UNITED INSURANCE HOLDINGS CORP. Form 8-K Current Event
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SECURITIES AND EXCHANGE COMMISSION FORM 8-K Current report filing Filing Date: 2021-05-27 | Period of Report: 2021-05-27 SEC Accession No. 0001401521-21-000102 (HTML Version on secdatabase.com) FILER UNITED INSURANCE HOLDINGS CORP. Mailing Address Business Address 800 2ND AVE S 800 2ND AVE S CIK:1401521| IRS No.: 753241967 | State of Incorp.:DE | Fiscal Year End: 1231 SAINT PETERSBURG FL SAINT PETERSBURG FL Type: 8-K | Act: 34 | File No.: 000-52833 | Film No.: 21973034 33701 33701 SIC: 6331 Fire, marine & casualty insurance 727-895-7737 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 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): May 27, 2021 UNITED INSURANCE HOLDINGS CORP. (Exact name of registrant as specified in its charter) Delaware 001-35761 75-3241967 (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 800 2nd Avenue S. Saint Petersburg, FL 33701 (Address of principal executive offices) (Zip Code) (727) 895-7737 (Registrant's telephone number, including area code) (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: Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document 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. ☐ Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Item 7.01. Regulation FD Disclosure. On May 27, 2021, United Insurance Holdings Corp. (the Company, we, our) issued a press release related to our core catastrophe reinsurance program, a copy of which is being furnished as exhibit 99.1 to this Report on Form 8-K. The information furnished under this item 7.01, including Exhibit 99.1 attached hereto, share not be deemed "filed" for purposed 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 No. Description 99.1 Press release issued by the Company on May 27, 2021 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. UNITED INSURANCE HOLDINGS CORP. May 27, 2021 By: /s/ B. Bradford Martz B. Bradford Martz, President and Chief Financial Officer (principal financial officer and principal accounting officer) Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document FOR IMMEDIATE RELEASE UNITED INSURANCE HOLDINGS CORP. SECURES 2021 - 2022 CORE CATASTROPHE AND QUOTA SHARE REINSURANCE PROGRAMS St. Petersburg, FL – May 27, 2021: United Insurance Holdings Corp. (Nasdaq: UIHC) (UPC Insurance or the Company), a property and casualty insurance holding company, announced today that it has completed its core catastrophe (Core CAT) reinsurance program and Quota Share program for United Property & Casualty Insurance Company (UPC), Family Security Insurance Company, Inc. (FSIC) and American Coastal Insurance Company (ACIC) effective June 1, 2021. The 2021 Core CAT program includes $2.85 billion of first event limit on a fully cascading basis except for the Florida Hurricane Catastrophe Fund layers. For the 12 months ending May 31, 2022, the per occurrence retention is $15.0 million for both the first and second events, down from $46.25 million for the first event and $17.5 million for the second event in 2020, a 53% reduction in aggregate year over year. Furthermore, the Core CAT program contains enhanced aggregate coverage features, which limit the accumulation of hurricane and earthquake retained losses. Should the 2020 hurricane season repeat itself, the Core CAT program would limit net retained hurricane losses to $31.0 million on the Company’s core portfolio of residential and commercial property insurance. The Company separately reinsures the catastrophe risk of business written by Interboro Insurance Company and Journey Insurance Company. In addition to the Core CAT program, UPC, FSIC and ACIC renewed the 15% quota share treaty effective June 1, 2021 which along with the existing 8% quota share treaty effective December 31, 2020, brings the total cession to 23% for the duration of the 2021 hurricane season. Also today, as a continuation of the Company’s strategy to deleverage its capital and balance commercial and personal lines, the Company announces it is considering strategic and financial alternatives to create capacity for expanding commercial specialty underwriting and general corporate purposes, including the retention of Raymond James & Associates and the possible sale of Interboro Insurance Company. 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 Connecticut, Florida, Georgia, Louisiana, Massachusetts, New Jersey, New York, North Carolina, Rhode Island, South Carolina and Texas. From its headquarters in St. Petersburg, UPC Insurance's team of dedicated professionals manages a completely integrated insurance company, including sales, underwriting, customer service and claims. Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document CONTACT: OR INVESTOR RELATIONS: United Insurance Holdings Corp. The Equity Group Jessica Strathman Adam Prior Deputy CFO Senior Vice-President (727) 895-7737 / [email protected] (212) 836-9606 / [email protected] ### Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Cover Page Document May 27, 2021 Document Information [Line Items] Amendment Flag false Document Type 8-K Document Period End Date May 27, 2021 Written Communications false Soliciting Material false Pre-commencement Tender Offer false Pre-commencement Issuer Tender Offer false Entity Emerging Growth Company false Title of 12(b) Security Common stock, $0.0001 par value per share Entity Registrant Name UNITED INSURANCE HOLDINGS CORP. Entity Incorporation, State or Country Code DE Entity File Number 001-35761 Entity Tax Identification Number 75-3241967 Entity Address, Address Line One 800 2nd Avenue S. Entity Address, Postal Zip Code 33701 Entity Address, City or Town Saint Petersburg, Entity Address, State or Province FL City Area Code (727) Local Phone Number 895-7737 Trading Symbol UIHC Security Exchange Name NASDAQ Entity Central Index Key 0001401521 Copyright © 2021 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document { "instance": { "uihc-20210527.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "definitionLink": { "local": [ "uihc-20210527_def.xml" ] }, "inline": { "local": [ "uihc-20210527.htm" ] }, "labelLink": { "local": [ "uihc-20210527_lab.xml" ] }, "presentationLink": { "local": [ "uihc-20210527_pre.xml" ] }, "schema": { "local": [ "uihc-20210527.xsd" ], "remote": [ "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd",