This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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 Fourth Quarter And Year-End Financial Results; Management Changes And Dividend

Stocks in this article: UIHC

United Insurance Holdings Corp. (OTCBB: UIHC) (United or the Company), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and for the year ended December 31, 2011.

2011 Fourth Quarter

Net income for the fourth quarter was $3.2 million, or $0.31 per diluted share, compared to net income of $2.9 million or $0.27 per diluted share, during the same period last year. Net premiums earned increased to $24.8 million from $18.0 million for the fourth quarter of 2010. Net investment income, realized gains, and other revenues decreased to $1.6 million for the quarter compared to $5.7 million in the prior year quarter.

Losses and loss adjustment expenses decreased to $9.5 million for the quarter from $10.1 million during the same period of last year. Policy acquisition costs increased to $7.8 million from $6.1 million for the fourth quarter of 2010. Operating expenses increased to $1.1 million from $854,000 during the same period of last year. General and administrative expenses increased to $2.9 million from $1.8 million for the fourth quarter of last year.

2011 Year-to-Date

For the year-to-date period, net income was $8.1 million, or $0.77 per diluted share, compared to a net loss of $925,000, or $0.09 per diluted share for the same period last year. The Company's net premiums earned increased to $90.1 million, from $66.9 million during the same period of last year. Net investment income, realized gains, and other revenues decreased to $6.3 million for the year-to-date period from $13.1 million during the same period of last year.

Losses and loss adjustment expenses decreased to $38.9 million from $42.5 million while policy acquisition costs increased to $29.1 million from $24.9 million for the same period last year. Operating expenses increased to $5.1 million from $4.0 million during the same period of last year. General and administrative expenses increased to $9.7 million from $7.5 million while interest expense decreased to $548,000 from $1.8 million for the year ended December 31, 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!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

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