This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

United Insurance Holdings Corp. Reports 2011 Second Quarter And Six-Month Financial Results; Announces Management Changes

United Insurance Holdings Corp. (OTCBB: UIHC; UIHCW; UIHCU) (United or the Company), a property and casualty insurance holding company, today reported its financial results for the second quarter ended June 30, 2011.

2011 Second Quarter

Net income for the second quarter was $89,000, or $0.01 per diluted share, compared to net income of $195,000 or $0.02 per diluted share, during the same period last year. Net premiums earned increased to $22.3 million for the second quarter from $16.3 million during the same period of last year. Net investment income and other revenues decreased to $1.7 million for quarter compared to $3.1 million in the prior year quarter.

Losses and adjusting expenses increased to $12.6 million for the second quarter from $8.5 million during the same period of last year. Policy acquisition costs increased to $7.2 million from $6.2 million for the second quarter of 2010. Operating expenses, which include general and administrative expenses, increased to $3.6 million from $3.1 million during the same period of last year.

2011 Year-to-Date

For the year-to-date period, net income was $1.2 million, or $0.12 per diluted share, compared to a net loss of $3.5 million, or $0.33 per diluted share for the same period last year. The Company’s net premiums earned increased to $41.4 million, from $31 million during the same period of last year. Net investment income and other revenues decreased to $3.1 million for the year-to-date period from $5.3 million during the same period of last year.

Losses and adjusting expenses remained flat at $21 million while policy acquisition costs increased to $13.7 million from $12.6 million for the same period last year. Operating expenses increased to $7.2 million from $6.1 million during the same period of last year. Interest expense decreased to $311,000 from $1.5 million for the six months ended June 30, 2010.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,957.64 +38.05 0.22%
S&P 500 1,981.85 +0.25 0.01%
NASDAQ 4,520.9090 -6.6050 -0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs