8-K

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 5, 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.				33701
Saint Petersburg,	FL
(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:

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 May 5, 2021, United Insurance Holdings Corp. (the Company, we, our) issued a press release relating to our earnings for the first quarter ended March 31, 2021 (the Earnings Release). We have attached a copy of the Earnings Release as Exhibit 99.1.

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 May 5, 2021. A copy of the investor presentation is attached hereto as Exhibit 99.2.

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 No.	Description
99.1	Earnings release issued by the Company on May 5, 2021
99.2	Investor presentation issued by the Company on May 5, 2021
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.

		UNITED INSURANCE HOLDINGS CORP.
May 5, 2021	By:	/s/ B. Bradford Martz
		B. Bradford Martz, President and Chief Financial Officer (principal financial officer and principal accounting officer)

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

UNITED INSURANCE HOLDINGS CORP. REPORTS FINANCIAL RESULTS

FOR ITS FIRST QUARTER ENDED MARCH 31, 2021

Company to Host Quarterly Conference Call at 5:00 P.M. ET on May 5, 2021

The information in this press release should be read in conjunction with an investor presentation that is available on our website at investors.upcinsurance.com/Presentations.

St. Petersburg, FL - May 5, 2021: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 first quarter ended March 31, 2021.

($ in thousands, except for per share data)	Three Months Ended
	March 31,
	2021		2020		Change
Gross premiums written	$	311,638	$	335,183	(7.0)	%
Gross premiums earned	$	356,663	$	344,619	3.5	%
Net premiums earned	$	145,949	$	191,596	(23.8)	%
Total revenues	$	161,789	$	176,304	(8.2)	%
Loss before income tax	$	(26,282)	$	(15,804)	(66.3)	%
Loss attributable to UIHC	$	(17,771)	$	(12,723)	(39.7)	%
Net loss available to UIHC common stockholders per diluted share	$	(0.41)	$	(0.30)	(36.7)	%
Reconciliation of net loss to core loss:
Plus: Non-cash amortization of intangible assets	$	1,043	$	1,137	(8.3)	%
Less: Net realized gains (losses) on investment portfolio	$	503	$	(68)	NM
Less: Unrealized gains (losses) on equity securities	$	2,564	$	(26,456)	NM
Less: Net tax impact (1)	$	(425)	$	5,809	NM
Core income (loss) (2)	$	(19,370)	$	9,129	NM
Core income (loss) per diluted share (2)	$	(0.45)	$	0.21	NM
Book value per share	$	8.32	$	11.30	(26.4)	%

NM = Not Meaningful

(1) In order to reconcile net loss to the core income (loss) measures, we included the tax impact of all adjustments using the 21% corporate federal tax rate.

(2) Core income (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.

"The first quarter yielded an Underlying Combined Ratio of 90.4%, a small improvement on a year-over-year basis but not yet where we want to be," said Dan Peed, CEO of UPC Insurance. "Premium rate increases continued very strong, with an average 10.4% renewal business and nearly 19% new business achieved in personal lines. Our first quarter catastrophes, including winter storm Uri, caused losses near $24 million net of reinsurance, somewhat better than expectations. Our Commercial Residential business fared well and we’re on track with a second half roll out of our E&S insurance company and Direct to Consumer Technology platforms.

However, due to unusual loss development patterns in February and March, at the end of the first quarter we did an analysis of our exposure to the accelerating litigation trend in Florida. This resulted in a $30 million strengthening of both catastrophe and non-catastrophe Prior Year Reserves for Florida personal lines exposures, driving a core after tax loss for the quarter of approximately $19.4 million. We are very encouraged with last Friday’s Florida legislative

1

Exhibit 99.1

changes and believe they will mitigate the accelerating litigation trends, although it is too early to quantify the improvement.

The property catastrophe market remains firm, especially the Florida personal lines market which is expected to remain very firm for the foreseeable future. As stated previously, we expect 2021 to be a transition year, but we remain on track to continue expanding our underlying margin while also significantly cutting our net catastrophe retentions."

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
	March 31,
	2021			2020
Net loss attributable to UIHC	$	(17,771)		$	(12,723)
Return on equity based on GAAP net loss attributable to UIHC (1)	(15.9)		%	(9.7)		%
Core income (loss)	$	(19,370)		$	9,129
Core return on equity (1)(2)	(17.3)		%	7.0		%

(1) Return on equity for the three months March 31, 2021 and 2020 is calculated on an annualized basis by dividing the net loss or core net loss for the period by the average stockholders' equity for the trailing twelve months.

(2) Core return on equity, a measure that is not based on GAAP, is calculated based on core income (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.

Combined Ratio and Underlying Ratio

The calculations of the Company's combined ratio and underlying combined ratio are shown below.

($ in thousands)	Three Months Ended
	March 31,
	2021		2020		Change
Loss ratio, net(1)	79.3	%	53.7	%	25.6	pts
Expense ratio, net(2)	47.9	%	45.3	%	2.6	pts
Combined ratio (CR)(3)	127.2	%	99.0	%	28.2	pts
Effect of current year catastrophe losses on CR	16.4	%	8.9	%	7.5	pts
Effect of prior year unfavorable (favorable) development on CR	20.4	%	(0.6)	%	21.0	pts
Underlying combined ratio(4)	90.4	%	90.7	%	(0.3)	pts

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

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

(3) Combined ratio is the sum of the loss ratio, net and expense ratio, net.

(4) 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.

2

Exhibit 99.1

Quarterly Financial Results

Net loss attributable to the Company for the first quarter of 2021 was $17.8 million, or $0.41 per diluted share, compared to $12.7 million, or $0.30 per diluted share, for the first quarter of 2020. The increase in net loss was primarily driven by a decrease in net premiums earned during the first quarter of 2021 compared to the first quarter of 2020 due to the underwriting actions implemented during the fourth quarter of 2020, as well as an increase in the Company's ceded premiums earned related to changes made to the Company's quota share agreements effective December 31, 2020. The Company also experienced an increase in the Company's loss and loss adjustment expenses (LAE) due to catastrophe losses from Winter Storm Uri and the rise in litigation-related claims in the state of Florida.

This increase in net loss was offset by an increase in the Company's net unrealized gains on equity securities due to improved market conditions in the first quarter of 2021 compared to the first quarter of 2020 on a smaller equity investment portfolio and the overall decrease in policy acquisition costs in the first quarter of 2021 compared to the first quarter of 2020 as described below.

The Company's total gross written premium decreased by $23.5 million, or 7.0%, to $311.6 million for the first quarter of 2021, from $335.2 million for the first quarter of 2020. This decrease was driven primarily by a decrease in assumed premiums due to the termination of a contract which included commercial property business assumed from unaffiliated insurers. 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  March 31,
	2021		2020		Change $		Change %
Direct Written and Assumed Premium by Region (1)
Florida	$	195,585	$	193,696	$	1,889	1.0	%
Gulf	52,983		52,716		267		0.5
Northeast	38,615		42,797		(4,182)		(9.8)
Southeast	24,407		26,872		(2,465)		(9.2)
Total direct written premium by region	311,590		316,081		(4,491)		(1.4)
Assumed premium (2)	48		19,102		(19,054)		(99.7)
Total gross written premium by region	$	311,638	$	335,183	$	(23,545)	(7.0)	%
Gross Written Premium by Line of Business
Personal property	$	203,598	$	224,616	$	(21,018)	(9.4)	%
Commercial property	108,040		110,567		(2,527)		(2.3)
Total gross written premium by line of business	$	311,638	$	335,183	$	(23,545)	(7.0)	%

(1) "Gulf" is comprised of Louisiana and Texas in 2021 and Hawaii, Louisiana, and Texas in 2020; "Northeast" is comprised of Connecticut, Massachusetts, New Jersey, New York and Rhode Island; and "Southeast" is comprised of Georgia, North Carolina and South Carolina.

