United Insurance Holdings Corp. Reports Financial Results for Its First Quarter Ended March 31, 2019
Company to Host Quarterly Conference Call at
The information in this press release should be read in conjunction with an investor presentation that is available on our website at investors.upcinsurance.com/Presentations.
| ($ in thousands, except for per share data) | Three Months Ended | ||||||||||||||
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| 2019 | 2018 | Change | |||||||||||||
| Gross premiums written | $ | 318,559 | $ | 279,617 | 13.9 | % | |||||||||
| Gross premiums earned | $ | 311,813 | $ | 278,950 | 11.8 | % | |||||||||
| Net premiums earned | $ | 180,722 | $ | 162,675 | 11.1 | % | |||||||||
| Total revenues | $ | 202,321 | $ | 180,127 | 12.3 | % | |||||||||
| Earnings before income tax | $ | 12,333 | $ | 11,716 | 5.3 | % | |||||||||
| Net income attributable to UIHC | $ | 9,469 | $ | 8,369 | 13.1 | % | |||||||||
| Net income available to UIHC common stockholders per diluted share | $ | 0.22 | $ | 0.20 | 10.0 | % | |||||||||
| Reconciliation of net income to core income: | |||||||||||||||
| Plus: Non-cash amortization of intangible assets | $ | 1,998 | $ | 9,825 | (79.7 | )% | |||||||||
| Less: Net realized gains on investment portfolio | $ | 181 | $ | 211 | (14.2 | )% | |||||||||
| Less: Unrealized gains (losses) on equity securities | $ | 10,173 | $ | (2,444 | ) | 516.2 | % | ||||||||
| Less: Net tax impact(1) | $ | (2,089 | ) | $ | 3,445 | (160.6 | )% | ||||||||
| Core income(2) | $ | 3,202 | $ | 16,982 | (81.1 | )% | |||||||||
| Core income per diluted share(2) | $ | 0.07 | $ | 0.40 | (82.5 | )% | |||||||||
| Book value per share | $ | 12.52 | $ | 12.52 | — | % | |||||||||
| (1) | In order to reconcile net income to the core income measure, we included the tax impact of all adjustments using the effective rate at the end of each period. | |
| (2) |
Core income and core income per diluted share, measures that are not based on GAAP, are reconciled above to net income and net income per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
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"Premium growth was strong in Q1 across our book of business in both personal lines and commercial lines, and we wrote our first policies in Journey, our newly-formed AM Best-rated carrier," said
Return on Equity and Core Return on Equity
The calculations of the Company's return on equity and core return on equity are shown below.
| ($ in thousands) | Three Months Ended | ||||||||||
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| 2019 | 2018 | ||||||||||
| Net income attributable to UIHC | $ | 9,469 | $ | 8,369 | |||||||
| Return on equity based on GAAP net income attributable to UIHC (1) | 7.1 | % | 6.4 | % | |||||||
| Core income | $ | 3,202 | $ | 16,982 | |||||||
| Core return on equity (1)(2) | 2.4 | % | 13.2 | % | |||||||
| (1) | Return on equity for the three months ended |
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| (2) |
Core return on equity, a measure that is not based on GAAP, is calculated based on core income, which is reconciled on the first page of this press release to net income, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below.
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Combined Ratio and Underlying Ratio
The calculations of the Company's combined ratio and underlying combined ratio are shown below.
