# EDGAR Filing Document

**Accession Number:** 0001401521
**File Stem:** 0001401521-23-000016
**Filing Date:** 2023-3
**Character Count:** 82195
**Document Hash:** 0dae78cbaa925876761aa16d16bf9a34
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001401521-23-000016.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001401521-23-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 31

**CONFORMED PERIOD OF REPORT**: 20230302

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNITED INSURANCE HOLDINGS CORP.
- **CENTRAL INDEX KEY:** 0001401521
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **IRS NUMBER:** 753241967
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-52833
- **FILM NUMBER:** 23698781

**BUSINESS ADDRESS:**
- **STREET 1:** 800 2ND AVE S
- **CITY:** SAINT PETERSBURG
- **STATE:** FL
- **ZIP:** 33701
- **BUSINESS PHONE:** 727-895-7737

**MAIL ADDRESS:**
- **STREET 1:** 800 2ND AVE S
- **CITY:** SAINT PETERSBURG
- **STATE:** FL
- **ZIP:** 33701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FMG ACQUISITION CORP
- **DATE OF NAME CHANGE:** 20070531

?xml version="1.0" ? uihc-20230302

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of report (Date of earliest event reported): March 2, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **UNITED INSURANCE HOLDINGS CORP.** | **UNITED INSURANCE HOLDINGS CORP.** | **UNITED INSURANCE HOLDINGS CORP.** | **UNITED INSURANCE HOLDINGS CORP.** | **UNITED INSURANCE HOLDINGS CORP.** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Delaware** | **Delaware** | **001-35761** | **001-35761** | **75-3241967** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (Commission File Number) | (IRS Employer Identification No.) |
| **800 2nd Avenue S.** | **800 2nd Avenue S.** |  |  | **33701** |
| **Saint Petersburg,** | **FL** |  |  | **33701** |
| (Address of principal executive offices) | (Address of principal executive offices) |  |  | (Zip Code) |
|  |  | **(727)** | **895-7737** |  |
|  |  | (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) |  |
| (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) | (Former name or former address, if changed since last report.) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common stock, $0.0001 par value per share | UIHC | Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition**

On March 2, 2023, United Insurance Holdings Corp. (the Company, we, our) issued a press release relating to our earnings for the fourth quarter and year ended December 31, 2022 (the Earnings Release). We have attached a copy of the Earnings Release as Exhibit 99.1.

In addition, as a result of the consent order issued by the Circuit Court of the Second Judicial Circuit for Leon County, Florida appointing the Florida Department of Financial Services as receiver of the Company's subsidiary, United Property & Casualty Insurance Company, the Company has attached pro forma financial statements reflecting the impact of the disposal of UPC and the related de-consolidation as of and for the period ending December 31, 2022 as Exhibit 99.2.

**Item 7.01: Regulation FD Disclosure.**

The executive officers of the Company intend to use the materials filed herewith, in whole or in part, in one or more meetings with investors and analysts, beginning on March 2, 2023. A copy of the investor presentation is attached hereto as Exhibit 99.3.

The information furnished under this Item 2.02 and 7.01, including Exhibit 99.1 and Exhibit 99.2 attached hereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.

**Item 9.01. Financial Statements and Exhibits**

---

| | |
|:---|:---|
| **Exhibit<br>No.** | **Description** |
| <u>[99.1](exh991er31dec22.htm)</u> | Earnings release issued by the Company on March 2, 2023 |
| <u>[99.2](proformafinancialstateme.htm)</u> | Pro form financial statements as of and for the period ending December 31, 2022. |
| <u>[99.3](investorpresentation-q42.htm)</u> | Investor presentation issued by the Company on March 2, 2023 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | | **UNITED INSURANCE HOLDINGS CORP.** |
| March 2, 2023 | By: | */s/ B. Bradford Martz* |
|  |  | B. Bradford Martz, President and Chief Financial Officer<br>(principal financial officer and principal accounting officer) |

---

## Exhibit 99.1

**Exhibit 99.1**

![uhiclogorta21.gif](uhiclogorta21.gif)

**<u>FOR IMMEDIATE RELEASE</u>**

**<u>UNITED INSURANCE HOLDINGS CORP. REPORTS FINANCIAL RESULTS</u>**

**<u>FOR ITS FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2022</u>**

**Company to Host Quarterly Conference Call at 5:00 P.M. ET on March 2, 2023** 

**The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at <u>investors.upcinsurance.com/Presentations</u>.** 

**St. Petersburg, FL -** March 2, 2023: United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, today reported its financial results for the fourth quarter and year ended December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ($ in thousands, except for per share data) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| ($ in thousands, except for per share data) | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **Change** | **2022** | **2021** | **Change** |
| Gross premiums written | $229239 | $268890 | (14.7)% | $1124063 | $1329445 | (15.4)% |
| Gross premiums earned | $296323 | $341886 | (13.3)% | $1223183 | $1408443 | (13.2)% |
| Net premiums earned | $134177 | $145081 | (7.5)% | $462626 | $589761 | (21.6)% |
| Total revenues | $113475 | $154544 | (26.6)% | $455422 | $634527 | (28.2)% |
| Loss before income tax | $(294616) | $(6202) | NM | $(442625) | $(83857) | NM |
| Net loss attributable to UIHC | $(294914) | $(2316) | NM | $(467999) | $(57919) | NM |
| Net loss available to UIHC common<br>stockholders per diluted share | $(6.84) | $(0.05) | NM | $(10.87) | $(1.35) | NM |
| Reconciliation of net loss to core loss: |  |  |  |  |  |  |
| &nbsp;&nbsp;Plus: Non-cash amortization of intangible assets and goodwill impairment <sup>(1)</sup> | $812 | $811 | 0.1% | $16817 | $3555 | NM |
| &nbsp;&nbsp;&nbsp;Less: Net realized gains (losses) on investment portfolio | $(30226) | $(2349) | NM | $(32082) | $3567 | NM |
| &nbsp;&nbsp;&nbsp;Less: Unrealized gains (losses) on equity securities | $3285 | $1528 | NM | $(6585) | $3237 | NM |
| &nbsp;&nbsp;Less: Net tax impact <sup>(2)</sup> | $5828 | $343 | NM | $11652 | $(682) | NM |
| Core loss <sup>(3) (4)</sup> | $(272989) | $(1027) | NM | $(424167) | $(60486) | NM |
| Core loss per diluted share <sup>(3) (4)</sup> | $(6.33) | $(0.02) | NM | $(9.85) | $(1.41) | NM |
| Book value per share |  |  |  | $(4.16) | $7.20 | NM |

---

NM = Not Meaningful

<sup>(1)</sup> For the year ended December 31, 2022, non-cash amortization of intangible assets includes $13.6 million related to the impairment of goodwill attributable to the Company's personal residential property and casualty insurance policies (personal lines) operating segment.

<sup>(2)</sup> In order to reconcile net loss to the core loss measures, the Company included the tax impact of all adjustments using the 21% corporate federal tax rate.

<sup>(3)</sup> For the three months and year ended December 31, 2022, core loss includes $71.0 million and $128.5 million, respectively, in tax expense related to the Company's recognition of a valuation allowance.

<sup>(4)</sup> Core loss, and core loss per diluted share, both of which are measures that are not based on GAAP, are reconciled above to net loss and net loss per diluted share, respectively, the most directly comparable GAAP measures. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "**Definitions of Non-GAAP Measures**" section, below.

------

**Exhibit 99.1**

"We are deeply disappointed with our fourth quarter results driven by Hurricane Ian loss development that ultimately exhausted the reinsurance available to our subsidiary, United Property & Casualty Insurance Company (UPC)," said Dan Peed, CEO. "Our immediate focus has shifted to providing the Florida Department of Financial Services the Company's full cooperation to complete the separation and run-off of UPC. We have a lot of work to do in this regard, but our team remains optimistic that our continuing operations led by our commercial lines business underwritten by American Coastal Insurance Company will return us to profitability in 2023."

**Return on Equity and Core Return on Equity**

The calculations of the Company's return on equity and core return on equity are shown below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| ($ in thousands) | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| Net loss attributable to UIHC | $(294914) | $(2316) | $(467999) | $(57919) |
| Return on equity based on GAAP net loss attributable to UIHC <sup>(1)</sup> | NM | (2.7)% | NM | (16.9)% |
| Core loss | $(272989) | $(1027) | $(424167) | $(60486) |
| Core return on equity <sup>(1)(2)</sup> | NM | (1.2)% | NM | (17.6)% |

---

NM = Not Meaningful

<sup>(1)</sup> Return on equity for the three months and year ended December 31, 2022 and 2021 is calculated on an annualized basis by dividing the net loss or core loss for the period by the average stockholders' equity for the trailing twelve months.

