UIHC - United Insurance explores options to expand specialty underwriting

United Insurance Holdings (UIHC) 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.The company also completed its core catastrophe reinsurance program and quota share program for United Property & Casualty Insurance ("UPC"), Family Security Insurance ("FSIC"), and American Coastal Insurance ("ACIC"), effective June 1, 2021.The core catastrophe reinsurance program includes $2.85B 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 $15M for both the first an second events, down from $46.25M for the first event and $17.5M for the second event in 2020, a 53% reduction in aggregate Y/Y.Should the 2020 hurricane season repeat itself, the core CAT program would limit net retained hurricane losses to $31.0M

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United Insurance explores options to expand specialty underwriting