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United Insurance(ACIC) - 2021 Q1 - Earnings Call Presentation

Company Overview - United Insurance Holdings Corporation (UIHC) has total assets of $2.80 billion and total equity of $359 million as of March 31, 2021[2] - UPC Insurance has $1.26 billion in premium in-force[2] Q1-2021 Financial Results - The core loss was -$19.4 million or -$0.45 per share[3] - Net current year catastrophe loss & LAE incurred was $23.965 million[4] - Net unfavorable reserve development was $29.769 million[4] - The underlying combined ratio was 90.4%, a 0.3 point improvement year-over-year[3] - The net loss & LAE ratio was 79.3%[4] - The combined ratio was 127.2%[4] Florida Litigation & Legislative Changes - Insurers in Florida paid $15.3 billion in connection to lawsuits from 2013 to 2020, with 71% of payments funding plaintiff attorney fees[8] - Florida Senate Bills 76 and 1598 are expected to become law on July 1, 2021, which includes changes to the one-way attorney fees statute and reduces the time allowed to file claims[3, 10] - Restricting new FL homeowners' and filed a +14.7% rate increase (effective 7/1)[3]