| ($ in thousands) | Three Months Ended | |||||||||||
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| 2019 | 2018 | Change | ||||||||||
| Loss ratio, net(1) | 57.8 | % | 47.5 | % | 10.3pts | |||||||
| Expense ratio, net(2) | 45.9 | % | 54.6 | % | (8.7) pts | |||||||
| Combined ratio (CR)(3) | 103.7 | % | 102.1 | % | 1.6pts | |||||||
|
Effect of current year catastrophe losses on CR |
6.5 | % | 3.8 | % | 2.7pts | |||||||
| Effect of prior year unfavorable (favorable) development on CR | 3.1 | % | (0.4 | )% | 3.5pts | |||||||
| Effect of ceding commission income on CR (4) | — | % | 6.3 | % | (6.3) pts | |||||||
| Underlying combined ratio(5) | 94.1 | % | 92.4 | % | 1.7pts | |||||||
| (1) | Loss ratio, net is calculated as losses and loss adjustment expenses (LAE), net of losses ceded to reinsurers, relative to net premiums earned. | |
| (2) | Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned. | |
| (3) | Combined ratio is the sum of the loss ratio, net and expense ratio, net. | |
| (4) |
For the three months ended |
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| (5) |
Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
Quarterly Financial Results
Net income attributable to the Company for the first quarter of 2019 was
The Company's total gross written premium increased by
| ($ in thousands) | Three Months Ended |
||||||||||||||||
| 2019 | 2018 | Change $ |
Change % |
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| Direct Written and Assumed Premium by Region (1) | |||||||||||||||||
| |
$ | 175,626 | $ | 157,952 | $ | 17,674 | 11.2 | % | |||||||||
| Gulf | 47,376 | 44,797 | 2,579 | 5.8 | |||||||||||||
| Northeast | 41,756 | 34,892 | 6,864 | 19.7 | |||||||||||||
| Southeast | 25,007 | 22,887 | 2,120 | 9.3 | |||||||||||||
| Total direct written premium by region | 289,765 | 260,528 | 29,237 | 11.2 | % | ||||||||||||
| Assumed premium (2) | 28,794 | 19,089 | 9,705 | 50.8 | |||||||||||||
| Total gross written premium by region | $ | 318,559 | $ | 279,617 | $ | 38,942 | 13.9 | % | |||||||||
| Gross Written Premium by Line of Business | |||||||||||||||||
| Personal property | $ | 210,681 | $ | 183,713 | $ | 26,968 | 14.7 | % | |||||||||
| Commercial property | 107,878 | 95,904 | 11,974 | 12.5 | |||||||||||||
| Total gross written premium by line of business | $ | 318,559 | $ | 279,617 | $ | 38,942 | 13.9 | % | |||||||||
| (1) | "Gulf" is comprised of |
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| (2) | Assumed premium written for 2019 and 2018 primarily included commercial property business assumed from unaffiliated insurers. | |
Loss and LAE increased by
Policy acquisition costs decreased by
Operating and underwriting expenses increased by
General and administrative expenses decreased by
Combined Ratio Analysis
The calculations of the Company's loss ratios and underlying loss ratios are shown below.
| ($ in thousands) | Three Months Ended | |||||||||||||||
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| 2019 | 2018 | Change | ||||||||||||||
| Loss and LAE | $ | 104,547 | $ | 77,246 | $ | 27,301 | ||||||||||
| % of Gross earned premiums | 33.5 | % | 27.7 | % | 5.8 | pts | ||||||||||
| % of Net earned premiums | 57.8 | % | 47.5 | % | 10.3 | pts | ||||||||||
| Less: | ||||||||||||||||
| Current year catastrophe losses | $ | 11,657 | $ | 6,317 | $ | 5,340 | ||||||||||
| Prior year reserve unfavorable (favorable) development | 5,634 | (681 | ) | 6,315 | ||||||||||||
| Underlying loss and LAE (1) | $ | 87,256 | $ | 71,610 | $ | 15,646 | ||||||||||
| % of Gross earned premiums | 28.0 | % | 25.7 | % | 2.3 | pts | ||||||||||
| % of Net earned premiums | 48.3 | % | 44.0 | % | 4.3 | pts | ||||||||||
| (1) |
Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to net loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
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The calculations of the Company's expense ratio and underlying expense ratios are shown below.