<sup>(2)</sup> Core return on equity, a measure that is not based on GAAP, is calculated based on core loss, which is reconciled on the first page of this press release to net loss, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the **"Definitions of Non-GAAP Measures"** section below.

------

**Exhibit 99.1**

**Combined Ratio and Underlying Ratio**

The calculations of the Company's combined ratio and underlying combined ratio on a consolidated basis and attributable to both the Company's personal lines and commercial residential property and casualty insurance policies (commercial lines) operating segments are shown below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| ($ in thousands) | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **Change** | **Change** | **2022** | **2021** | **Change** | **Change** |
| **Consolidated** |  |  |  |  |  |  |  |  |
| Loss ratio, net<sup>(1)</sup> | 252.6% | 58.9% | 193.7 | pts | 137.8% | 71.6% | 66.2 | pts |
| Expense ratio, net<sup>(2)(3)</sup> | 56.2% | 50.2% | 6.0 | pts | 56.5% | 48.7% | 7.8 | pts |
| Combined ratio (CR)<sup>(4)</sup> | 308.8% | 109.1% | 199.7 | pts | 194.3% | 120.3% | 74.0 | pts |
| &nbsp;&nbsp;&nbsp;Effect of current year catastrophe losses on CR | 146.5% | 8.6% | 137.9 | pts | 61.2% | 19.3% | 41.9 | pts |
| &nbsp;&nbsp;&nbsp;Effect of prior year unfavorable (favorable) development on CR | 43.9% | (2.4)% | 46.3 | pts | 24.3% | 4.7% | 19.6 | pts |
| **Underlying combined ratio**<sup>(5)</sup> | **118.4%** | **102.9%** | **15.5** | **pts** | **108.8%** | **96.3%** | **12.5** | **pts** |
| **Personal Lines** |  |  |  |  |  |  |  |  |
| Loss ratio, net<sup>(1)</sup> | 430.3% | 71.2% | 359.1 | pts | 225.9% | 88.2% | 137.7 | pts |
| Expense ratio, net<sup>(2)(3)</sup> | 69.4% | 48.1% | 21.3 | pts | 67.6% | 46.2% | 21.4 | pts |
| Combined ratio (CR)<sup>(4)</sup> | 499.7% | 119.3% | 380.4 | pts | 293.5% | 134.4% | 159.1 | pts |
| &nbsp;&nbsp;&nbsp;Effect of current year catastrophe losses on CR | 252.5% | 11.5% | 241.0 | pts | 98.4% | 25.0% | 73.4 | pts |
| &nbsp;&nbsp;&nbsp;Effect of prior year unfavorable (favorable) development on CR | 85.5% | (1.3)% | 86.8 | pts | 49.5% | 7.7% | 41.8 | pts |
| **Underlying combined ratio**<sup>(5)</sup> | **161.7%** | **109.1%** | **52.6** | **pts** | **145.6%** | **101.7%** | **43.9** | **pts** |
| **Commercial Lines** |  |  |  |  |  |  |  |  |
| Loss ratio, net<sup>(1)</sup> | 49.0% | 31.9% | 17.1 | pts | 39.8% | 31.6% | 8.2 | pts |
| Expense ratio, net<sup>(2)</sup> | 40.5% | 54.3% | (13.8) | pts | 43.2% | 53.5% | (10.3) | pts |
| Combined ratio (CR)<sup>(4)</sup> | 89.5% | 86.2% | 3.3 | pts | 83.0% | 85.1% | (2.1) | pts |
| &nbsp;&nbsp;&nbsp;Effect of current year catastrophe losses on CR | 24.9% | 2.2% | 22.7 | pts | 19.8% | 5.5% | 14.3 | pts |
| &nbsp;&nbsp;&nbsp;Effect of prior year favorable development on CR | (3.9)% | (4.9)% | 1.0 | pts | (3.6)% | (2.5)% | (1.1) | pts |
| **Underlying combined ratio**<sup>(5)</sup> | **68.5%** | **88.9%** | **(20.4)** | **pts** | **66.8%** | **82.1%** | **(15.3)** | **pts** |

---

<sup>(1)</sup> Loss ratio, net is calculated as losses and loss adjustment expenses (LAE), net of losses ceded to reinsurers, relative to net premiums earned.

<sup>(2)</sup> Expense ratio, net is calculated as the sum of all operating expenses less interest expense relative to net premiums earned.

<sup>(3)</sup> Includes the impairment of goodwill, which had an impact of 2.9% on the company's consolidated expense ratios and a 5.6% impact on the company's personal lines expense ratios during the year ended December 31, 2022, respectively.

<sup>(4)</sup> Combined ratio is the sum of the loss ratio, net and expense ratio, net.

<sup>(5)</sup> Underlying combined ratio, a measure that is not based on GAAP, is reconciled above to the combined ratio, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the **"Definitions of Non-GAAP Measures**" section, below.

------

**Exhibit 99.1**

**Combined Ratio Analysis** 

The calculations of the Company's loss ratios and underlying loss ratios are shown below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| ($ in thousands) | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| ($ in thousands) | **2022** | **2021** | **Change** | **Change** | **2022** | **2021** | **Change** | **Change** |
| Loss and LAE | $338977 | $85520 | $253457 |  | $637647 | $422134 | $215513 |  |
| &nbsp;&nbsp;&nbsp;% of Gross earned premiums | 114.4% | 25.0% | 89.4 | pts | 52.1% | 30.0% | 22.1 | pts |
| &nbsp;&nbsp;&nbsp;% of Net earned premiums | 252.6% | 58.9% | 193.7 | pts | 137.8% | 71.6% | 66.2 | pts |
| Less: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current year catastrophe losses | $196581 | $12515 | $184066 |  | $283190 | $113740 | $169450 |  |
| &nbsp;&nbsp;&nbsp;Prior year reserve unfavorable (favorable) development | 58876 | (3488) | 62364 |  | 112636 | 27856 | 84780 |  |
| Underlying loss and LAE <sup>(1)</sup> | $83520 | $76493 | $7027 |  | $241821 | $280538 | $(38717) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Gross earned premiums | 28.2% | 22.4% | 5.8 | pts | 19.8% | 19.9% | (0.1) | pts |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Net earned premiums | 62.2% | 52.7% | 9.5 | pts | 52.3% | 47.6% | 4.7 | pts |

---

<sup>(1)</sup> Underlying loss and LAE is a non-GAAP financial measure and is reconciled above to loss and LAE, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "**Definitions of Non-GAAP Measures**" section, below.

The calculations of the Company's expense ratios are shown below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| ($ in thousands) | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| ($ in thousands) | **2022** | **2021** | **Change** | **Change** | **2022** | **2021** | **Change** | **Change** |
| Policy acquisition costs | $60285 | $44501 | $15784 |  | $154233 | $173574 | $(19341) |  |
| Operating and underwriting | 8750 | 14124 | (5374) |  | 43632 | 56257 | (12625) |  |
| General and administrative | 6427 | 14278 | (7851) |  | 63317 | 57212 | 6105 |  |
| Total Operating Expenses | $75462 | $72903 | $2559 |  | $261182 | $287043 | $(25861) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Gross earned premiums | 25.5% | 21.3% | 4.2 | pts | 21.4% | 20.4% | 1.0 | pts |
| &nbsp;&nbsp;&nbsp;&nbsp;% of Net earned premiums | 56.2% | 50.2% | 6.0 | pts | 56.5% | 48.7% | 7.8 | pts |

---

------

**Exhibit 99.1**

**Quarterly Financial Results**

Net loss attributable to the Company for the fourth quarter of 2022 was $294.9 million, or $6.84 per diluted share, compared to $2.3 million, or $0.05 per diluted share, for the fourth quarter of 2021. Drivers of the net loss during the fourth quarter of 2022 include decreased gross written premiums which were partially offset by a decline in ceded premiums earned, unfavorable development related to Hurricane Ian which exhausted the Company's personal lines reinsurance coverage for the event, unfavorable development on prior year losses, and impairment losses of $22.7 million realized on a portion of the fixed maturity portfolio attributable to the Company's personal lines operating segment. This was partially offset by income related to the sale of our remaining properties in 2022.

