at fair value:  
Fixed maturities, available-for-sale (amortized cost of $884,220 and $926,714, respectively)$875,275 $940,011 
Equity securities19,036 7,445 
Other investments (amortized cost of $41,510 and $47,535, respectively)42,445 47,595 
Total investments$936,756 $995,051 
  Cash and cash equivalents 228,454 239,420 
Restricted cash44,102 62,078 
Total cash, cash equivalents and restricted cash$272,556 $301,498 
Accrued investment income4,275 4,680 
Property and equipment, net32,949 34,187 
Premiums receivable, net (credit allowance of $57 and $140, respectively)78,714 87,339 
Reinsurance recoverable on paid and unpaid losses, net (credit allowance of $511 and $386, respectively)956,058 821,156 
Ceded unearned premiums296,118 384,588 
Goodwill73,045 73,045 
Deferred policy acquisition costs, net71,747 74,414 
Intangible assets, net20,887 21,930 
Other assets, net (credit allowance of $167 and $20, respectively)60,219 51,053 
Total Assets$2,803,324 $2,848,941 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses$1,217,791 $1,089,966 
Unearned premiums678,913 723,938 
Reinsurance payable on premiums151,110 241,636 
Payments outstanding76,370 77,912 
Accounts payable and accrued expenses79,677 91,173 
Operating lease liability2,166 2,311 
Other liabilities59,909 46,365 
Notes payable, net157,450 158,041 
Total Liabilities$2,423,386 $2,431,342 
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; 43,310,496 and 43,250,731 issued, respectively; 43,147,180 and 43,075,877 outstanding, respectively4 4 
Additional paid-in capital393,382 393,122 
Treasury shares, at cost: 212,083 shares(431)(431)
Accumulated other comprehensive income (6,945)9,693 
Retained earnings(27,001)(6,635)
Total stockholders' equity attributable to United Insurance Holdings Corp. (UIHC) stockholders$359,009 $395,753 
Noncontrolling interests (NCI)20,929 21,846 
Total Stockholders' Equity$379,938 $417,599 
Total Liabilities and Stockholders' Equity$2,803,324 $2,848,941 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
4
UNITED INSURANCE HOLDINGS CORP.
Condensed Consolidated Statements of Comprehensive Loss (Unaudited)
Three Months Ended
March 31,
20212020
REVENUE:
Gross premiums written$311,638 $335,183 
Change in gross unearned premiums45,025 9,436 
Gross premiums earned356,663 344,619 
Ceded premiums earned(210,714)(153,023)
Net premiums earned145,949 191,596 
Net investment income3,583 6,917 
Net realized investment gains (losses)503 (68)
Net unrealized gains (losses) on equity securities2,564 (26,456)
Other revenue9,190 4,315 
Total revenue161,789 176,304 
EXPENSES:
Losses and loss adjustment expenses115,781 102,837 
Policy acquisition costs40,821 58,875 
Operating expenses13,222 9,704 
General and administrative expenses15,882 18,301 
Interest expense2,375 2,419 
Total expenses 188,081 192,136 
Loss before other income (26,292)(15,832)
Other income 10 28 
Loss before income taxes(26,282)(15,804)
Benefit for income taxes(7,822)(3,288)
Net Loss$(18,460)$(12,516)
Less: Net income (loss) attributable to NCI(689)207 
Net loss attributable to UIHC$(17,771)$(12,723)
OTHER COMPREHENSIVE LOSS:
Change in net unrealized losses on investments(21,739)(4,110)
Reclassification adjustment for net realized investment losses (gains)(503)68 
Income tax benefit related to items of other comprehensive loss5,376 983 
Total comprehensive loss$(35,326)$(15,575)
Less: Comprehensive loss attributable to NCI(917)(26)
Comprehensive loss attributable to UIHC$(34,409)$(15,549)
Weighted average shares outstanding
Basic42,898,488 42,805,527 
Diluted42,898,488 42,805,527 
Earnings available to UIHC common stockholders per share
Basic$(0.41)$(0.30)
Diluted$(0.41)$(0.30)
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

5
UNITED INSURANCE HOLDINGS CORP.

Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended
(Unaudited)
Common StockAdditional Paid-in CapitalTreasury StockAccumulated Other Comprehensive IncomeRetained EarningsStockholders' Equity Attributable to UIHCNCITotal Stockholders’ Equity
Number of SharesDollars
December 31, 201943,028,074 $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, 202042,943,447 $4 $392,552 $(431)$8,493 $84,838 $485,456 $20,701 $506,157 