(2) Assumed premium written for 2021 and 2020 primarily included commercial property business assumed from unaffiliated insurers.

Loss and LAE increased by $13.0 million, or 12.6%, to $115.8 million for the first quarter of 2021, from $102.8 million for the first quarter of 2020. Loss and LAE expense as a percentage of net earned premiums increased 25.6 points to 79.3% for the first quarter of 2021, compared to 53.7% for the first quarter of 2020.

Excluding catastrophe losses and reserve development, the Company's gross underlying loss and LAE ratio for the first quarter of 2021 would have been 17.4%, a decrease of 7.8 points from 25.2% during the first quarter of 2020, representing an improvement in current year non-catastrophe loss and LAE expenses.

Policy acquisition costs decreased by $18.1 million, or 30.7%, to $40.8 million for the first quarter of 2021, from $58.9 million for the first quarter of 2020 primarily due to an increase in ceding commission income related to the Company's quota share reinsurance agreements.

Operating and underwriting expenses increased by $3.5 million, or 36.1%, to $13.2 million for the first quarter of 2021, from $9.7 million for the first quarter of 2020, primarily due to increased expenditures on technology software and services.

3

Exhibit 99.1

General and administrative expenses decreased by $2.4 million, or 13.1%, to $15.9 million for the first quarter of 2021, from $18.3 million for the first quarter of 2020, primarily due to an increase in the allocation of claims adjuster payroll related costs to loss & LAE from general and administrative expenses in 2021.

Combined Ratio Analysis

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

($ in thousands)	Three Months Ended
	March 31,
	2021			2020			Change
Loss and LAE	$	115,781		$	102,837		$	12,944
% of Gross earned premiums	32.5		%	29.8		%	2.7		pts
% of Net earned premiums	79.3		%	53.7		%	25.6		pts
Less:
Current year catastrophe losses	$	23,965		$	17,118		$	6,847
Prior year reserve unfavorable (favorable) development	29,769			(1,129)			30,898
Underlying loss and LAE (1)	$	62,047		$	86,848		$	(24,801)
% of Gross earned premiums	17.4		%	25.2		%	(7.8)		pts
% of Net earned premiums	42.5		%	45.4		%	(2.9)		pts

(1) 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
	March 31,
	2021			2020			Change
Policy acquisition costs	$	40,821		$	58,875		$	(18,054)
Operating and underwriting	13,222			9,704			3,518
General and administrative	15,882			18,301			(2,419)
Total Operating Expenses	$	69,925		$	86,880		$	(16,955)
% of Gross earned premiums	19.6		%	25.2		%	(5.6)		pts
% of Net earned premiums	47.9		%	45.3		%	2.6		pts

Reinsurance Costs as a Percentage of Gross Earned Premium

Reinsurance costs as a percentage of gross earned premium in the first quarter of 2021 and 2020 were as follows:

	2021		2020
Non-at-Risk	(2.3)	%	(2.6)	%
Quota Share	(26.2)	%	(12.4)	%
All Other	(30.6)	%	(29.4)	%
Total Ceding Ratio	(59.1)	%	(44.4)	%

The increase in this ratio was driven by modifications made to the Company's existing quota share agreement effective December 31, 2020. These modifications include extending coverage to include American Coastal Insurance Company (ACIC) in the agreement, as well as increasing our cession percentage an additional 8% for ACIC, United Property & Casualty Insurance Company, and Family Security Insurance Company, Inc. In addition, on December 31, 2020, the Company entered into a quota share reinsurance agreement with Homeowners Choice Property and Casualty Insurance Company, Inc, which provides 69.5% reinsurance coverage on in-force, new and renewal policies in Connecticut, Massachusetts, New Jersey, and Rhode Island.

