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 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 Earnings, Regulation FD, Exhibits
8-K 2020-10-23 Officers, Exhibits
8-K 2020-09-18 Officers
8-K 2020-09-15 Officers, Exhibits
8-K 2020-08-05 Earnings, Regulation FD, Exhibits
8-K 2020-06-29 Officers, Regulation FD, Exhibits
8-K 2020-06-18
8-K 2020-06-01
8-K 2020-05-06
8-K 2020-05-06
8-K 2020-04-23
8-K 2020-02-20
8-K 2020-01-09
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-06-04
8-K 2019-05-07
8-K 2019-05-07
8-K 2019-04-01
8-K 2019-02-19
8-K 2019-01-04
8-K 2018-11-01
8-K 2018-10-10
8-K 2018-09-12
8-K 2018-08-01
8-K 2018-06-01
8-K 2018-05-10
8-K 2018-05-08
8-K 2018-05-08
8-K 2018-04-20
8-K 2018-03-05
8-K 2018-02-21
8-K 2018-01-12
8-K 2018-01-05

UIHC 10Q Quarterly Report

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-10.2 unitedinsuranceholding.htm
EX-31.1 exh31130sep20.htm
EX-31.2 exh31230sep20.htm
EX-32.1 exh32130sep20.htm
EX-32.2 exh32230sep20.htm

United Insurance Holdings Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
2.82.21.71.10.60.02012201420172020
Assets, Equity
 0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
 0.20.10.10.0-0.0-0.12012201420172020
Ops, Inv, Fin
uihc-20200930
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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 September 30, 2020

OR

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

Commission File Number 001-35761 
____________________
United Insurance Holdings Corp.
(Exact Name of Registrant as Specified in its Charter)
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 November 3, 2020, 43,080,410 shares of common stock, par value $0.0001 per share, were outstanding.

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

FORWARD-LOOKING STATEMENTS

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

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

We caution you not to place undue reliance on these forward-looking statements, which are valid only as of the date they were made. Except as may be required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, the occurrence of unanticipated events or otherwise.
3
UNITED INSURANCE HOLDINGS CORP.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Consolidated Balance Sheets (Unaudited)
September 30,
2020		December 31, 2019
ASSETS 
Investments, at fair value:  
Fixed maturities, available-for-sale (amortized cost of $984,028 and $869,598, respectively)$1,026,438 $884,861 
Equity securities36,470 116,610 
Other investments (amortized cost of $37,611 and $8,067, respectively)38,371 10,252 
Total investments$1,101,279 $1,011,723 
  Cash and cash equivalents 323,314 215,469 
Restricted cash53,234 71,588 
Total cash, cash equivalents and restricted cash$376,548 $287,057 
Accrued investment income5,691 5,901 
Property and equipment, net34,880 32,728 
Premiums receivable, net (credit allowance of $132 and $165, respectively)98,948 86,568 
Reinsurance recoverable on paid and unpaid losses, net (credit allowance of $368 and $256, respectively)780,298 550,136 
Ceded unearned premiums402,804 270,034 
Goodwill73,045 73,045 
Deferred policy acquisition costs, net119,089 104,572 
Intangible assets, net22,855 26,079 
Other assets, net (credit allowance of $51 and $141, respectively)49,350 19,375 
Total Assets$3,064,787 $2,467,218 
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses$1,082,126 $760,357 
Unearned premiums771,959 674,055 
Reinsurance payable on premiums347,711 166,131 
Payments outstanding68,505 57,555 
Accounts payable and accrued expenses89,657 78,592 
Operating lease liability2,242 324 
Other liabilities69,146 47,407 
Notes payable, net158,043 158,932 
Total Liabilities$2,589,389 $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; 43,255,798 and 43,056,310 issued, respectively; 43,080,410 and 43,028,074 outstanding, respectively4 4 
Additional paid-in capital392,754 391,852 
Treasury shares, at cost: 212,083 shares(431)(431)
Accumulated other comprehensive income 31,732 11,319 
Retained earnings29,881 100,394 
Total stockholders' equity attributable to United Insurance Holdings Corp. (UIHC) stockholders$453,940 $503,138 
Noncontrolling interests (NCI)21,458 20,727 
Total Stockholders' Equity$475,398 $523,865 
Total Liabilities and Stockholders' Equity$3,064,787 $2,467,218 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
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UNITED INSURANCE HOLDINGS CORP.
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
REVENUE:
Gross premiums written$365,819 $317,184 $1,140,653 $1,085,505 
Change in gross unearned premiums(11,828)27,499 (97,904)(98,984)
Gross premiums earned353,991 344,683 1,042,749 986,521 
Ceded premiums earned(165,250)(151,763)(476,930)(422,475)
Net premiums earned188,741 192,920 565,819 564,046 
Net investment income6,010 7,803 18,834 22,668 
Net realized investment gains 24,968 18 24,959 186 
Net unrealized gain (loss) on equity securities(11,552)2,609 (17,456)15,519 
Other revenue4,566 4,248 13,278 12,276 
Total revenue212,733 207,598 605,434 614,695 
EXPENSES:
Losses and loss adjustment expenses218,652 148,125 423,182 368,924 
Policy acquisition costs58,735 61,849 170,183 178,717 
Operating expenses14,483 12,167 38,164 33,577 
General and administrative expenses19,224 19,105 53,646 53,488 
Interest expense2,210 2,443 7,194 7,379 
Total expenses 313,304 243,689 692,369 642,085 
Loss before other income (100,571)(36,091)(86,935)(27,390)
Other income 18 17 60 44 
Loss before income taxes(100,553)(36,074)(86,875)(27,346)
Benefit for income taxes(26,685)(7,859)(24,933)(5,912)
Net Loss$(73,868)$(28,215)$(61,942)$(21,434)
Less: Net income attributable to NCI204 65 579 280 
Net loss attributable to UIHC$(74,072)$(28,280)$(62,521)$(21,714)
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains on investments27,884 5,606 52,106 30,561 
Reclassification adjustment for net realized investment gains(24,968)(18)(24,959)(186)
Income tax expense related to items of other comprehensive income(707)(1,486)(6,582)(7,374)
Total comprehensive income (loss)$(71,659)$(24,113)$(41,377)$1,567 
Less: Comprehensive income attributable to NCI208 101 731 537 
Comprehensive income (loss) attributable to UIHC$(71,867)$(24,214)$(42,108)$1,030 
Weighted average shares outstanding
Basic42,893,205 42,795,414 42,853,364 42,750,710 
Diluted42,893,205 42,795,414 42,853,364 42,750,710 
Earnings available to UIHC common stockholders per share
Basic$(1.73)$(0.66)$(1.46)$(0.51)
Diluted$(1.73)$(0.66)$(1.46)$(0.51)
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
Statements include related party transactions as detailed in Note 12.
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UNITED INSURANCE HOLDINGS CORP.

Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended
(Unaudited)
Common StockAdditional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income Retained EarningsStockholders' Equity Attributable to UIHCNCITotal Stockholders’ Equity
Number of SharesDollars
June 30, 201943,231,184 $4 $390,719 $(431)$9,648 $141,973 $541,913 $20,575 $562,488 
Net income (loss)— — — — — (28,280)(28,280)65 (28,215)
Other comprehensive income, net— — — — 4,066 — 4,066 36 4,102 
Stock Compensation3,304 — 714 — — — 714 — 714 
Cash dividends on common stock ($0.06 per common share)— — — — — (2,571)(2,571)— (2,571)
September 30, 201943,234,488 $4 $391,433 $(431)$13,714 $111,122 $515,842 $20,676 $536,518 
Common StockAdditional Paid-in CapitalTreasury StockAccumulated Other Comprehensive IncomeRetained EarningsStockholders' Equity Attributable to UIHCNCITotal Stockholders’ Equity
Number of SharesDollars
June 30, 202043,068,379 $4 $392,633 $(431)$29,527 $106,534 $528,267 $21,250 $549,517 
Net income (loss)— — — — — (74,072)(74,072)204 (73,868)
Other comprehensive income, net— — — — 2,205 — 2,205 4 2,209 
Stock Compensation12,031 — 121 — — — 121 — 121 
Cash dividends on common stock ($0.06 per common share)— — — — — (2,581)(2,581)— (2,581)
September 30, 202043,080,410 $4 $392,754 $(431)$31,732 $29,881 $453,940 $21,458 $475,398 

See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.


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UNITED INSURANCE HOLDINGS CORP.