| ($ in thousands) | Three Months Ended | ||||||||||||||
| |
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| 2019 | 2018 | Change | |||||||||||||
| Policy acquisition costs | $ | 55,246 | $ | 57,135 | $ | (1,889 | ) | ||||||||
| Operating and underwriting | 10,211 | 8,318 | 1,893 | ||||||||||||
| General and administrative | 17,581 | 23,325 | (5,744 | ) | |||||||||||
| Total Operating Expenses | $ | 83,038 | $ | 88,778 | $ | (5,740 | ) | ||||||||
| % of Gross earned premiums | 26.6 | % | 31.8 | % | (5.2 | ) pts | |||||||||
| % of Net earned premiums | 45.9 | % | 54.6 | % | (8.7 | ) pts | |||||||||
| Less: | |||||||||||||||
| Ceding commission income (1) | $ | — | $ | 10,299 | $ | (10,299 | ) | ||||||||
| Underlying expense (2) | $ | 83,038 | $ | 78,479 | $ | 4,559 | |||||||||
| % of Gross earned premiums | 26.6 | % | 28.1 | % | (1.5 | ) pts | |||||||||
| % of Net earned premiums | 45.9 | % | 48.2 | % | (2.3 | ) pts | |||||||||
| (1) | For the three months ended |
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| (2) |
Underlying expense is a non-GAAP financial measure and is reconciled above to total operating expenses, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
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Reinsurance Costs as a Percentage of Earned Premium
Excluding the Company's business for which it cedes 100% of the risk of loss, reinsurance costs in the first quarter of 2019 were 35.6% of gross premiums earned, compared to 39.9% of gross premiums earned for the first quarter of 2018. The decrease in this ratio was driven primarily by an increase in gross premiums earned in the first quarter of 2019, compared to 2018.
Investment Portfolio Highlights
The Company's cash and investment holdings stayed consistent at
Book Value Analysis
Book value per share increased 3.5% from
| ($ in thousands, except for share and per share data) | |
|
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| 2019 | 2018 | |||||||||
| Book Value per Share | ||||||||||
| Numerator: | ||||||||||
| Common stockholders' equity attributable to UIHC | $ | 538,591 | $ | 520,230 | ||||||
| Denominator: | ||||||||||
| Total Shares Outstanding | 43,008,729 | 42,984,578 | ||||||||
| Book Value Per Common Share | $ | 12.52 | $ | 12.10 | ||||||
| Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI) | ||||||||||
| Numerator: | ||||||||||
| Common stockholders' equity attributable to UIHC | $ | 538,591 | $ | 520,230 | ||||||
| Accumulated other comprehensive (loss) income | 1,530 | (9,030 | ) | |||||||
| Stockholders' Equity, excluding AOCI | $ | 537,061 | $ | 529,260 | ||||||
| Denominator: | ||||||||||
| Total Shares Outstanding | 43,008,729 | 42,984,578 | ||||||||
| Underlying Book Value Per Common Share(1) | $ | 12.49 | $ | 12.31 | ||||||
| (1) |
Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "Definitions of Non-GAAP Measures" section, below. |
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Quarterly Cash Dividend
The Company announced that its Board of Directors declared a
Definitions of Non-GAAP Measures
We believe that investors' understanding of
Core return on equity is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core income for the period by the average stockholders’ equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core income is an after-tax non-GAAP measure that is calculated by excluding from net income the effect of non-cash amortization of intangible assets, unrealized gains or losses on the Company's equity security investments and net realized gains or losses on the Company's investment portfolio. In the opinion of the Company’s management, core income, core income per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company’s management uses core income, core income per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company's business.
Combined ratio excluding the effects of current year catastrophe losses, prior year reserve development and ceding commission income earned (underlying combined ratio) is a non-GAAP measure, which is computed by subtracting the effect of current year catastrophe losses, prior year development, and ceding commission income earned related to the Company's quota share reinsurance agreement from the combined ratio. The Company believes that this ratio is useful to investors and it is used by management to highlight the trends in the Company's business that may be obscured by current year catastrophe losses, prior year development, and ceding commission income earned. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their incidence of occurrence and magnitude, and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share reinsurance agreement. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.
Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE) is a non-GAAP measure which is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trends in a given period. The Company believes it is useful for investors to evaluate these components separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company's business.
Operating expenses excluding the effects of ceding commission income earned (underlying expense) is a non-GAAP measure which is computed by subtracting ceding income earned related to the Company's quota share reinsurance agreement. Ceding commission income compensates the Company for expenses it incurs in generating the premium ceded under the Company's quota share reinsurance agreement. The Company believes it is useful for investors to evaluate this component separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is operating expenses. The underlying expense measure should not be considered a substitute for operating expenses and does not reflect the overall profitability of the Company's business.