The Company's total gross written premium decreased by $39.7 million, or 14.7%, to $229.2 million for the fourth quarter of 2022, from $268.9 million for the fourth quarter of 2021. This decrease was driven primarily by the transition of the Southeast business to Homeowners Choice Property & Casualty Insurance Company, Inc. (HCPCI) in the second half of 2022. In addition, the Company experienced a decline in written premiums across the personal lines business, due to underwriting actions taken by the Company throughout 2021 and 2022. The breakdown of the quarter-over-quarter changes in both direct written and assumed premiums by region and gross written premium by line of business are shown in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Three Months Ended December 31,** | **Three Months Ended December 31,** |  |  |
|  | **2022** | **2021** | **Change $** | **Change %** |
| **Direct Written and Assumed Premium by Region** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | $202211 | $190220 | $11991 | 6.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulf | 14480 | 41983 | (27503) | (65.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 11705 | 19741 | (8036) | (40.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 740 | 16834 | (16094) | (95.6) |
| Total direct written premium by region | 229136 | 268778 | (39642) | (14.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed premium <sup>(2)</sup> | 103 | 112 | (9) | (8.0) |
| Total gross written premium by region | $229239 | $268890 | $(39651) | (14.7)% |
| **Gross Written Premium by Line of Business** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property <sup>(3)</sup> | 122345 | 93832 | 28513 | 30.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal property | 106894 | 175058 | (68164) | (38.9) |
| Total gross written premium by line of business | $229239 | $268890 | $(39651) | (14.7)% |

---

<sup>(1)</sup> "Gulf" is comprised of Louisiana and Texas; "Northeast" is comprised of Massachusetts, New Jersey and New York in 2022 and Connecticut, Massachusetts, New Jersey, New York and Rhode Island in 2021; and "Southeast" is comprised of Georgia, North Carolina and South Carolina. The Company is no longer writing in New Jersey as of January 15, 2022, Massachusetts as of April 1, 2022, South Carolina as of June 1, 2022, Georgia as of October 1, 2022 and North Carolina as of December 1, 2022 as the policies have transitioned to HCPCI.

<sup>(2)</sup> Assumed premium written for 2022 and 2021 primarily included commercial property business assumed from unaffiliated insurers.

<sup>(3)</sup> Commercial written premium for 2022 and 2021 was primarily written in Florida.

Loss and LAE increased by $253.5 million, or 296.5%, to $339.0 million for the fourth quarter of 2022, from $85.5 million for the fourth quarter of 2021. Loss and LAE expense as a percentage of net earned premiums increased 193.7 points to 252.6% for the fourth quarter of 2022, compared to 58.9% for the fourth quarter of 2021. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the fourth quarter of 2022 would have been 28.2%, an increase of 5.8 points from 22.4% during the fourth quarter of 2021.

Policy acquisition costs increased by $15.8 million, or 35.5%, to $60.3 million for the fourth quarter of 2022, from $44.5 million for the fourth quarter of 2021, primarily due to the expensing of deferred costs attributable to our personal lines operating segment, which were determined to provide no additional economic benefit in the future. In addition, external management fees incurred increased related to the Company's increase in commercial lines gross written premium during the fourth quarter of 2022. Finally, ceding commission income decreased due to changes in the terms of the Company's quota share reinsurance agreements.

Operating and underwriting expenses decreased by $5.4 million, or 38.3%, to $8.8 million for the fourth quarter of 2022, from $14.1 million for the fourth quarter of 2021, primarily due to decreased investments in technology and decreased underwriting expenses as the result of the decrease in personal lines premiums described above.

------

**Exhibit 99.1**

General and administrative expenses decreased by $7.9 million, or 55.2%, to $6.4 million for the fourth quarter of 2022, from $14.3 million for the fourth quarter of 2021, driven by a decrease in salary related expenses attributable to a reduction in payroll taxes attributable to an employee retention tax credit refund for taxes previously paid and recognized as an expense by the company, as well as a reduction in headcount in 2022.

**Personal Lines Operating Segment Highlights**

Pre-tax losses attributable to the Company's personal lines operating segment totaled $306.0 million for the fourth quarter of 2022 compared to $11.8 million for the fourth quarter of 2021. Drivers of the quarter-over-quarter increase in pre-tax losses include: an increase in loss and LAE incurred of $237.2 million due to unfavorable development related to Hurricane Ian, which exhausted the Company's personal lines reinsurance coverage for the event and unfavorable development on prior year losses, decreased net premiums earned of $28.3 million driven by decreased gross written premiums as described above, and impairment losses realized of $22.7 million on a portion of the fixed maturity portfolio attributable to the Company's personal lines operating segment.

Quarter-over-quarter, policy acquisition costs increased $14.8 million, driven by the expensing of deferred costs determined to have no economic benefit in the future. This was partially offset by a $5.1 million decrease in operating expenses, as expenses correlated to the movement of premium decreased with the decline in personal lines gross written premium. In addition, general and administrative expenses decreased $7.9 million, which can be attributed to a reduction in payroll taxes attributable to an employee retention tax credit refund for taxes previously paid and recognized as an expense by the company, as well as a reduction in headcount in 2022.

**Commercial Lines Operating Segment Highlights**

Pre-tax earnings attributable to the Company's commercial lines operating segment totaled $3.7 million for the fourth quarter of 2022 compared to $8.3 million for the fourth quarter of 2021. This decrease can be attributed to increased expenses of $17.1 million, driven by a $16.2 million increase in loss and LAE incurred due to unfavorable development related to Hurricane Ian.

This increased expense was partially offset by increased revenues of $12.5 million, driven by a $17.4 million increase in net premiums earned due to higher gross written premiums quarter-over-quarter as the Company transitions towards becoming a specialty commercial lines underwriter.

**Year to Date Financial Results**

Net loss attributable to the Company for the year ended December 31, 2022, was $468.0 million, or $10.87 per diluted share, compared to $57.9 million, or $1.35 per diluted share, for the year ended December 31, 2021. Drivers of the net loss during the 2022 include the impact of Hurricane Ian making landfall in Florida as a category four hurricane and exhausting the Company's personal lines reinsurance coverage for the event, decreased gross written premiums which were partially offset by a decline in ceded premiums earned, unfavorable prior year loss development during the year, an increase in our provision for income taxes from the recognition of a valuation allowance against our deferred tax asset, the impairment of goodwill attributable to the Company's personal lines operating segment, and impairment losses of $22.7 million realized on a portion of the fixed maturity portfolio attributable to the Company's personal lines operating segment. This was partially offset by lower policy acquisition costs and lower operating and underwriting costs during 2022.

The Company's total gross written premium decreased by $205.4 million, or 15.4%, to $1.1 billion for the year ended December 31, 2022, from $1.3 billion for the year ended December 31, 2021. This decrease was driven primarily by the transition of the Northeast business to Homeowners Choice Property & Casualty Insurance Company, Inc. (HCPCI) in the fourth quarter of 2021 and the first half of 2022, and the transition of the Southeast business to HCPCI in the second half of 2022. In addition, the Company experienced a decline in written premiums across the personal lines business, due to underwriting actions taken by the Company throughout 2021 and 2022. The breakdown of the year-over-year changes in both direct written and assumed premiums by region and gross written premium by line of business are shown in the table below.

------

**Exhibit 99.1**

---

| | | | | |
|:---|:---|:---|:---|:---|
| ($ in thousands) | **Year Ended December 31,** | **Year Ended December 31,** |  |  |
|  | **2022** | **2021** | **Change $** | **Change %** |
| **Direct Written and Assumed Premium by Region** <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida | $885202 | $852711 | $32491 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gulf | 162786 | 225013 | (62227) | (27.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast | 42780 | 93188 | (50408) | (54.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Northeast | 32769 | 158217 | (125448) | (79.3) |
| Total direct written premium by region | 1123537 | 1329129 | (205592) | (15.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Assumed premium <sup>(2)</sup> | 526 | 316 | 210 | 66.5 |
| Total gross written premium by region | $1124063 | $1329445 | $(205382) | (15.4)% |
| **Gross Written Premium by Line of Business** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personal property | $615819 | $907207 | $(291388) | (32.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial property <sup>(3)</sup> | 508244 | 422238 | 86006 | 20.4 |
| Total gross written premium by line of business | $1124063 | $1329445 | $(205382) | (15.4)% |

---

<sup>(1)</sup> "Gulf" is comprised of Louisiana and Texas; "Northeast" is comprised of Massachusetts, New Jersey and New York in 2022 and Connecticut, Massachusetts, New Jersey, New York and Rhode Island in 2021; and "Southeast" is comprised of Georgia, North Carolina and South Carolina. The Company is no longer writing in New Jersey as of January 15, 2022, Massachusetts as of April 1, 2022, South Carolina as of June 1, 2022, Georgia as of October 1, 2022 and North Carolina as of December 1, 2022 as the policies have transitioned to HCPCI.

<sup>(2)</sup> Assumed premium written for 2022 and 2021 primarily included commercial property business assumed from unaffiliated insurers.

<sup>(3)</sup> Commercial written premium for 2022 and 2021 was primarily written in Florida.

Loss and LAE increased by $215.5 million, or 51.1%, to $637.6 million for the year ended December 31, 2022, from $422.1 million for the year ended December 31, 2021. Loss and LAE expense as a percentage of net earned premiums increased 66.2 points to 137.8% for the year ended December 31, 2022, compared to 71.6% for the year ended December 31, 2021. Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the year ended December 31, 2022, would have been 19.8%, a decrease of 0.1 points from 19.9% for the year ended December 31, 2021.

