ST. PETERSBURG, Fla., March 31, 2009 (GLOBE NEWSWIRE) -- United Insurance Holdings Corp. (OTCBB:UIHC)(OTCBB:UIHCW)(OTCBB:UIHCU) ("United" or the "Company"), an underwriter of primarily homeowners insurance in the State of Florida, today announced financial results for its fourth quarter and year-ended December 31, 2008 (see attached tables).
United's CEO, Don Cronin stated, "We are pleased to report strong results for the year ended December 31, 2008, a transformational year for our company. Recently, some competitors, including a large national carrier announced that they are leaving the state, and we feel that United has prudently and appropriately positioned itself for continued growth in Florida's fragmented insurance market. We have been selective with our new business and policy assumption strategy, further strengthened relationships with our reinsurance partners, and maintained a steady investment plan. Let me discuss in detail some of the factors currently affecting United and the Florida insurance market:
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