Net income excluding the effects of amortization of intangible assets, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core income) is a non-GAAP measure which is computed by adding amortization, net of tax, to net income and subtracting realized gains (losses) on our investment portfolio, net of tax, and unrealized gains (losses) on our equity securities, net of tax, from net income. Amortization expense is related to the amortization of intangible assets acquired through mergers and therefore the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of our operations. We believe it is useful for investors to evaluate these components separately and in the aggregate when reviewing our performance. The most directly comparable GAAP measure is net income. The core income measure should not be considered a substitute for net income and does not reflect the overall profitability of our business.
Book value per common share, excluding the impact of accumulated other comprehensive income (underlying book value per common share), is a non-GAAP measure which is computed by dividing common stockholders' equity after excluding accumulated other comprehensive income, by total common shares outstanding plus dilutive potential common shares outstanding. We use the trend in book value per common share, excluding the impact of accumulated other comprehensive income, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. We believe the non-GAAP measure is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors which are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive income, should not be considered a substitute for book value per common share, and does not reflect the recorded net worth of our business.
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Conference Call Details |
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Date and Time: |
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Participant Dial-In: |
( |
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(International): 201-493-6724 |
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Webcast: |
To listen to the live webcast, please go to investors.upcinsurance.com (News & Market Data - Event Calendar) and click on the conference call link, or go to: https://78449.themediaframe.com/dataconf/productusers/unin/mediaframe/30053/indexl.html. An archive of the webcast will be available for a limited period of time thereafter. |
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Presentation: |
The information in this press release should be read in conjunction with an investor presentation that is available on our website at investors.upcinsurance.com/Presentations. |
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About
Founded in 1999,
Forward-Looking Statements
Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are “forward-looking statements” that anticipate results based on our estimates, assumptions and plans and are subject to uncertainty. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as “may,” “will,” “expect,” "endeavor," "project," “believe,” “anticipate,” “intend,” “could,” “would,” “estimate” or “continue” or the negative variations thereof or comparable terminology. We believe these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the
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Condensed Consolidated Statements of Comprehensive Income (Loss) In thousands, except share and per share amounts |
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| Three Months Ended | ||||||||||
| |
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| 2019 | 2018 | |||||||||
| REVENUE: | ||||||||||
| Gross premiums written | $ | 318,559 | $ | 279,617 | ||||||
| Change in gross unearned premiums | (6,746 | ) | (667 | ) | ||||||
| Gross premiums earned | 311,813 | 278,950 | ||||||||
| Ceded premiums earned | (131,091 | ) | (116,275 | ) | ||||||
| Net premiums earned | 180,722 | 162,675 | ||||||||
| Net investment income | 7,295 | 5,686 | ||||||||
| Net realized investment gains | 181 | 211 | ||||||||
| Net unrealized gains (losses) on equity securities | 10,173 | (2,444 | ) | |||||||
| Other revenue | 3,950 | 13,999 | ||||||||
| Total revenues | $ | 202,321 | $ | 180,127 | ||||||
| EXPENSES: | ||||||||||
| Losses and loss adjustment expenses | 104,547 | 77,246 | ||||||||
| Policy acquisition costs | 55,246 | 57,135 | ||||||||
| Operating expenses | 10,211 | 8,318 | ||||||||