Policy acquisition costs decreased by $19.4 million, or 11.2%, to $154.2 million for the year ended December 31, 2022, from $173.6 million for the year ended December 31, 2021, primarily due to a decrease in expenses such as premium taxes, policy administration fees and agent commissions, which fluctuate in conjunction with the year-over-year decrease in personal lines gross written premium. This was partially offset by increased external management fees incurred related to the Company's increased commercial lines gross written premium during the year ended December 31, 2022. In addition, ceding commission income decreased in 2022 due to changes in the terms of the Company's quota share reinsurance agreements.

Operating and underwriting expenses decreased by $12.6 million, or 22.4%, to $43.6 million for the year ended December 31, 2022, from $56.3 million for the year ended December 31, 2021, primarily due to decreased investments in technology and decreased underwriting expenses as the result of the decrease in personal lines premiums described above.

General and administrative expenses increased by $6.1 million, or 10.7%, to $63.3 million for the year ended December 31, 2022, from $57.2 million for the year ended December 31, 2021, driven by the impairment of goodwill attributable to the Company's personal lines operating segment. This was partially offset by a decrease in salary related expenses attributable to a reduction in payroll taxes attributable to an employee retention tax credit refund for taxes previously paid and recognized as an expense by the company, as well as a reduction in headcount in 2022.

**Personal Lines Operating Segment Highlights**

Pre-tax losses attributable to the Company's personal lines operating segment totaled $479.3 million for the year ended December 31, 2022, compared to $104.6 million for the year ended December 31, 2021. Drivers of the year-over-year increase in pre-tax losses include an increase in loss and LAE incurred of $183.1 million due to unfavorable development related to Hurricane Ian which exhausted the Company's personal lines reinsurance coverage for the event and unfavorable development on prior year losses, decreased net premiums earned of $172.8 million driven by decreased gross written premiums as described above, and impairment losses realized of

------

**Exhibit 99.1**

$22.7 million on a portion of the fixed maturity portfolio attributable to the Company's personal lines operating segment.

Year-over-year, policy acquisition costs and operating expenses decreased $20.2 million and $11.7 million, respectively, as expenses correlated to the movement of premium decreased with the decline in personal lines gross written premium. General and administrative costs increased $4.4 million as the result of the impairment of goodwill attributable to our personal lines operating segment, partially offset by reduced salary related expenses attributable to an employee retention tax credit refund for taxes previously paid and recognized as an expense by the company, as well as a reduction in headcount in 2022.

**Commercial Lines Operating Segment Highlights**

Pre-tax earnings attributable to the Company's commercial lines operating segment totaled $35.8 million for the year ended December 31, 2022, compared to $32.0 million for the year ended December 31, 2021. This increase can be attributed to increased revenues of $38.1 million, driven by a $45.7 million increase in net premiums earned due to higher gross written premiums year-over-year as the Company transitions towards becoming a specialty commercial lines underwriter.

This increase was partially offset by increased expenses of $34.3 million, driven by a $32.4 million increase in loss and LAE incurred due to increased catastrophe losses and a decrease in favorable prior year development year-over-year.

**Reinsurance Costs as a Percentage of Gross Earned Premium** 

Reinsurance costs as a percentage of gross earned premium in the fourth quarter of 2022 and 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | **2021** |
| Non-at-Risk | (2.1)% | (2.2)% |
| Quota Share | (17.0)% | (23.2)% |
| All Other | (35.6)% | (32.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ceding Ratio | (54.7)% | (57.6)% |

---

Ceded premiums earned related to the Company's quota share reinsurance contracts decreased quarter-over-quarter driven by a decrease in the cession rate for one of the Company's external quota shares and changes to the geographic footprint and exposure covered by the external quota share contracts.

Ceded premiums earned related to the Company's catastrophe program decreased, driven by the need for less coverage for the 2022-2023 treaty year for the reduction in the geographic footprint and exposure, as well as the change from a cascading aggregate structure to an occurrence-based structure for the Company's 2022-2023 program. While premiums decreased quarter-over-quarter, the Company's ceding ratio related to its catastrophe program increased, driven by the Company's decrease in gross premiums earned quarter-over-quarter.

Reinsurance costs as a percentage of gross earned premium in the fourth quarter of 2022 and 2021 for the Company's personal lines and commercial lines operating segments were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Personal** | **Personal** | **Commercial** | **Commercial** |
| | **2022** | **2021** | **2022** | **2021** |
| Non-at-Risk | (3.3)% | (3.1)% | (0.5)% | (0.3)% |
| Quota Share | (19.4)% | (25.6)% | (13.5)% | (17.4)% |
| All Other | (35.8)% | (29.0)% | (35.5)% | (39.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ceding Ratio | (58.5)% | (57.7)% | (49.5)% | (57.2)% |

---

------

**Exhibit 99.1**

**Investment Portfolio Highlights**

The Company's cash, restricted cash and investment holdings decreased from $964.8 million at December 31, 2021 to $715.7 million at December 31, 2022. The Company's cash and investment holdings consist of investments in U.S. government and agency securities, corporate debt and 100% investment grade money market instruments. Fixed maturities represented approximately 87.1% of total investments at December 31, 2022, compared to 92.2% at December 31, 2021. The Company's fixed maturity investments had a modified duration of 4.0 years at both December 31, 2022 and December 31, 2021.

At December 31, 2022, the Company's fixed maturity investment holdings decreased by $287.1 million, or 43.3% from December 31, 2021, through the sale of securities in order to satisfy the Company's liquidity requirements during 2022 and due to both realized impairment losses and unrealized losses recognized on the portfolio.

**Book Value Analysis**

Book value per common share decreased 157.8% from $7.20 at December 31, 2021, to $(4.16) at December 31, 2022. Underlying book value per common share decreased 146.9% from $7.35 at December 31, 2021 to $(3.45) at December 31, 2022. A decrease in the Company's retained earnings as the result of a net loss in 2022 drove the decrease in the Company's book value per share. As shown in the table below, removing the effect of AOCI increases the Company's book value per common share, as the Company experienced unfavorable capital market conditions for the twelve months ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| ($ in thousands, except for share and per share data) | **December 31, 2022** | **December 31, 2021** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Book Value per Share** |  |  |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Common stockholders' equity attributable to UIHC | $(180183) | $312406 |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Total Shares Outstanding | 43280173 | 43370442 |
| Book Value Per Common Share | $(4.16) | $7.20 |
| **Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI)** |  |  |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Common stockholders' equity attributable to UIHC | $(180183) | $312406 |
| &nbsp;&nbsp;&nbsp;Less: Accumulated other comprehensive loss | (30947) | (6531) |
| Stockholders' Equity, excluding AOCI | $(149236) | $318937 |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Total Shares Outstanding | 43280173 | 43370442 |
| &nbsp;&nbsp;Underlying Book Value Per Common Share<sup>(1)</sup> | $(3.45) | $7.35 |

---

<sup>(1)</sup> Underlying book value per common share is a non-GAAP financial measure and is reconciled above to book value per common share, the most directly comparable GAAP measure. Additional information regarding non-GAAP financial measures presented in this press release can be found in the "**Definitions of Non-GAAP Measures"** section below**.**

**Definitions of Non-GAAP Measures**

The Company believes that investors' understanding of UPC Insurance's performance is enhanced by the Company's disclosure of the following non-GAAP measures. The Company's methods for calculating these measures may differ from those used by other companies and therefore comparability may be limited.

**Net loss excluding the effects of amortization of intangible assets, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core loss)** is a non-GAAP measure that is computed by adding amortization, net of tax, to net income and subtracting realized gains (losses) on the Company's investment portfolio, net of tax, and unrealized gains (losses) on the Company's equity securities, net of tax, from net loss.

------

**Exhibit 99.1**

Amortization expense is related to the amortization of intangible assets acquired, including goodwill, through mergers and, therefore, the expense does not arise through normal operations. Investment portfolio gains (losses) and unrealized equity security gains (losses) vary independent of the Company's operations. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss. The core loss measure should not be considered a substitute for net loss and does not reflect the overall profitability of the Company's business.

**Core return on equity** is a non-GAAP ratio calculated using non-GAAP measures. It is calculated by dividing the core loss for the period by the average stockholders' equity for the trailing twelve months (or one quarter of such average, in the case of quarterly periods). Core loss is an after-tax non-GAAP measure that is calculated by excluding from net loss the effect of non-cash amortization of intangible assets, including goodwill, unrealized gains or losses on the Company's equity security investments and net realized gains or losses on the Company's investment portfolio. In the opinion of the Company's management, core loss, core loss per share and core return on equity are meaningful indicators to investors of the Company's underwriting and operating results, since the excluded items are not necessarily indicative of operating trends. Internally, the Company's management uses core loss, core loss per share and core return on equity to evaluate performance against historical results and establish financial targets on a consolidated basis. The most directly comparable GAAP measure is return on equity. The core return on equity measure should not be considered a substitute for return on equity and does not reflect the overall profitability of the Company's business.

