United Insurance Holdings Corp. (NASDAQ:UIHC) Q2 2020 Earnings Conference Call - Final Transcript

Aug 05, 2020 • 05:00 pm ET


United Insurance Holdings Corp. (NASDAQ:UIHC) Q2 2020 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the UIHC Second Quarter 2020 Earnings Conference Call. [Operator Instructions]. A question-and-answer session will follow the formal presentation. [Operator Instructions]. I would now like to turn the conference over to your host, Adam Prior of the Equity Group.

Adam Prior

Thank you and good afternoon, everyone. Thank you for joining us. You can find copies of UPC's earnings release today at www.upcinsurance.com in the Investor Relations section. In addition, the Company has made an accompanying presentation available on its website. You're also welcome to contact our office at (212) 836-9606, and we'd be happy to send to a copy. In addition, UPC insurance has made this broadcast available on its website as well.

Before we get started, I'd like to read the following on behalf of the Company. Except with respect to historical information, statements made in this conference call constitute forward-looking statements within the meaning of federal securities laws, including statements relating to trends in the Company's operations and financial results and the business and the product of the Company and its subsidiary.

Actual results from UPC may differ materially from those results anticipated in these forward-looking statements as a result of risks and uncertainties, including those described from time to time in UPC's filings with the Securities and Exchange Commission. UPC specifically disclaims any obligation to update or revise any forward-looking statements as a result of new information, future developments or otherwise.

With that, I'd now like to turn the call over to Mr. Dan Peed, UPC's Chief Executive Officer. Please go ahead, Dan.

R. Daniel Peed

Thanks, Adam. Hello. This is Dan Peed, Chairman and CEO of UIHC. Thanks for joining our call today. Our second quarter was a big quarter. Effective June 30, John Forney resigned to pursue other opportunities. We are friends with the Company he's joining and we wish them well. Effective July 1st, the Board of Directors appointed me to the role of Chairman and Chief Executive Officer. I have been a part of the UIHC Board of Directors since the 2017 acquisition of American Coastal and I'm excited to jump in to this new role as CEO.

Just to provide a touch of information on my background. I co-founded AmRisc in 2000 and served as underwriter, President, CEO and finally, Vice Chairman, retiring at the end of 2019. AmRisc is an MGA owned by BB&T Truist and is now one of the largest catastrophe oriented MGAs in the U.S., writing a large portfolio of commercial cat and specialty commercial property business with a 20-year track record of outstanding underwriting results. As AmRisc continues to underwrite for American Coastal, UPC continues to share a very strong relationship and partnership with AmRisc.

I've been involved with UPC since the sale of American Coastal to UPC in 2017. At that time, I joined the Board of Directors as Vice Chair. Effective July 1st, as my appointment as Chairman of the Board, Greg Branch assumes the role of Chairman Emeritus. Mr. Branch has provided excellent leadership since the