Investor Presentation Q1 2023

Investor Presentation

First Quarter 2023

Executive Summary

• Q1-23Results
• • GAAP net income of $260.9m included a $230.3m gain from discontinued operations from de-consolidating our former affiliate United Property & Casualty Insurance Company (UPC). The prior year was recast to conform to the presentation of discontinued operations.
  • GAAP net income from continuing operations of $30.5m improved 563% from $4.6m last year driven by strong underwriting performance in commercial lines from ACIC. UIHC's combined ratio of 70.5% was also a significant improvement from the prior year.
  • Current accident year catastrophe losses of $3.1m compared favorably to $6.6m last year, and favorable prior year reserve development of $3.2m primarily in commercial lines was also a positive contribution and consistent with the prior year.
  • Stockholders' equity attributable to UIHC as of March 31, 2023,was $83.5m or $1.93 per share and $2.52 per share excluding unrealized losses in accumulated other comprehensive income.
• Other Highlights
• • On April 19, 2023, we obtained a memorandum of understanding from the Florida Department of Financial Services (DFS) ratifying and accepting a reinsurance allocation agreement covering the 2022 core catastrophe reinsurance program previously approved by the Office of Insurance Regulation. This action provided critical clarity regarding future reinsurance recoverable for ACIC related to Hurricane Ian but did not settle reinsurance recovered by UPC on behalf of ACIC. We are working diligently with the DFS to resolve this.
  • We have secured 100% of the capacity needed for our new 2023-24 catastrophe reinsurance program for ACIC and are also nearing completion of IIC's program renewal to be effective 6/1/23 and expect to announce the key details once the programs are finalized.
  • The Company believes these two highlights above along with other actions being taken to resolve all amounts due to and from UPC will ultimately rectify the two primary reasons identified by our independent auditor for their going conceopinion issued on April 17, 2023.

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Q1-23 Summary Results

UIHC's solid results were fueled by our leading commercial residential business in Florida.

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¹ 2022 amounts recast for discontinued operations