**Combined ratio excluding the effects of current year catastrophe losses and prior year reserve development (underlying combined ratio)** is a non-GAAP measure, that is computed by subtracting the effect of current year catastrophe losses and prior year development from the combined ratio. The Company believes that this ratio is useful to investors, and it is used by management to highlight the trends in the Company's business that may be obscured by current year catastrophe losses and prior year development. Current year catastrophe losses cause the Company's loss trends to vary significantly between periods as a result of their frequency of occurrence and severity and can have a significant impact on the combined ratio. Prior year development is caused by unexpected loss development on historical reserves. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is the combined ratio. The underlying combined ratio should not be considered as a substitute for the combined ratio and does not reflect the overall profitability of the Company's business.

**Net loss and LAE excluding the effects of current year catastrophe losses and prior year reserve development (underlying loss and LAE)** is a non-GAAP measure that is computed by subtracting the effect of current year catastrophe losses and prior year reserve development from net loss and LAE. The Company uses underlying loss and LAE figures to analyze the Company's loss trends that may be impacted by current year catastrophe losses and prior year development on the Company's reserves. As discussed previously, these two items can have a significant impact on the Company's loss trends in a given period. The Company believes it is useful for investors to evaluate these components both separately and in the aggregate when reviewing the Company's performance. The most directly comparable GAAP measure is net loss and LAE. The underlying loss and LAE measure should not be considered a substitute for net loss and LAE and does not reflect the overall profitability of the Company's business.

**Book value per common share, excluding the impact of accumulated other comprehensive loss (underlying book value per common share),** is a non-GAAP measure that is computed by dividing common stockholders' equity after excluding accumulated other comprehensive loss, by total common shares outstanding plus dilutive potential common shares outstanding. The Company uses the trend in book value per common share, excluding the impact of accumulated other comprehensive loss, in conjunction with book value per common share to identify and analyze the change in net worth attributable to management efforts between periods. The Company believes this non-GAAP measure is useful to investors because it eliminates the effect of interest rates that can fluctuate significantly from period to period and are generally driven by economic and financial factors that are not influenced by management. Book value per common share is the most directly comparable GAAP measure. Book value per common share, excluding the impact of accumulated other comprehensive loss, should not be considered a substitute for book value per common share and does not reflect the recorded net worth of the Company's business.

------

**Exhibit 99.1**

***Conference Call Details***

**Date and Time:**&nbsp;&nbsp;&nbsp;&nbsp;March 2, 2023 - 5:00 P.M. ET

**Participant Dial-In:**&nbsp;&nbsp;&nbsp;&nbsp;(United States): 877-445-9755

&nbsp;&nbsp;&nbsp;&nbsp;(International): 201-493-6744

**Webcast:&nbsp;&nbsp;&nbsp;&nbsp;**To listen to the live webcast, please go to <u>http://investors.upcinsurance.com</u> and click on the conference call link at the top of the page or go to: <u>https://event.webcasts.com/starthere.jsp?ei=1594437&tp_key=d17c7e1d47</u>

An archive of the webcast will be available for a limited period of time thereafter.

***Presentation: &nbsp;&nbsp;&nbsp;&nbsp;***The information in this press release should be read in conjunction with an investor presentation that is available on the Company's website at <u>investors.upcinsurance.com/Presentations</u>.

***About UPC Insurance***

Founded in 1999, UPC Insurance is an insurance holding company that sources, writes and services personal and commercial residential property and casualty insurance policies using a group of wholly owned insurance subsidiaries through a variety of distribution channels. The Company currently writes policies in Florida, Louisiana, New York, and Texas. The Company also writes policies in South Carolina and North Carolina, where renewal rights have been sold and all premiums and losses are ceded.

***Forward-Looking Statements*** 

*Statements made in this press release, or on the conference call identified above, and otherwise, that are not historical facts are "forward-looking statements". The Company believes these statements are based on reasonable estimates, assumptions and plans. However, if the estimates, assumptions, or plans underlying the forward-looking statements prove inaccurate or if other risks or uncertainties arise, actual results could differ materially from those expressed in, or implied by, the forward-looking statements. These statements are made subject to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements do not relate strictly to historical or current facts and may be identified by their use of words such as "may," "will," "expect," "endeavor," "project," "believe," "plan," "anticipate," "intend," "could," "would," "estimate" or "continue" or the negative variations thereof or comparable terminology. Factors that could cause actual results to differ materially may be found in the Company's filings with the U.S. Securities and Exchange Commission, in the "Risk Factors" section in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made, and, except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements.*

### #### ###

---

| | | |
|:---|:---|:---|
| **CONTACT:** | **OR** | **INVESTOR RELATIONS:** |
| **United Insurance Holdings Corp.** | | **The Equity Group** |
| Alexander Baty |  | Karin Daly |
| Director of Financial Reporting |  | Vice President |
| (727) 895-7737 / abaty@upcinsurance.com |  | (212) 836-9623 / kdaly@equityny.com |

---

------

**Exhibit 99.1**

**Consolidated Statements of Comprehensive Loss**

*In thousands, except share and per share amounts*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| REVENUE: |  |  |  |  |
| Gross premiums written | $229239 | $268890 | $1124063 | $1329445 |
| Change in gross unearned premiums | 67084 | 72996 | 99120 | 78998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross premiums earned | 296323 | 341886 | 1223183 | 1408443 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ceded premiums earned | (162146) | (196805) | (760557) | (818682) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net premiums earned | 134177 | 145081 | 462626 | 589761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 4124 | 3035 | 14011 | 13772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized investment gains (losses) | (30226) | (2349) | (32082) | 3567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains (losses) on equity securities | 3285 | 1528 | (6585) | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other revenue | 2115 | 7249 | 17452 | 24190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | $113475 | $154544 | $455422 | $634527 |
| EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Losses and loss adjustment expenses | 338977 | 85520 | 637647 | 422134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Policy acquisition costs | 60285 | 44501 | 154233 | 173574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 8750 | 14124 | 43632 | 56257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 6427 | 14278 | 63317 | 57212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 2448 | 2381 | 9613 | 9391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 416887 | 160804 | 908442 | 718568 |
| Loss before other income | (303412) | (6260) | (453020) | (84041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 8796 | 58 | 10395 | 184 |
| Loss before income taxes | (294616) | (6202) | (442625) | (83857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision (benefit) for income taxes | 298 | (3333) | 25485 | (23989) |
| Net Loss | $(294914) | $(2869) | $(468110) | $(59868) |
| Less: Net loss attributable to noncontrolling interests |  | (553) | (111) | (1949) |
| Net loss attributable to UIHC | $(294914) | $(2316) | $(467999) | $(57919) |
| OTHER COMPREHENSIVE LOSS: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in net unrealized gains (losses) on investments | 3632 | (7171) | (56600) | (18267) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassification adjustment for net realized investment losses (gains) | 30226 | 2349 | 32082 | (3567) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit related to items of other comprehensive income loss |  | 1156 | 49 | 5264 |
| Total comprehensive loss | $(261056) | $(6535) | $(492579) | $(76438) |
| Less: Comprehensive loss attributable to noncontrolling interests |  | (694) | (164) | (2295) |
| Comprehensive loss attributable to UIHC | $(261056) | $(5841) | $(492415) | $(74143) |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 43101872 | 42973753 | 43052070 | 42948850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 43101872 | 42973753 | 43052070 | 42948850 |
| Earnings available to UIHC common stockholders per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $(6.84) | $(0.05) | $(10.87) | $(1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(6.84) | $(0.05) | $(10.87) | $(1.35) |
| Dividends declared per share | $— | $0.06 | $0.06 | $0.24 |

---

------

**Exhibit 99.1**

**Consolidated Balance Sheets**

*In thousands, except share amounts*

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| ASSETS |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturities, available-for-sale | $376463 | $663602 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 39020 | 37958 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investments | 16628 | 18006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | $432111 | $719566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 229893 | 212024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 53717 | 33254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | 3062 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 19591 | 31561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Premiums receivable, net | 86036 | 79166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance recoverable on paid and unpaid losses | 1632293 | 997120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ceded unearned premiums | 213028 | 430631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 59476 | 73045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred policy acquisition costs | 58933 | 38520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 12770 | 18375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 38442 | 62015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $2839352 | $2698573 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid losses and loss adjustment expenses | $1946938 | $1084450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 545820 | 644940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinsurance payable on premiums | 59896 | 248625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments outstanding | 215057 | 114524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 74503 | 76258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability | 1689 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 23159 | 39324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, net | 152473 | 156561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | $3019535 | $2366616 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;Stockholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued or outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 100,000,000 shares authorized; 43,492,256 and 43,360,429 issued, respectively; 43,280,173 and 43,370,442 outstanding, respectively | 4 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 395631 | 394268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury shares, at cost; 212,083 shares | (431) | (431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (30947) | (6531) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings (deficit) | (544440) | (74904) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity attributable to UIHC stockholders | $(180183) | $312406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests |  | 19551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Stockholders' Equity | $(180183) | $331957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Stockholders' Equity | $2839352 | $2698573 |

