United Insurance Holdings Corp. (OTCBB: UIHC) (United or the Company), a property and casualty insurance holding company, today reported its financial results for the third quarter and nine months ended September 30, 2012.
2012 Third Quarter Review
United reported revenues for the quarter ended September 30, 2012, of $32.3 million, a 27% increase from $25.5 million reported in the prior year period. The increase was primarily due to an increase in net premiums earned to $30.2 million, from $23.9 million for the third quarter of 2011. The growth in net premiums earned for the quarter was driven by continued growth in new business production in Florida and other states. Net investment income, realized gains and other revenues increased to $2.0 million for the quarter, compared to $1.6 million in the prior year quarter.
Losses and loss adjustment expenses increased to $17.0 million for the quarter, from $8.4 million during the same period of last year. The increase during the period was largely due to general policy growth, losses of approximately $1.5 million related to Tropical Storms Debby and Isaac and an increase in our Florida non-catastrophe loss ratio. Policy acquisition costs increased to $9.4 million for the third quarter of 2012, from $7.6 million for the third quarter of 2011. Operating expenses increased to $1.7 million for the third quarter of 2012, from $1.1 million during the same period of last year. General and administrative expenses increased to $3.0 million for the third quarter of 2012, from $2.4 million for the third quarter of 2011.2012 Year-to-Date Revenues for the nine months ended September 30, 2012, increased 33%, to $93.3 million, compared to $70.0 million for the prior year period. The increase in revenues was primarily driven by a 34% increase in net premiums earned to $87.7 million, from $65.3 million during the same period of last year. Net investment income and other revenues increased to $5.6 million for the year-to-date period, from $4.7 million during the same period of last year.
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