4

Exhibit 99.1

Investment Portfolio Highlights

The Company's cash, restricted cash and investment holdings decreased from $1.3 billion at December 31, 2020, to $1.2 billion at March 31, 2021. 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 93.4% of total investments at March 31, 2021, compared to 94.5% at December 31, 2020. At March 31, 2021, our fixed maturity investments had a modified duration of 4.4 years, compared to 4.1 years at December 31, 2020.

Book Value Analysis

Book value per common share decreased 9.5% from $9.19 at December 31, 2020, to $8.32 at March 31, 2021. Underlying book value per common share decreased 5.4% from $8.96 at December 31, 2020 to $8.48 at March 31, 2021. A decrease in the Company's retained earnings as the result of a net loss in the first quarter of 2021 drove the decrease in our 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 market conditions for the three months ended March 31, 2021.

($ in thousands, except for share and per share data)	March 31, 2021		December 31, 2020
Book Value per Share
Numerator:
Common stockholders' equity attributable to UIHC	$	359,009	$	395,753
Denominator:
Total Shares Outstanding	43,147,180		43,075,877
Book Value Per Common Share	$	8.32	$	9.19
Book Value per Share, Excluding the Impact of Accumulated Other Comprehensive Income (AOCI)
Numerator:
Common stockholders' equity attributable to UIHC	$	359,009	$	395,753
Less: Accumulated other comprehensive income (loss)	(6,945)		9,693
Stockholders' Equity, excluding AOCI	$	365,954	$	386,060
Denominator:
Total Shares Outstanding	43,147,180		43,075,877
Underlying Book Value Per Common Share(1)	$	8.48	$	8.96

(1) 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 income (loss) excluding the effects of amortization of intangible assets, realized gains (losses) and unrealized gains (losses) on equity securities, net of tax (core income (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 income. Amortization expense is related to the amortization of intangible assets acquired 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

5

Exhibit 99.1

reviewing the Company's performance. The most directly comparable GAAP measure is net income. The core income measure should not be considered a substitute for net income 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 income 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 income is an after-tax non-GAAP measure that is calculated by excluding from net income the effect of non-cash amortization of intangible assets, 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 income, core income 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 income, core income 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 income (underlying book value per common share), is a non-GAAP measure that is computed by dividing common stockholders' equity after excluding accumulated other comprehensive income, 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 income, 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 income, 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.

6

Exhibit 99.1

Conference Call Details

Date and Time:    May 5, 2021 - 5:00 P.M. ET

Participant Dial-In:    (United States): 877-407-8829

    (International): 201-493-6724

Webcast:    To listen to the live webcast, please go to http://investors.upcinsurance.com and click on the conference call link at the top of the page or go to:https://event.webcasts.com/starthere.jsp?ei=1450758&tp_key=854cbf44f9

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

Presentation:     The information in this press release should be read in conjunction with an investor presentation that is available on our website at investors.upcinsurance.com/Presentations.

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 and one majority owned insurance subsidiary 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.

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” that anticipate results based on our estimates, assumptions and plans and are subject to uncertainty. 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. We believe 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 communicated in these forward-looking statements. Factors that could cause actual results to differ materially from those expressed in, or implied by, the forward-looking statements may be found in our filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section in our 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, we undertake no obligation to update or revise any forward-looking statement.

