Investor Presentation Q2 2022

Company Overview

UPC Insurance is a specialty underwriter of catastrophe exposed property insurance in the U.S.

1 Excludes discontinued states where renewal rights have been sold

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Executive Summary

• Q2 Results
• • Core loss of -$64.3m included a -$43.7m valuation allowance (VA) on UIHC's deferred tax asset.
  • Core loss of -$20.6m excluding the VA compared favorably to -$24.6m core loss last year due to declines in losses and operating expenses.
  • Gross current year CAT of $54.9m from 16 new PCS events. Ceded -$34.3m reducing our net current year CAT to $20.6m, which compared favorably to prior year of $40.3m.
  • Stockholders' equity attributable to UIHC on June 30, 2022, was $167m or $3.85 per share with tangible book value of $1.77 per share. These amounts include an accumulated other comprehensive loss (AOCL) of -$48.9m or -$1.13 per share that may not be fully realized due to the short duration, high credit quality nature of UIHC's fixed income investment portfolio.
• Other Highlights
• • Completed reorganization by merging Journey Insurance Company into American Coastal Insurance Company (eff 6/1/22) and Family Security Insurance Company into United Property & Casualty Insurance Company (eff 5/31/22) allowing for expense reduction, reallocation of capital across the group, and redemption of the non-controlling interest.
  • Successfully renewed the Company's catastrophe reinsurance programs effective June 1, 2022.
  • On July 13, 2022, the Company announced a review of strategic and capital raising alternatives considering a wide range of options.
  • Demotech affirmed A rating for American Coastal Insurance Company but downgraded United P&C from A to M (Moderate) on August 1, 2022.

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Q2-2022 Results

Core loss excluding valuation allowance was -$20.6m, an improvement of $4m (16%) Y/Y