Investor Presentation Q3 2022

Company Overview

UPC Insurance is a specialty underwriter of catastrophe exposed property insurance.

1 Excludes discontinued states where renewal rights have been sold

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Executive Summary

• Q3 Results
• • GAAP net loss of -$70.9m included a -$13.6mnon-recurring goodwill impairment charge related to personal lines withdrawal plans.
  • Core loss of -$57.5m excluding goodwill impairment compared unfavorably to a -$15.5m core loss last year due to higher loss costs.
  • Gross current year CAT of over $1 billion driven by Hurricane Ian, but reinsurance reduced net retained current year CAT losses to $37.4m
  • Stockholders' equity attributable to UIHC as of September 30, 2022, was $80.4m or $1.86 per share. These amounts include an accumulated other comprehensive loss (AOCL) of -$64.8m or -$1.50 per share that may or may not be realized in whole or in part due to the short duration, high credit quality nature of UIHC's fixed income investment portfolio.
• Other Highlights
• • Received approval from FL, LA & TX regulatory authorities for United Property & Casualty Insurance Company's (UPCIC) withdrawal plans.
  • • Due to potential Hurricane Ian losses and other pressures on statutory surplus, there is substantial doubt regarding the viability of UPCIC's run-off plan without additional financial support.
  • Handled over 23,000 claims from Hurricane Ian (22,362 PL & 712 CL) with 99% contacted, 89% inspected and 77% through quality assurance review. Reinsurance recoveries will be critical to managing liquidity and investment disposals are likely needed in future periods.
  • Completed reduction in workforce to supplement attrition resulting in a decline from 468 associates at 1/1/22 to 296 at 10/28/22 (-172 or -37%).

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Q3-22 Results

Core loss excluding goodwill impairment was -$57.5m, a decline of -$42.1m from prior year.

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