Common StockAdditional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income Retained EarningsStockholders' Equity Attributable to UIHCNCITotal Stockholders’ Equity
Number of SharesDollars
December 31, 202043,075,877 $4 $393,122 $(431)$9,693 $(6,635)$395,753 $21,846 $417,599 
Net loss— — — — — (17,771)(17,771)(689)(18,460)
Other comprehensive loss, net— — — — (16,638)— (16,638)(228)(16,866)
Stock Compensation71,303 — 260 — — — 260 — 260 
Cash dividends on common stock ($0.06 per common share)— — — — — (2,595)(2,595)— (2,595)
March 31, 202143,147,180 $4 $393,382 $(431)$(6,945)$(27,001)$359,009 $20,929 $379,938 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

6
UNITED INSURANCE HOLDINGS CORP.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31,
20212020
OPERATING ACTIVITIES
Net loss$(18,460)$(12,516)
Adjustments to reconcile net losses to net cash provided by (used in) operating activities:
Depreciation and amortization3,207 2,510 
Bond amortization and accretion2,290 1,564 
Net realized losses (gains) on investments(503)68 
Net unrealized losses (gains) on equity securities(2,564)26,456 
Provision for uncollectable premiums83 10 
Provision for uncollectable reinsurance recoverables(125)— 
Provision for uncollectable notes receivable(147)— 
Deferred income taxes, net(7,580)(3,461)
Stock based compensation260 700 
Stock received as consideration for renewal rights agreement (5,007)— 
Fixed asset disposal15 — 
Changes in operating assets and liabilities:
Accrued investment income405 423 
Premiums receivable8,542 (3,854)
Reinsurance recoverable on paid and unpaid losses(134,777)35,395 
Ceded unearned premiums88,470 90,521 
Deferred policy acquisition costs, net2,667 (310)
Other assets3,937 (6,999)
Unpaid losses and loss adjustment expenses127,825 (49,315)
Unearned premiums(45,025)(9,436)
Reinsurance payable on premiums(90,526)(53,741)
Payments outstanding(1,542)(12,526)
Accounts payable and accrued expenses(11,496)(8,086)
Operating lease liability(145)2,097 
Other liabilities13,544 17,998 
Net cash provided by (used in) operating activities$(66,652)$17,498 
INVESTING ACTIVITIES
Proceeds from sales, maturities and repayments of:
Fixed maturities80,563 63,743 
Equity securities117 1,233 
Other investments13,483 212 
Purchases of:
Fixed maturities(39,836)(58,266)
Equity securities(5,012)(21,116)
Other investments(7,478)(1,481)
Cost of property, equipment and capitalized software acquired(857)(3,515)
Net cash provided by (used in) investing activities$40,980 $(19,190)
FINANCING ACTIVITIES
Repayments of borrowings(675)(381)
Dividends(2,595)(2,571)
Net cash used in financing activities$(3,270)$(2,952)
Decrease in cash, cash equivalents and restricted cash(28,942)(4,644)
Cash, cash equivalents and restricted cash at beginning of period301,498 287,057 
Cash, cash equivalents and restricted cash at end of period$272,556 $282,413 
Supplemental Cash Flows Information
Interest paid$43 $70 
Income taxes refunded$2,506 $— 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
7
UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2021

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, as well as JIC's personal residential business; Skyway Claims Services, LLC, which provides claims adjusting services to UPC, FSIC, ACIC 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; Skyway Reinsurance Services, LLC, which provides reinsurance brokerage services for our insurance companies; and Skyway Legal Services, LLC, which provides claims litigation services to our insurance companies; and Skyway Technology Services, LLC, which provides technological and distribution services to our insurance companies.

Our primary products are homeowners' and commercial residential property insurance, which we currently offer in 11 states, under authorization from the insurance regulatory authorities in each state. In addition, we write commercial residential insurance in three states: Florida, South Carolina, and Texas. We are also licensed to write property and casualty insurance in an additional six states; however, we have not commenced writing in these states.

Effective December 31, 2020, we entered into a quota share reinsurance agreement with Homeowners Choice Property and Casualty, Inc (HCP). Under the terms of this agreement, HCP will provide 69.5% quota share reinsurance on in-force, new and renewal policies in Connecticut, Massachusetts, New Jersey, and Rhode Island effective December 31, 2020, until June 1, 2021.

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, 2020.

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.

8
UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2021
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 and Financial Status

We are committed to maintaining a stable and secure business for our employees, agents, customers and stockholders. During the second half of 2020, we were able to resume hiring activities, despite the limits on in-person interviews and on-boarding procedures resulting from COVID-related protocols. In addition, we have converted to virtual sales processes to enable our agents to continue their activities. We believe these activities, collectively, help ensure the health and safety of our employees through adherence to CDC, state and local government work guidelines.