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## Exhibit 99.2

![](proformafinancialstateme001.jpg)

Unaudited Pro Forma Condensed Financial Statements The accompanying unaudited pro forma condensed financial statements present the pro forma consolidated financial position and results of United Insurance Holdings Corporation (the "Company" or "UIHC"), after the de-consolidating of its wholly-owned subsidiary, United Property & Casualty Insurance Company, an insurance company organized under the laws of the State of Florida ("UPC"). The Company has determined that UPC is insolvent as defined by Section 631.011, Florida Statutes. Accordingly, UPC notified the Florida Office of Insurance Regulation ("OIR") of its financial condition and admits that grounds exist for the appointment of a Receiver of UPC for rehabilitation or liquidation, pursuant to Sections 631.051 and 631.061, Florida Statutes. On February 16, 2023, the OIR issued a referral to the Florida Department of Financial Services, Division of Rehabilitation and Liquidation ("DFS") to initiate delinquency proceedings against UPC. On February 27, 2023, the Circuit Court of the Second Judicial Circuit for Leon County, Florida issued a consent order appointing the DFS as receiver of UPC for purposes of liquidation, injunction and notice of automatic stay. As a result, UPC will be de-consolidated from the Company's financial results on this date. The Company has presented the pro forma effect of de-consolidating UPC from its reported results on December 31, 2022. These pro forma results have also been adjusted to reflect the balance sheet and income statement impacts of the disposal of certain assets related to UPC, the tax impacts of these asset disposals and the re-classification of certain balances on the balance sheet to the proper financial statement presentation. Explanations of each adjustment can be found directly following these financial statements. All amounts presented in these pro forma financial statements are presented in thousands, except for share amounts and per share amounts. No other entities are involved in this transaction. UNITED INSURANCE HOLDINGS CORP.

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![](proformafinancialstateme002.jpg)

Unaudited Pro Forma Condensed Balance Sheet As of December 31, 2022 Consolidated Less: UPC Plus: Pro Forma Adjustments Pro Forma Consolidated ASSETS Investments, at fair value: Fixed maturities, available-for-sale $376,463 $171,781 $— $204,682 Equity securities 39,020 23,363 — 15,657 Other investments 16,628 12,952 — 3,676 Total investments $432,111 $208,096 $— $224,015 Cash and cash equivalents 229,893 158,990 — 70,903 Restricted cash 53,717 7,730 — 45,987 Total cash, cash equivalents and restricted cash $283,610 $166,720 $— $116,890 Accrued investment income 3,062 1,457 — 1,605 Property and equipment, net 19,591 — (96) a 19,495 Premiums receivable, net 86,036 46,735 — 39,301 Reinsurance recoverable on paid and unpaid losses, net 1,632,293 867,053 — 765,240 Ceded unearned premiums 213,028 122,532 — 90,496 Goodwill 59,476 — — 59,476 Deferred policy acquisition costs, net 58,933 (2,046) — 60,979 Intangible assets, net 12,770 — (200) b 12,570 Other assets, net 38,442 3,217 62 c 35,287 Total Assets $2,839,352 $1,413,764 $(234) $1,425,354 LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Unpaid losses and loss adjustment expenses $1,946,938 $1,103,980 $— $842,958 Unearned premiums 545,820 286,842 — 258,978 Reinsurance payable on premiums 59,896 29,394 — 30,502 Payments outstanding 215,057 213,058 — 1,999 Accounts payable and accrued expenses 74,503 (871) — 75,374 Operating lease liability 1,689 — — 1,689 Other liabilities 23,159 5,692 — 17,467 Notes payable, net 152,473 4,118 — 148,355 Total Liabilities $3,019,535 $1,642,213 $— $1,377,322 Stockholders' Equity: Preferred stock, $0.0001 par value $— $— $— $— Common stock, $0.0001 par value 4 — — 4 Additional paid-in capital 395,631 — — 395,631 Treasury shares, at cost (431) — — (431) Accumulated other comprehensive loss (30,947) 1,006 — (31,953) Retained earnings (deficit) (544,440) (229,455) (234) d (315,219) Total stockholders' equity attributable to United Insurance Holdings Corp. (UIHC) stockholders $(180,183) $(228,449) $(234) $48,032 Noncontrolling interests (NCI) — — — — Total Stockholders' Equity $(180,183) $(228,449) $(234) $48,032 Total Liabilities and Stockholders' Equity $2,839,352 $1,413,764 $(234) $1,425,354 UNITED INSURANCE HOLDINGS CORP.

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![](proformafinancialstateme003.jpg)

Unaudited Pro Forma Condensed Consolidated Statement of Comprehensive Income (Loss) Year Ended December 31, 2022 Consolidated Less: UPC Plus: Pro Forma Adjustments Pro Forma Consolidated REVENUE: Gross premiums written $1,124,063 $551,720 $— $572,343 Change in gross unearned premiums 99,120 136,094 — (36,974) Gross premiums earned 1,223,183 687,814 — 535,369 Ceded premiums earned (760,557) (494,534) — (266,023) Net premiums earned 462,626 193,280 — 269,346 Net investment income 14,011 6,338 — 7,673 Net realized investment losses (32,082) (25,600) — (6,482) Net unrealized losses on equity securities (6,585) (4,617) — (1,968) Management Fee Income — (168,496) — 168,496 Other revenue 17,452 (12,155) — 29,607 Total revenues 455,422 (11,250) — 466,672 EXPENSES: Losses and loss adjustment expenses 637,647 478,725 — 158,922 Policy acquisition costs 154,233 (63,217) — 217,450 Operating expenses 43,632 7,466 — 36,166 General and administrative expenses 63,317 2,224 — 61,093 Interest expense 9,613 130 — 9,483 Total expenses 908,442 425,328 — 483,114 Loss before other income (453,020) (436,578) — (16,442) Other income (loss) 10,395 52 (296) e 10,047 Loss before income taxes (442,625) (436,526) (296) (6,395) Provision (benefit) for income taxes 25,485 7,813 (62) f 17,610 Net loss $(468,110) $(444,339) $(234) $(24,005) Less: Net loss attributable to NCI (111) — — (111) Net loss attributable to UIHC $(467,999) $(444,339) $(234) $(23,894) OTHER COMPREHENSIVE LOSS: Change in net unrealized losses on investments (56,600) (21,083) — (35,517) Reclassification adjustment for net realized investment loss 32,082 25,600 — 6,482 Income tax benefit (expense) related to items of other comprehensive loss 49 (82) — 131 Total comprehensive loss $(492,579) $(439,904) $(234) $(52,909) Less: Comprehensive loss attributable to NCI (164) — — (164) Comprehensive loss attributable to UIHC $(492,415) $(439,904) $(234) $(52,745) Basic & Diluted weighted average shares outstanding 43,052,070 43,052,070 Earnings Available to UIHC common stockholders per share (10.87) (0.56) UNITED INSURANCE HOLDINGS CORP.

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![](proformafinancialstateme004.jpg)

Pro Forma Adjustments The pro forma adjustments included in the unaudited pro form condensed financial statements are as follows: December 31, 2022 Adjustments: a. To eliminate historical assets. b. To eliminate historical intangible assets. c. To recognize the deferred tax asset from disposals. d. To recognize the income statement impact of the disposals. e. To eliminate historical assets and intangible assets. f. To recognize the tax impact of the disposals. UNITED INSURANCE HOLDINGS CORP.