Condensed Consolidated Statements of Stockholders’ Equity For the Nine Months Ended
(Unaudited)
Common StockAdditional Paid-in CapitalTreasury StockAccumulated Other Comprehensive Income (loss)Retained EarningsStockholders' Equity Attributable to UIHCNCITotal Stockholders’ Equity
Number of SharesDollars
December 31, 201842,984,578 $4 $389,141 $(431)$(9,030)$140,546 $520,230 $20,139 $540,369 
Net income (loss)— — — — — (21,714)(21,714)280 (21,434)
Other comprehensive income, net— — — — 22,744 — 22,744 257 23,001 
Stock Compensation249,910 — 2,292 — — 2,292 — 2,292 
Cash dividends on common stock ($0.18 per common share)— — — — — (7,710)(7,710)— (7,710)
September 30, 201943,234,488 $4 $391,433 $(431)$13,714 $111,122 $515,842 $20,676 $536,518 
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)— — — — — (62,521)(62,521)579 (61,942)
Other comprehensive income, net— — — — 20,413 — 20,413 152 20,565 
Reclassification due to adoption of ASU 2016-13— — — — — (262)(262)— (262)
Stock Compensation52,336 902 — — — 902 — 902 
Cash dividends on common stock ($0.18 per common share)— — — — — (7,730)(7,730)— (7,730)
September 30, 202043,080,410 $4 $392,754 $(431)$31,732 $29,881 $453,940 $21,458 $475,398 


See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.

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UNITED INSURANCE HOLDINGS CORP.
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30,
20202019
OPERATING ACTIVITIES
Net loss$(61,942)$(21,434)
Adjustments to reconcile net losses to net cash used by operating activities:
Depreciation and amortization7,875 8,984 
Bond amortization and accretion4,686 3,884 
Net realized gains on investments(24,959)(186)
Net unrealized losses (gains) on equity securities17,456 (15,519)
Provision for uncollectable premiums(132)186 
Provision for uncollectable reinsurance recoverables(368)— 
Provision for uncollectable notes receivable(51)— 
Deferred income taxes, net(1,172)(4,584)
Stock based compensation988 2,292 
Changes in operating assets and liabilities:
Accrued investment income210 (20)
Premiums receivable(12,113)9,265 
Reinsurance recoverable on paid and unpaid losses(230,050)(22,374)
Ceded unearned premiums(132,770)(149,665)
Deferred policy acquisition costs, net(14,517)(9,576)
Other assets(30,065)(8,031)
Unpaid losses and loss adjustment expenses321,769 162,944 
Unearned premiums97,904 98,984 
Reinsurance payable on premiums181,580 146,722 
Payments outstanding10,950 227 
Accounts payable and accrued expenses11,065 8,153 
Operating lease liability1,918 356 
Other liabilities16,330 17,513 
Net cash provided by operating activities$164,592 $228,121 
INVESTING ACTIVITIES
Proceeds from sales, maturities and repayments of:
Fixed maturities
147,551 168,342 
Equity securities
114,575 1,978 
Other investments
2,928 5,461 
Purchases of:
Fixed maturities
(265,685)(200,208)
Equity securities
(26,497)(11,011)
Other investments
(32,465)(6,395)
Cost of property, equipment and capitalized software acquired(9,463)(16,437)
 Disposal of property, equipment and capitalized software2,914 — 
Net cash used in investing activities$(66,142)$(58,270)
FINANCING ACTIVITIES
Repayments of borrowings(1,143)(849)
Dividends(7,730)(7,710)
Tax withholding payment related to net settlement of equity awards(86)— 
Net cash used in financing activities$(8,959)$(8,559)
Increase in cash, cash equivalents and restricted cash89,491 161,292 
Cash, cash equivalents and restricted cash at beginning of period287,057 184,120 
Cash, cash equivalents and restricted cash at end of period$376,548 $345,412 
Supplemental Cash Flows Information
Interest paid$4,828 $4,930 
Income taxes paid$1,015 $284 
See accompanying Notes to Unaudited Condensed Consolidated Financial Statements.
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UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements
September 30, 2020

1)    ORGANIZATION, CONSOLIDATION AND PRESENTATION

(a)Business

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

Our other subsidiaries include United Insurance Management, L.C. (UIM), a managing general agent that manages
substantially all aspects of UPC and FSIC's business, 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.

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

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

(b)Consolidation and Presentation

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

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

We reclassified certain amounts in the 2019 financial statements to conform to the 2020 presentation. These reclassifications had no impact on our results of operations or stockholders' equity, as previously reported.

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

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UNITED INSURANCE HOLDINGS CORP.
Notes to Unaudited Condensed Consolidated Financial Statements