$ACIC

UNITED INSURANCE HOLDINGS CORP.

CIK:0001401521|SEC Filings

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Gross premiums written	$ 216,304	$ 228,346	$ 365,699	$ 426,198
Change in gross unearned premiums	(77,574)	(62,886)	(85,835)	(98,637)
Gross premiums earned	138,730	165,460	279,864	327,561
Ceded premiums earned	(69,032)	(87,017)	(144,555)	(180,846)
Net premiums earned	69,698	78,443	135,309	146,715
Net investment income	5,402	5,793	10,481	10,304
Net realized investment gains	3,264	0	3,270	1,382
Net unrealized gains on equity securities	4,233	2,231	4,761	268
Total revenue	82,597	86,467	153,821	158,669
EXPENSES:
Losses and loss adjustment expenses	18,833	15,540	29,076	26,929
Policy acquisition costs	22,703	24,257	45,096	47,723
General and administrative expenses	10,266	7,778	20,969	17,284
Interest expense	2,344	2,719	4,688	5,436
Total expenses	54,146	50,294	99,829	97,372
Income before other income	28,451	36,173	53,992	61,297
Other income (loss)	(48)	1,379	164	2,449
Income before income taxes	28,403	37,552	54,156	63,746
Provision for income taxes	6,507	9,515	13,006	15,998
Income from continuing operations, net of tax	21,896	28,037	41,150	47,748
Income (loss) from discontinued operations, net of tax	0	(1,595)	0	42
Net income	21,896	26,442	41,150	47,790
OTHER COMPREHENSIVE INCOME:
Change in net unrealized gains on investments	2,512	3,042	1,268	7,254
Reclassification adjustment for net realized investment gains	(3,264)	0	(3,270)	(1,382)
Income tax benefit related to items of other comprehensive income	700	0	700	0
Total comprehensive income	$ 21,844	$ 29,484	$ 39,848	$ 53,662
Weighted average shares outstanding
Weighted average shares outstanding, Basic	48,094,148	48,434,446	48,318,586	48,285,665
Weighted average shares outstanding, Diluted	49,303,289	49,636,088	49,559,755	49,556,882
Basic
Continuing operations	$ 0.46	$ 0.58	$ 0.85	$ 0.99
Discontinued operations	0	(0.03)	0	0
Total	0.46	0.55	0.85	0.99
Diluted
Continuing operations	0.44	0.56	0.83	0.96
Discontinued operations	0	(0.03)	0	0
Total	$ 0.44	$ 0.53	$ 0.83	$ 0.96

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net Income (Loss)	$ 41,150	$ 47,790
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,611	3,413
Bond amortization and accretion	99	346
Net realized losses (gains) on investments	(3,270)	413
Net unrealized gains on equity securities	(4,761)	(268)
Provision for uncollectable premiums	0	(26)
Provision for uncollectable reinsurance recoverables	9	(31)
Deferred income taxes, net	4,348	8,870
Stock based compensation	2,842	2,204
Fixed asset and intangible asset disposals	48	60
Loss on sale of subsidiary	0	328
Changes in operating assets and liabilities:
Accrued investment income	(285)	(363)
Premiums receivable	(49,468)	(8,482)
Reinsurance recoverable on paid and unpaid losses	10,761	93,822
Ceded unearned premiums	(115,063)	(93,808)
Deferred policy acquisition costs, net	(16,878)	(18,540)
Other assets	1,718	2,102
Unpaid losses and loss adjustment expenses	(46,781)	(102,953)
Unearned premiums	85,836	101,973
Reinsurance payable on premiums	137,041	139,759
Accounts payable and accrued expenses	3,512	(21,742)
Operating lease liability	(111)	(79)
Other liabilities	402	(396)
Net cash provided by operating activities	52,760	154,392
INVESTING ACTIVITIES
Proceeds from sales, maturities and repayments of fixed maturities	21,268	55,868
Proceeds from sales, maturities and repayments of equity securities	15,021	9,998
Proceeds from sales, maturities and repayments of other investments	5,318	20,566
Purchases of Fixed maturities	(8,917)	(22,638)
Purchases of Equity securities	(3,980)	(12,023)
Purchases of Other investments	(689)	(26,414)
Cost of property, equipment and capitalized software acquired	(371)	(96)
Net proceeds from sale of former subsidiary	0	4,495
Net cash provided by investing activities	27,650	29,756
FINANCING ACTIVITIES
Tax withholding payment related to net settlement of equity awards	(26)	0
Treasury stock	(19,441)	0
Dividends	(36,574)	0
Proceeds from issuance of common stock, including exercise of stock options	0	774
Net cash provided by (used in) financing activities	(56,041)	774
Increase in cash, cash equivalents and restricted cash, including cash classified as assets held for sale	24,369	184,922
Cash, cash equivalents and restricted cash at beginning of period	292,854	222,290
Cash, cash equivalents and restricted at end of period	317,223	407,212
Supplemental Cash Flows Information
Interest paid	4,688	5,438
State and Local Jurisdiction \| Florida
Supplemental Cash Flows Information
State income taxes paid (refunded)	(400)	(987)
Federal
Supplemental Cash Flows Information
Interest paid	0	0
All other state
Supplemental Cash Flows Information
State income taxes paid (refunded)	$ 4	$ (36)

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments, at fair value:
Fixed maturities, available-for-sale	$ 238,403	$ 253,152
Equity securities	57,049	61,685
Other investments	37,347	40,053
Total investments	332,799	354,890
Cash and cash equivalents	218,943	198,762
Restricted cash	98,280	94,092
Total cash, cash equivalents and restricted cash	317,223	292,854
Accrued investment income	3,441	3,156
Property and equipment, net	869	723
Premiums receivable, net	119,915	70,447
Reinsurance recoverable on paid and unpaid losses, net	117,435	128,205
Ceded uneared premiums	224,760	109,697
Goodwill	59,476	59,476
Deferred policy acquisition costs, net	54,693	37,815
Intangible assets, net	2,203	3,471
Other assets	10,980	11,998
Total Assets	1,243,794	1,072,732
Liabilities
Unpaid losses and loss adjustment expenses	118,920	165,701
Unearned premiums	335,452	249,616
Reinsurance payable on premiums	203,882	66,841
Accounts payable and accrued expenses	79,719	112,781
Operating lease liability	3,024	3,135
Notes payable, net	149,519	149,353
Other liabilities	12,490	7,740
Total Liabilities	903,006	755,167
Commitments and Contingencies (Note 11)
Stockholders' Equity
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued or outstanding	0	0
Common stock, $0.0001 par value; 100,000,000 shares authorized; 49,288,637 and 48,976,885 issued, respectively; 47,271,828 and 48,764,802 outstanding, respectively	5	5
Additional paid-in capital	442,558	439,742
Treasury shares, at cost: 2,016,809 shares and 212,083 shares, respectively	(19,872)	(431)
Accumulated other comprehensive loss	(8,544)	(7,242)
Retained earnings (deficit)	(73,359)	(114,509)
Total Stockholders' Equity	340,788	317,565
Total Liabilities and Stockholders' Equity	$ 1,243,794	$ 1,072,732