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## Exhibit 99.3

![](investorpresentation-q42001.jpg)

United Insurance Holdings Corporation (Nasdaq: UIHC) Investor Presentation March 2nd, 2023

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![](investorpresentation-q42002.jpg)

Company Overview 2 UIHC is a specialty underwriter of catastrophe exposed property insurance. United Insurance Holding Corp. (Nasdaq: UIHC) was founded in 1999 and is the insurance holding company for 2 P&C carriers: American Coastal Insurance Company (ACIC) and Interboro Insurance Company (IIC) along with other operating affiliates. ACIC has the #1 market share of commercial residential property insurance (commercial lines) in Florida with roughly 5,400 policies and $516 million of premium in-force. IIC's homeowners & fire insurance products (personal lines) are focused exclusively on New York with roughly 6,600 policies and $58 million of premium in-force. UIHC as of December 31, 2022 Total Assets: $1.4 billion ¹ Total Equity: $48.0 million ¹ Total Revenue: $466.7 million ¹ Employees: 140 ² Headquarters: St. Petersburg, FL Credit Rating: BB+ (Kroll) Specialty Commercial Property Specialty Homeowners ¹ Values excluding United Property & Casualty Insurance Company (UPC) placed in receivership on February 27, 2023. ² As of March 1, 2023

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![](investorpresentation-q42003.jpg)

3 Executive Summary • Q4 Results • GAAP net loss of -$294.9m included $196.6m of current year net catastrophe losses and $58.9m of adverse prior year development. • Core loss of -$273.0m excluded -$30.2m of realized investment losses (before tax) due to asset sales and impairment charges. • Gross loss estimates from Hurricane Ian grew $574m to $1.54b and exhausted all reinsurance available to our affiliate, United Property & Casualty Insurance Company (UPC), driving additional net retained losses in excess of UPC's capital as of December 31, 2022. • UPC was placed into receivership on February 27, 2023, requiring UIHC to de-consolidate UPC from its results prospectively at that date. • Stockholders' equity attributable to UIHC as of December 31, 2022, was -$180.2m or -$4.16 per share. The pro-forma effect of de-consolidating UPC as if it was placed into receivership and divested at year-end, resulted in UIHC stockholders' equity of $48.0m or $1.12 per share. • Other Highlights • A consent order issued in December provided additional clarity on the run-off plan for UPC based on certain assumptions deemed reasonable along with a stipulation that UPC must actively facilitate the placement of its policies with other insurers. • In accordance with stipulation above, UPC engaged with Slide Insurance Company (Slide) in mid-January and successfully negotiated a mutually agreeable renewal rights transaction that was projected to keep UPC's solvent run-off viable under certain assumptions. • In late January, we received preliminary gross loss estimates from our independent actuarial firm related to Hurricane Ian indicating UPC had exhausted its reinsurance program which required us to immediately notify regulators that UPC was likely insolvent as of December 31, 2022. • On January 31, 2022, the Florida Office of Insurance Regulation issued a consent order approving a renewal rights agreement with Slide transferring the future risk of loss along with unearned premiums of ~$110m, less return agent commissions of $8.6m to Slide.

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![](investorpresentation-q42004.jpg)

Q4-22 & FY-22 Summary Results 4 UIHC's results were devastated by CAT losses and prior year development in personal lines. $ in millions FY 2022 FY 2021 Change % Chg Gross Premiums Earned 1,223.2$1,408.4$(185.2)$-13.1% Ceded Premiums Earned (760.6) (818.7) 58.1 -7.1% Net Premiums Earned 462.6 589.8 (127.1) -21.5% Investment & Other Income (0.6) 41.5 (42.1) -101.4% Unrealized G(L) on Equities (6.6) 3.2 (9.8) -306.3% Total Revenue 455.4 634.5 (179.1) -28.2% Underlying Loss & LAE 241.8 280.5 (38.7) -13.8% Current year CAT Loss & LAE 283.2 113.7 169.5 149.1% Prior year development 112.6 27.9 84.7 303.6% Net Loss & LAE 637.6 422.1 215.5 51.1% Operating Expense 261.2 287.0 (25.8) -9.0% Total Expenses (excluding interest) 898.8 709.1 189.7 26.8% Core Income (Loss) before tax (387.1)$(87.1)$(300.0)$ n/m Core Income (Loss) (424.2)$(60.5)$(363.7)$ n/m Direct Loss Ratio - NonCAT 49.2% 30.8% 18.4 pts Direct Loss Ratio - CAT (Current AY) 139.8% 58.8% 81 pts Direct Expense ratio 29.2% 27.8% 1.4 pts Net Loss Ratio 137.8% 71.6% 66.2 pts Net Expense Ratio 56.5% 48.7% 7.8 pts Combined Ratio 194.3% 120.3% 74 pts CAT Loss -61.2% -19.3% -41.9 pts PY Development F/(U) -24.3% -4.7% -19.6 pts Underlying Combined Ratio 108.8% 96.3% 12.5 pts $ in millions Q4-22 Q4-21 Change % Chg Gross Premiums Earned 296.3$341.9$(45.6)$-13.3% Ceded Premiums Earned (162.1) (196.8) 34.7 -17.6% Net Premiums Earned 134.2 145.1 (10.9) -7.5% Investment & Other Income (24.0) 7.9 (31.9) -403.8% Unrealized G(L) on Equities 3.3 1.5 1.8 120.0% Total Revenue 113.5 154.5 (41.0) -26.5% Underlying Loss & LAE 83.5 76.5 7.0 9.2% Current year CAT Loss & LAE 196.6 12.5 184.1 n/m Prior year development 58.9 (3.5) 62.4 n/m Net Loss & LAE 339.0 85.5 253.5 296.5% Operating Expense 75.5 72.9 2.6 3.6% Total Expenses (excluding interest) 414.4 158.4 256.0 161.6% Core Income (Loss) before tax (266.9)$(4.6)$(262.3)$ n/m Core Income (Loss) (273.0)$(1.0)$(272.0)$ n/m Direct Loss Ratio - NonCAT 97.9% 30.2% 67.7 pts Direct Loss Ratio - CAT (Current AY) 198.3% 5.9% 192.4 pts Direct Expense ratio 30.4% 27.9% 2.5 pts Net Loss Ratio 252.6% 58.9% 193.7 pts Net Expense Ratio 56.2% 50.2% 6 pts Combined Ratio 308.8% 109.1% 199.7 pts CAT Loss -146.5% -8.6% -137.9 pts PY Development F/(U) -43.9% 2.4% -46.3 pts Underlying Combined Ratio 118.4% 102.9% 15.5 pts

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![](investorpresentation-q42005.jpg)

Q4-22 Results by Line of Business 5 Commercial lines remained profitable despite the impact of reserve strengthening. Commercial lines (CL) FY22 pre-tax earnings would have been ~$79.2m excluding Hurricane Ian. Additional CL CAT losses were incurred in Q422 due to the 10% co-participation in ACIC's FHCF layer. $ in millions CL PL Other Total CL PL Other Total Gross Premiums Earned 123.7$172.6$-$296.3$464.2$759.0$-$1,223.2$ Ceded Premiums Earned (61.2) (100.9) - (162.1) (245.3) (515.3) - (760.6) Net Premiums Earned 62.5 71.7 - 134.2 218.9 243.7 - 462.6 Investment & other revenue (4.9) (19.1) (24.0) 0.5 (1.2) (0.7) Unrealized G(L) on Equities 2.1 1.2 3.3 (2.0) (4.6) (6.6) Total Revenue 59.7 53.8 - 113.5 217.5 237.9 - 455.4 Underlying Loss & LAE 17.3 66.2 - 83.5 51.7 190.2 - 241.8 Current year CAT Loss & LAE 15.7 180.9 - 196.6 43.4 239.8 - 283.2 Prior year development (2.4) 61.3 - 58.9 (7.9) 120.5 - 112.6 Total Loss 30.6 308.4 - 339.0 87.1 550.5 - 637.6 Operating & Interest Expense 25.3 49.8 2.8 77.9 94.5 165.0 11.3 270.8 Total Expenses 55.9 358.2 2.8 416.9 181.6 715.5 11.3 908.4 Other income (loss) (1.6) 10.4 8.8 (1.7) 12.1 10.4 Income (Loss) before tax 3.7$(306.0)$7.7$(294.6) 35.8$(479.3)$0.8$(442.7) Income tax expense (benefit) 0.3 25.5 Less: Non-controlling interests - (0.1) Net income (loss) (294.9) (468.1) Net Loss Ratio 49.0% 430.3% 252.6% 39.8% 225.9% 137.8% Net Expense Ratio 40.5% 69.4% 56.2% 43.2% 67.6% 56.5% Combined Ratio 89.5% 499.7% 308.9% 83.0% 293.5% 194.3% CAT Loss 24.9% 252.5% 146.5% 19.8% 98.4% 61.2% PY Development (F)/U -3.9% 85.5% 43.9% -3.6% 49.5% 24.3% Underlying Combined Ratio 68.5% 161.7% 118.4% 66.8% 145.6% 108.7% Three Months Ended Dec 31, 2022 Twelve Months Ended Dec 31, 2022

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![](investorpresentation-q42006.jpg)

