United Insurance Holdings Corp. (UIHC) Q2 2022 Earnings Conference Call August 8, 2022 5:00 PM ET

Company Participants

Karin Daly - Vice President, Equity Group

R. Daniel Peed - Chairman & Chief Executive Officer

Bennett Bradford Martz - President & Chief Financial Officer

Operator

Hello, and welcome to the United Insurance Holdings Second Quarter 2022 Financial Results Conference Call and Webcast. At this time, all participants are in listen-only mode. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Karin Daly, Vice President with the Equity Group. Please go ahead, Karin.

Karin Daly

Thank you, Kevin, and good afternoon, everyone. UPC Insurance has also made this broadcast available on its website at www.upcinsurance.com. A replay will be available for approximately 30 days following the call. Additionally, you can find copies of UPC's earnings release and presentation in the Investors section of the company's website. Speaking today will be Chairman of the Board and Chief Executive Officer, R. Daniel Peed; and President and Chief Financial Officer, Bennett Bradford Martz.

On behalf of the company, I'd like to note that statements made during this call that are not historical facts are forward-looking statements. The company believes 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 expressed in or implied by the forward-looking statements. Factors that could cause actual results to vary materially may be found in our filings with the U.S. Securities and Exchange Commission in the Risk Factors section of our most recent annual report on Form 10-K or 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 statements.

With that, it's my pleasure to turn the call over to Mr. Daniel Peed. Dan?

R. Daniel Peed

Thanks, Karin. Hello, and thanks for joining us on our second quarter earnings call. I'm Dan Peed, Chairman and CEO of UPC Insurance. I'm planning to offer an overview of some of our activities in the second quarter, and then Brad Martz will provide more specific numbers.

The second quarter was busy. During the quarter, we closed on restructuring both our personal lines and commercial lines businesses. In personal lines, we closed the merger of Family Security Insurance Company and UPC effective May 31, with UPC as the surviving entity. In our commercial lines business, we merged Journey Insurance Company and American Coastal Insurance Company effective June 1, with American Coastal as the surviving entity. Both of these were done to separate out our personal lines and commercial lines businesses, simplifying the structure from five writing companies to three, reallocate capital and reduce expenses.