We have not experienced a material impact from COVID-19 on our business operations, financial position, liquidity or our ability to service our policyholders to date, with the exceptions of fluctuations in our investment portfolios due to volatility of 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 during the quarter ended March 31, 2021.

We did not incur material claims or significant disruptions to our business for the three-months ended March 31, 2021. 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 condition in future periods, due to uncertainty regarding the duration of the COVID-19 pandemic, 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, 2020, except for the standards adopted in 2021 as noted below.

(b) Recently Adopted Accounting Pronouncements
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 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 adopted this guidance as of January 1, 2021. The newly adopted guidance did not have a material impact on our consolidated financial statements and related disclosures.

(c) Pending Accounting Pronouncements

We have evaluated pending accounting pronouncements and do not believe any would have an impact on the operations or financial reporting of our company.













9
UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2021
3)    INVESTMENTS

The following table details fixed-maturity available-for-sale securities, by major investment category, at March 31, 2021 and December 31, 2020:
Cost or Adjusted/Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
March 31, 2021
U.S. government and agency securities$112,616 $706 $2,665 $110,657 
Foreign government1,371 112 — 1,483 
States, municipalities and political subdivisions123,106 1,100 1,790 122,416 
Public utilities29,754 290 1,103 28,941 
Corporate securities268,640 3,594 6,551 265,683 
Mortgage-backed securities277,184 2,161 4,973 274,372 
Asset-backed securities65,636 363 292 65,707 
Redeemable preferred stocks5,913 117 14 6,016 
Total fixed maturities$884,220 $8,443 $17,388 $875,275 
December 31, 2020
U.S. government and agency securities$129,417 $1,147 $139 $130,425 
Foreign government1,374 142 — 1,516 
States, municipalities and political subdivisions132,336 2,318 272 134,382 
Public utilities29,526 482 28 29,980 
Corporate securities285,814 6,633 118 292,329 
Mortgage-backed securities285,639 3,039 466 288,212 
Asset-backed securities56,351 525 219 56,657 
Redeemable preferred stocks6,257 266 13 6,510 
Total fixed maturities$926,714 $14,552 $1,255 $940,011 

Equity securities are summarized as follows:
March 31, 2021December 31, 2020
Estimated Fair ValuePercent of TotalEstimated Fair ValuePercent of Total
Mutual funds$5,170 27.2 %$152 2.0 %
Other common stocks6,914 36.3 — — 
Nonredeemable preferred stocks6,952 36.5 7,293 98.0 
Total equity securities$19,036 100.0 %$7,445 100.0 %

    









10
UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2021
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, 2021 and 2020, respectively:
20212020
Gains
(Losses)		Fair Value at SaleGains
(Losses)		Fair Value at Sale
Three Months Ended March 31,
Fixed maturities$612 $56,137 $345 $59,225 
Equity securities2 23 12 280 
Short-term investments
— 7,056 — 35 
Total realized gains614 63,216 357 59,540 
Fixed maturities(96)24,426 (337)4,518 
Equity securities(2)94 (88)953 
Short-term investments
(13)5,986 — 128 
Total realized losses(111)30,506 (425)5,599 
Net realized investment gains (losses)$503 $93,722 $(68)$65,139 

The table below summarizes our fixed maturities at March 31, 2021 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, 2021
Cost or Amortized CostPercent of TotalFair ValuePercent of Total
Due in one year or less$65,306 7.4 %$65,694 7.5 %
Due after one year through five years179,535 20.2 182,453 20.8 
Due after five years through ten years277,246 31.4 268,740 30.7 
Due after ten years19,313 2.2 18,309 2.1 
Asset and mortgage-backed securities342,820 38.8 340,079 38.9 
Total$884,220 100.0 %$875,275 100.0 %


The following table summarizes our net investment income by major investment category:
Three Months Ended
 March 31,
20212020
Fixed maturities$3,689 $5,470 
Equity securities129 771 
Cash and cash equivalents58 671 
Other investments(10)266 
Other assets41 9 
Investment income3,907 7,187 
Investment expenses(324)(270)
Net investment income$3,583 $6,917 






11
UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
March 31, 2021
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.

During the three-months ended March 31, 2021, 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, 2021. 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.

The following table presents an aging of our unrealized investment losses by investment class:
Less Than Twelve MonthsTwelve Months or More
Number of Securities(1)
Gross Unrealized LossesFair Value
Number of Securities(1)
Gross Unrealized LossesFair Value
March 31, 2021 
U.S. government and agency securities70 $2,661 $73,990 14 $4 $7,778 
States, municipalities and political subdivisions91 1,790 73,926 — — — 
Public utilities18 1,103 20,661 — — — 
Corporate securities194 6,497 155,057 7 54 2,325 
Mortgage-backed securities160 4,951 182,028 6