### #### ###

CONTACT:	OR	INVESTOR RELATIONS:
United Insurance Holdings Corp.		The Equity Group
Jessica Strathman		Adam Prior
Director of Financial Reporting		Senior Vice-President
(727) 895-7737 / jstrathman@upcinsurance.com		(212) 836-9606 / aprior@equityny.com

7

Exhibit 99.1

Consolidated Statements of Comprehensive loss

In thousands, except share and per share amounts

	Three Months Ended
	March 31,
	2021		2020
REVENUE:
Gross premiums written	$	311,638	$	335,183
Change in gross unearned premiums	45,025		9,436
Gross premiums earned	356,663		344,619
Ceded premiums earned	(210,714)		(153,023)
Net premiums earned	145,949		191,596
Net investment income	3,583		6,917
Net realized investment gains (losses)	503		(68)
Net unrealized gains (losses) on equity securities	2,564		(26,456)
Other revenue	9,190		4,315
Total revenues	$	161,789	$	176,304
EXPENSES:
Losses and loss adjustment expenses	115,781		102,837
Policy acquisition costs	40,821		58,875
Operating expenses	13,222		9,704
General and administrative expenses	15,882		18,301
Interest expense	2,375		2,419
Total expenses	188,081		192,136
Loss before other income	(26,292)		(15,832)
Other income	10		28
Loss before income taxes	(26,282)		(15,804)
Benefit for income taxes	(7,822)		(3,288)
Net Loss	$	(18,460)	$	(12,516)
Less: Net income (loss) attributable to noncontrolling interests	(689)		207
Net loss attributable to UIHC	$	(17,771)	$	(12,723)
OTHER COMPREHENSIVE LOSS:
Change in net unrealized losses on investments	(21,739)		(4,110)
Reclassification adjustment for net realized investment gains (losses)	(503)		68
Income tax benefit related to items of other comprehensive loss	5,376		983
Total comprehensive loss	$	(35,326)	$	(15,575)
Less: Comprehensive loss attributable to noncontrolling interests	(917)		(26)
Comprehensive loss attributable to UIHC	$	(34,409)	$	(15,549)
Weighted average shares outstanding
Basic	42,898,488		42,805,527
Diluted	42,898,488		42,805,527
Earnings available to UIHC common stockholders per share
Basic	$	(0.41)	$	(0.30)
Diluted	$	(0.41)	$	(0.30)
Dividends declared per share	$	0.06	$	0.06

8

Exhibit 99.1

Consolidated Balance Sheets

In thousands, except share amounts

	March 31, 2021		December 31, 2020
ASSETS
Investments, at fair value:
Fixed maturities, available-for-sale	875,275		$	940,011
Equity securities	19,036		7,445
Other investments	42,445		47,595
Total investments	$	936,756	$	995,051
Cash and cash equivalents	228,454		239,420
Restricted cash	44,102		62,078
Accrued investment income	4,275		4,680
Property and equipment, net	32,949		34,187
Premiums receivable, net	78,714		87,339
Reinsurance recoverable on paid and unpaid losses	956,058		821,156
Ceded unearned premiums	296,118		384,588
Goodwill	73,045		73,045
Deferred policy acquisition costs	71,747		74,414
Intangible assets, net	20,887		21,930
Other assets	60,219		51,053
Total Assets	$	2,803,324	$	2,848,941
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Unpaid losses and loss adjustment expenses	$	1,217,791	$	1,089,966
Unearned premiums	678,913		723,938
Reinsurance payable on premiums	151,110		241,636
Payments outstanding	76,370		77,912
Accounts payable and accrued expenses	79,677		91,173
Operating lease liability	2,166		2,311
Other liabilities	59,909		46,365
Notes payable, net	157,450		158,041
Total Liabilities	$	2,423,386	$	2,431,342
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued or outstanding	—		—
Common stock, $0.0001 par value; 50,000,000 shares authorized; 43,310,496and 43,250,731issued, respectively; 43,147,180 and 43,075,877 outstanding, respectively	4		4
Additional paid-in capital	393,382		393,122
Treasury shares, at cost; 212,083 shares	(431)		(431)
Accumulated other comprehensive income	(6,945)		9,693
Retained earnings	(27,001)		(6,635)
Total stockholders' equity attributable to UIHC stockholders	$	359,009	$	395,753
Noncontrolling interests	20,929		21,846
Total Stockholders' Equity	$	379,938	$	417,599
Total Liabilities and Stockholders' Equity	$	2,803,324	$	2,848,941

