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United Insurance Holdings estimates gross cat losses in Q1 of $15M before tax

UnitedInsurance Holdings Corp. said April 13 that it estimates grosscatastrophe losses incurred during the first quarter to be approximately $15million before income taxes, or approximately $9.4 million, or 43 cents pershare, on an after-tax basis.

The company's catastrophe losses included more than 800claims from a series of tornado, hail, winter storm and other severe convectivestorm events primarily in Florida, Louisiana, Massachusetts, Rhode Island andTexas during the first three months of the year.

For the remainder of the year, United Insurance has $20million of catastrophe aggregate reinsurance available to protect it fromincurring additional catastrophe losses from 2016 events other than namedwindstorms. That reinsurance treaty has an annual retention of $15 million,which the company expects to exhaust for the events that took place during thefirst quarter of the year.

United Insurance is set to announce first-quarter earningsApril 27.