UPC profits soar from new policies
United Insurance Holdings (UPC), a property and casualty insurance holding company, has reported a dramatic increase to its net income for the first quarter of 2016 to $3 million, compared with the $198,000 it reported in the same quarter of 2015.
The firm attributed the increase to the fact it wrote 30,000 new policies in the quarter.
UPC also posted a 27.5 percent increase in its gross written premiums (GWP) for the quarter, up to $136 million, compared with $106.6 million in the first quarter of last year. Its combined ratio came to 101.8 percent for the first three months of 2016, down on the 105.2 percent it saw for the same period of 2015.
Net premiums earned were also up 29.9 percent for the quarter to $101.4 million and total revenues were up by 30.5 percent to $107.6 million.
John Forney, the company's president and chief executive officer, said that the quarter had been another strong one for the company. "We wrote over 30,000 new policies in the quarter, 85 percent of which came from outside of Florida," he said. "Policy retention remained over 90 percent, and our underlying loss ratio was stable, both of which we believe are positive signs that we are putting good business on the books as we grow and diversify."