9

EX-99.2

United Insurance Holdings Corporation (NASDAQ: UIHC) Investor Presentation May 5, 2021

Company Overview 2 UPC Insurance is a specialty underwriter of catastrophe exposed property insurance in the U.S. United Insurance Holding Corp. (NASDAQ: UIHC) was founded in 1999 and is the insurance holding company for 5 P&C carriers and operating affiliates operating under the brand UPC Insurance (UPC). UPC has the #1 market share of commercial residential property insurance (commercial lines) in Florida with nearly 5,900 policies and $358 million of premium in-force. Journey Insurance Company, our AM Best rated carrier formed in partnership with Tokio Marine Kiln, has expanded our commercial underwriting capabilities into Texas and South Carolina and is poised for profitable growth. UPC’s homeowners & fire insurance products (personal lines) are now focused on New York and 6 southeastern coastal states, with roughly 509,000 policies and $898 million of premium in-force. ¹ UIHC as of March 31, 2021 Total Assets: $2.80 billion Total Equity: $359 million Premium in-Force: $1.26 billion ¹ Employees: 465 Headquarters: St. Petersburg, FL Financial Strength Ratings: A- (Kroll) A- (AM Best) ² A (Demotech) 1 Excludes discontinued territories or where renewal rights have been sold 2 AM Best rating for Journey Insurance Company only Specialty Commercial Property Underwriters Specialty Homeowners Underwriters

Q1-2021 Executive Summary 3 Results Impacted By FL Litigation FL Legislative Changes Should Help • Core loss of -$19.4m or -$0.45/share, down -$28.5m y/y • Prior year reserve development & CAT items totaled $54.7m, up $37.7m y/y • Underlying combined ratio of 90.4% improved 0.3 points y/y • Florida Senate Bills 76 and 1598 expected to become law on July 1, 2021 • Includes meaningful changes the one-way attorney fees statute • Reduces time allowed to file claims and makes frivolous litigation more difficult Reinsurance Renewal Near Completion • Overall risk-adjusted rate change expected to be up • Includes lower occurrence and aggregate retention for named windstorm • Robust severity protection of our cascading aggregate structure remains in-tact 1 2 3 Exposure Management Working • The Probable Maximum Loss (PML) for our pooled group decreased in Q1 • The PML-to-Premium ratio improved as rate changes continue to stick • Restricting new FL homeowners’ and filed a +14.7% rate increase (effective 7/1) 4 Reserve Strengthening Due to Unusual Loss Development in Florida Overshadowed Good Progress

Q1-2021 Results 4 Abnormal Florida Homeowners Loss Development Drove Our Core Loss Gross underlying loss, expense, and underlying combined ratios continued to trend favorably Q1-21 Q1-20 Change Core income (loss) $ (19,370) $ 9,129 -312.2% per diluted share (CEPS) $ (0.45) $ 0.21 Included the following items Net current year catastrophe loss & LAE incurred $ 23,965 $ 17,118 Net (favorable) unfavorable reserve development $ 29,769 $ (1,129) Total items $ 53,734 $ 15,989 Core income (loss) excluding named windstorms $ (19,370) $ 9,129 312.2% CEPS excluding named windstorm $ (0.45) $ 0.21 Gross underlying loss & LAE ratio 17.4% 25.2% (7.8) pts Gross expense ratio 19.6% 25.2% (5.6) pts Net loss & LAE ratio 79.3% 53.7% Net expense ratio 47.9% 45.3% Combined ratio 127.2% 99.0% 28.2 pts Net current year catastrophe loss & LAE incurred -16.4% -8.9% Net favorable (unfavorable) reserve development -20.4% 0.6% Underlying combined ratio 90.4% 90.7% (0.3) pts PY Adverse Development: • $15m NonCAT FL Homeowners (AY20) • $15m CAT (mostly AY20 FL events)