| General and administrative expenses | 17,581 | 23,325 | ||||||||
| Interest expense | 2,409 | 2,458 | ||||||||
| Total expenses | 189,994 | 168,482 | ||||||||
| Income before other income | 12,327 | 11,645 | ||||||||
| Other income | 6 | 71 | ||||||||
| Income before income taxes | 12,333 | 11,716 | ||||||||
| Provision for income taxes | 2,755 | 3,347 | ||||||||
| Net income | $ | 9,578 | $ | 8,369 | ||||||
| Less: Net income attributable to noncontrolling interests | 109 | — | ||||||||
| Net income attributable to UIHC | $ | 9,469 | $ | 8,369 | ||||||
| OTHER COMPREHENSIVE INCOME: | ||||||||||
| Change in net unrealized gains (losses) on investments | 14,322 | (23,384 | ) | |||||||
| Reclassification adjustment for net realized investment gains | (181 | ) | (211 | ) | ||||||
| Income tax benefit (expense) related to items of other comprehensive income | (3,459 | ) | 5,923 | |||||||
| Total comprehensive income (loss) | $ | 20,260 | $ | (9,303 | ) | |||||
| Less: Comprehensive income attributable to noncontrolling interests | 231 | — | ||||||||
| Comprehensive income (loss) attributable to UIHC | $ | 20,029 | $ | (9,303 | ) | |||||
| Weighted average shares outstanding | ||||||||||
| Basic | 42,696,681 | 42,581,939 | ||||||||
| Diluted | 42,986,484 | 42,748,627 | ||||||||
| Earnings available to UIHC common stockholders per share | ||||||||||
| Basic | $ | 0.22 | $ | 0.20 | ||||||
| Diluted | $ | 0.22 | $ | 0.20 | ||||||
| Dividends declared per share | $ | 0.06 | $ | 0.06 | ||||||
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Condensed Consolidated Balance Sheets In thousands, except share amounts |
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| ASSETS | |||||||||||
| Investments, at fair value: | |||||||||||
| Fixed maturities, available-for-sale | $ | 852,086 | $ | 862,345 | |||||||
| Equity securities | 91,468 | 80,978 | |||||||||
| Other investments | 12,821 | 8,513 | |||||||||
| Total investments | $ | 956,375 | $ | 951,836 | |||||||
| Cash and cash equivalents | 68,625 | 112,679 | |||||||||
| Restricted cash | 65,312 | 71,441 | |||||||||
| Accrued investment income | 5,665 | 6,017 | |||||||||
| Property and equipment, net | 19,564 | 17,137 | |||||||||
| Premiums receivable, net | 92,928 | 95,816 | |||||||||
| Reinsurance recoverable on paid and unpaid losses | 654,460 | 625,998 | |||||||||
| Ceded unearned premiums | 133,304 | 217,885 | |||||||||
| |
73,045 | 73,045 | |||||||||
| Deferred policy acquisition costs | 109,489 | 105,582 | |||||||||
| Intangible assets | 29,986 | 31,351 | |||||||||
| Other assets | 15,543 | 12,641 | |||||||||
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Total Assets |
$ | 2,224,296 | $ | 2,321,428 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Liabilities: | |||||||||||
| Unpaid losses and loss adjustment expenses | $ | 629,968 | $ | 661,203 | |||||||
| Unearned premiums | 634,058 | 627,313 | |||||||||
| Reinsurance payable | 116,119 | 175,272 | |||||||||
| Payments outstanding | 5,399 | 56,534 | |||||||||
| Accounts payable and accrued expenses | 64,149 | 71,048 | |||||||||
| Lease liability | 438 | — | |||||||||
| Other liabilities | 55,383 | 29,571 | |||||||||
| Notes payable | 159,821 | 160,118 | |||||||||
| Total Liabilities | $ | 1,665,335 | $ | 1,781,059 | |||||||
| Commitments and contingencies | |||||||||||
| Stockholders' Equity: | |||||||||||
| Preferred stock, |
— | — | |||||||||
| Common stock, |
4 | 4 | |||||||||
| Additional paid-in capital | 390,042 | 389,141 | |||||||||
| |
(431 | ) | (431 | ) | |||||||
| Accumulated other comprehensive income (loss) | 1,530 | (9,030 | ) | ||||||||
| Retained earnings | 147,446 | 140,546 | |||||||||
| Total stockholders' equity attributable to UIHC stockholders | $ | 538,591 | $ | 520,230 | |||||||
| Noncontrolling interests | 20,370 | 20,139 | |||||||||
| Total Stockholders' Equity | $ | 558,961 | $ | 540,369 | |||||||
| Total Liabilities and Stockholders' Equity | $ | 2,224,296 | $ | 2,321,428 | |||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20190507006063/en/
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AM BestTV: Broader Economy, Repair Costs Influence Personal Automobile Sector, Say AM Best Analysts
RenaissanceRe Reports First Quarter 2019 Net Income Available to Common Shareholders of $273.7 Million, or $6.43 Per Diluted Common Share; Operating Income Available to Common Shareholders of $154.4 Million, or $3.60 Per Diluted Common Share
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