United Insurance Holdings Corp.
United Insurance Holdings Corp. serves as the holding company for United Property
& Casualty Insurance Company and its affiliated companies. We conduct our
business principally through the six wholly-owned operating subsidiaries shown
below. Collectively, including United Insurance Holdings Corp., we refer to
these entities as “UPC Insurance,” which is the preferred brand
identification we are establishing for our Company.
UPC Insurance is primarily engaged in the homeowners property and casualty
insurance business in the United States. We currently write in Connecticut,
Florida, Georgia, Hawaii, Louisiana, Massachusetts, New Jersey, North Carolina,
Rhode Island, South Carolina, and Texas, and we are licensed to write in Alabama,
Delaware, Maryland, Mississippi, New Hampshire, New York and Virginia. Our target
market currently consists of areas where the perceived threat of natural catastrophe
has caused large national insurance carriers to reduce their concentration of
policies. In such areas we believe an opportunity exists for UPC Insurance to
write profitable business. We manage our risk of catastrophic loss primarily
through sophisticated pricing algorithms, avoidance of policy concentration,
and the use of a comprehensive catastrophe reinsurance program. UPC Insurance
has been operating continuously in Florida since 1999, and has successfully
managed its business through various hurricanes, tropical storms, and other
weather related events. We believe our record of successful risk management
and experience in writing business in catastrophe-exposed areas provides us
a competitive advantage as we grow our business in other states facing similar
perceived threats.
We conduct our operations under one business segment.
Our mission is to build a sustainable franchise that delivers quality insurance
products in select markets in order to produce superior risk-adjusted returns
for investors. Our strategy is to grow in our target markets by building a team
of insurance professionals that can (i) provide agents and policyholders quality
insurance products with world-class service and systems; (ii) raise and manage
capital to support business growth; and (iii) build and maintain relationships
with external partners. We believe the team of professionals we have assembled
has proven its ability to do each of these things, thereby providing us a source
of sustainable competitive advantage as we continue to grow our footprint.
Our emphasis on growing in areas with an ongoing threat of natural catastrophes
exposes our company to risk and volatility. We manage the inherent volatility
associated with our risk profile in three primary ways: 1) strategically, through
geographic and product diversification; 2) financially, through the use of robust
reinsurance programs, low financial and operating leverage, and a conservative
investment approach; and 3) operationally, by insourcing key insurance functions
and establishing strong external distribution partnerships.