Commercial Segment 2020-2022 6 We expect hard market conditions to accelerate earnings growth adjusted for CAT risk $ in millions 2020 2021 2022 Total Gross Premiums Earned 389.8$410.3$464.2$1,264.3$ Ceded Premiums Earned (194.5) (237.1) (245.3) (676.9) Net Premiums Earned 195.3 173.2 218.9 587.4 Investment & other revenue 31.6 4.7 0.5 36.8 Unrealized G(L) on Equities (9.5) 1.5 (2.0) (10.0) Total Revenue 217.4 179.4 217.5 614.3 Underlying Loss & LAE 66.6 49.5 51.7 167.7 Current year CAT Loss & LAE 24.7 9.5 43.4 77.6 Prior year development 0.8 (4.3) (7.9) (11.4) Total Loss 92.1 54.7 87.1 234.0 Operating & Interest Expense 109.4 92.7 94.5 296.6 Total Expenses 201.5 147.4 181.6 530.6 Other income (loss) - - - - Income (Loss) before tax 15.9$32.0$35.8$83.7 Net Loss Ratio 47.1% 31.6% 39.8% 39.8% Net Expense Ratio 56.0% 53.5% 43.2% 50.5% Combined Ratio 103.1% 85.1% 83.0% 90.3% CAT Loss 12.6% 5.5% 19.8% 13.2% PY Development (F)/U 0.4% -2.5% -3.6% -1.9% Underlying Combined Ratio 90.1% 82.1% 66.8% 79.0% Commercial Lines (CL)

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![](investorpresentation-q42007.jpg)

Impact of De-consolidating UPC 7 UIHC's pro-forma financials statements show a much different picture excluding UPC ¹ Pro-forma Balance Sheet at 12.31.22 Pro-forma Income Statement YTD at 12.31.22 ¹ UPC was divested and will be de-consolidated from UIHC's results effective February 27, 2023. UIHC Less: UPC Plus: Adjustments Pro-forma UIHC Cash & Investments 715,721$374,816$-$340,905$ Premiums Receivable 86,036 46,735 - 39,301 Reinsurance Recoverable 1,632,293 867,053 - 765,240 Ceded Unearned Premiums 213,028 122,532 - 90,496 Fixed Assets 19,591 - (96) 19,495 Goodwill & Intangibles 72,246 - (200) 72,046 Other Assets 100,437 2,628 62 97,871 Total Assets 2,839,352$1,413,764$(234)$1,425,354$ Unpaid Loss & LAE 1,946,938$1,103,980$-$842,958$ Unearned Premiums 545,820 286,842 - 258,978 Reinsurance Payable 59,896 29,394 - 30,502 Accounts payable & accrued expenses 289,560 212,187 - 77,373 Notes Payable 152,473 4,118 - 148,355 Other Liabilities 24,848 5,692 - 19,156 Total Liabilities 3,019,535$1,642,213$-$1,377,322$ Total Stockholders' Equity - UIHC (180,183)$(228,449)$(234)$48,032$ Minority Interest - Total Liabilities & Stockholders' Equity 2,839,352$1,413,764$(234)$1,425,354$ UIHC Less: UPC Plus: Adjustments Pro-forma UIHC Gross Premiums Earned 1,223,183$687,814$-$535,369$ Ceded Premiums Earned (760,557) (494,534) - (266,023) Net Premiums Earned 462,626$193,280$-$269,346$ Net Investment Income 14,011 6,338 - 7,673 Net gains(Losses) from investments (38,667) (30,217) - (8,450) Other income 17,452 (180,651) - 198,103 Total Revenue 455,422$(11,250)$-$466,672$ Loss & LAE Expense 637,647 478,725 - 158,922 Policy Acquisition Costs 154,233 (63,217) - 217,450 Operating Expenses 106,949 9,690 - 97,259 Interest Expense 9,613 130 - 9,483 Total Expenses 908,442$425,328$-$483,114$ Other Income (Expense) 10,395 52 (296) 10,047 Income (loss) before income taxes (442,625)$(436,526)$(296)$(6,395)$ Provision (benefit) for income tax 25,485 7,813 (62) 17,610 Net income (loss) (468,110)$(444,339)$(234)$(24,005)$

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![](investorpresentation-q42008.jpg)

Balance Sheet Highlights 8 Dec. 31, Dec. 31, Pro-forma ($ in thousands, except per share amounts) 2022 2021 Variance 12.31.22 Selected Balance Sheet Data Cash & investments 715,722$964,844$-25.8% 340,905$ Unpaid loss & LAE reserves, net of reinsurance 314,645$87,330$260.3% 77,718$ Financial debt 152,473$156,561$-2.6% 148,355$ Accumulated other comprehensive income (loss) (30,947)$(6,531)$373.9% (31,953)$ Stockholders' equity attributable to UIHC (180,183)$312,406$-157.7% 48,032$ Total capital (27,710)$468,967$-105.9% 196,387$ Leverage Ratios Debt-to-total capital -550.2% 33.4% -583.6% 75.5% Net premiums earned-to-stockholders' equity -256.8% 188.8% -445.5% 560.8% Per Share Data Common shares outstanding 43,280,173 43,370,442 -0.2% 43,280,173 Book value per common share (4.16)$7.20$-157.8% 1.11$ Underlying book value per common share (3.45)$7.35$-146.9% 1.85$ Tangible book value per common share (5.83)$5.10$-214.5% (0.55)$ Underlying tangible book value per common share (5.12)$5.25$-197.6% 0.19$

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![](investorpresentation-q42009.jpg)

Hurricane Ian: 2022-23 Core CAT Reinsurance Program Impact 9 ACIC has $508m of occurrence limit left for Ian and $980m of aggregate limit remaining. $934.8M FHCF 90% of $564.4M xs $370.4M NIL $370.4M $260.4M ACIC RAP Replacement 53.5% of $122.2M xs $260.4M; NIL $382.6M $20M RETENTION: $16.4M UL Layer: 63% $25M xs $20M Layer 1: 82% $55M xs $45M Layer 2: 92% $100M xs $100M Layer 3: 92% $20M xs $200M L a y e r 4 : 3 .9 0 % $2 2 5 M x s $2 2 0 M $45M $265M 1 0 % Q u o ta S h a re UL Layer: 19% 2nd Event Coverage L a y e r 4 : 1 1 .5 0 % $2 2 5 M x s $2 2 0 M L a y e r 4 : 1 4 .9 5 % $2 2 5 M x s $2 2 0 M 2 n d E v e n t C o v e ra g e Layer 4B: 59.90% $165M xs $220M 2nd Event Coverage L a y e r 4 D : 8 .0 0 % $1 2 0 M x s $2 6 5 M Layer 4C: 69.65% $60M xs $385M $385M $100M L a y e r 4 B : 6 .0 0 % $1 6 5 M x s $2 2 0 M $100M $200M $220M $445M ACIC Shared LimitACIC Limit ▪ ACIC Specific Limit Available for any Ian Adverse Development = $508m ▪ Total Limit Available for Subsequent Events = $980m ▪ $573m Specific Coverage for ACIC through FHCF and Private RAP Backup ▪ $407m Quota Share and Excess Coverage Shared ACIC and UPCIC C o -P a r: 8 % $2 6 5 M ($2 1 .2 M)

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![](investorpresentation-q42010.jpg)

Cautionary Statements 10 This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements include expectations regarding our diversification, growth opportunities, retention rates, liquidity, investment returns and our ability to meet our investment objectives and to manage and mitigate market risk with respect to our investments. These statements are based on current expectations, estimates and projections about the industry and market in which we operate, and management's beliefs and assumptions. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "endeavor," "project," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative variations thereof, or comparable terminology, are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. The risks and uncertainties include, without limitation: the regulatory, economic and weather conditions in the states in which we operate; the impact of new federal or state regulations that affect the property and casualty insurance market; the cost, variability and availability of reinsurance; assessments charged by various governmental agencies; pricing competition and other initiatives by competitors; our ability to attract and retain the services of senior management; the outcome of litigation pending against us, including the terms of any settlements; dependence on investment income and the composition of our investment portfolio and related market risks; our exposure to catastrophic events and severe weather conditions; downgrades in our financial strength ratings; risks and uncertainties relating to our acquisitions including our ability to successfully integrate the acquired companies; and other risks and uncertainties described in the section entitled "Risk Factors" and elsewhere in our filings with the Securities and Exchange Commission (the "SEC"), including our Annual Report in Form 10-K for the year ended December 31, 2021 and 2022 and our Form 10-Q for the periods ending March 31, 2021, June 30, 2021, September 30, 2021, March 31, 2022, June 30, 2022, and September 30, 2022. We caution you not to place undue reliance on these forward looking statements, which are valid only as of the date they were made. Except as may be required by applicable law, we undertake no obligation to update or revise any forward-looking statements to reflect new information, the occurrence of unanticipated events, or otherwise. This presentation contains certain non-GAAP financial measures. See our earnings release, Form 10-K ,and Form 10-Q for further information regarding these non-GAAP financial measures. The information in this presentation is confidential. Any photocopying, disclosure, reproduction or alteration of the contents of this presentation and any forwarding of a copy of this presentation or any portion of this presentation to any person is prohibited.

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