Q1-2021 Results by Line of Business 5 Our Specialty Commercial Continues to Perform Very Well $ in millions PL CL Total Gross Premiums Earned $ 258.4 $ 98.2 $ 356.7 Ceded Premiums Earned (153.9) (56.8) (210.7) Net Premiums Earned 104.5 41.4 145.9 Investment & Other Income 12.0 1.2 13.3 Unrealized G(L) on Equities 2.5 0.1 2.6 Total Revenue 119.0 42.8 161.8 Underlying Loss & LAE 51.9 10.2 62.0 Current year CAT Loss & LAE 19.6 4.4 24.0 Prior year development (PYD) 30.4 (0.6) 29.8 Total Loss 101.9 13.9 115.8 Operating Expense 48.5 21.4 69.9 Total Expenses (excluding interest) 150.4 35.3 185.7 Core Income (Loss) $ (27.2) $ 7.8 $ (19.4) Underlying Gross Loss Ratio 20.1% 10.4% 17.4% Gross Expense Ratio 18.8% 21.8% 19.6% Net Loss Ratio 97.4% 33.6% 79.3% Net Expense Ratio 46.4% 51.8% 47.9% Combined Ratio 143.8% 85.4% 127.2% CAT Loss -18.8% -10.5% -16.4% PY Development F/(U) -29.1% 1.5% -20.4% Underlying Combined Ratio 96.0% 76.4% 90.4% Personal Lines (PL) represents our homeowners’ business and is performing outside of Florida, but Commercial Lines (CL) is what we seek to grow PYD is 100% Florida Homeowners where we are reducing exposures

Florida Litigation Market Dynamics 6 Insurers paid $15.3B in connection to lawsuits from 2013 to 2020 • 71% of payments have funded plaintiff attorney fees • One-way attorney fee statute has been the driver of frivolous suits • Attempts at legislative reform continue to fall short Litigation Trends Continued to Create a Challenging Operating Environment in Q1 Source: Guy Carpenter UPC per month suits continuing to grow since Hurricane Irma Industry Trend UPC Trend

Florida Legislative Update 7 SB 76 & 1598 Expected to Become Law July 1st & Provides Much Needed Relief Highlights Include: • Reducing the time limit for filing insurance claims to two years from the date of loss • Requiring plaintiffs to go thru several additional steps prior to filing a lawsuit on a property insurance claim • Replacing the one-way attorney fee statute with a statute that makes the recovery of attorney fees and costs contingent on obtaining a judgement for indemnity that exceeds the pre-suit offer made by the insurance company: In the event of a trial, the bill requires the plaintiff to obtain a damage award (excluding attorney fees and costs) of at least 50% of the “disputed amount” (the difference between the offered indemnity payment and the indemnity amount demanded) in order to be entitled to 100% of reasonable attorney fees. A recovery of less than 20% of the disputed amount result in no fee recovery by the plaintiff attorney. Recoveries of between 20% and 50% result in a proportionate recovery of attorney fees and costs. • Requiring the consolidation of legal actions involving coverage for multiple claims under the same residential insurance policy • Prohibits roofing contractors or any person acting on their behalf from making a “prohibited advertisement”. A “prohibited advertisement” includes any electronic communication, phone call, or document that solicits a claim, offers anything of value for performing a roof inspection, offers to interpret a policy of insurance, offers help in filing an insurance claim, or offers to adjust a claim on the insured’s behalf • Requiring public adjuster firms to be licensed by the State of Florida • Prohibits public adjusters from being paid by contractors or attorneys

Cautionary Statements 8 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, 2019 and 2020 and our Form 10-Q for the periods ending March 31, 2021, once available. 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.

XML

Cover Page Document	May 05, 2021
Document Information [Line Items]
Amendment Flag	false
Document Type	8-K
Document Period End Date	May 05, 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