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St. Pete insurer plans direct-to-consumer products

February 25, 2021 - United Insurance Holdings Corp., a St. Petersburg-based property and casualty insurance holding company, has formed Skyway Technology, an insurtech subsidiary developing direct-to-consumer products. The new subsidiary will build off of the investments that United Insurance has made in its technology systems over the last several years, Daniel Peed, chairman and CEO, said during a conference call with analysts Wednesday. United Insurance (Nasdaq: UIHC), which does business as UPC Insurance, reported a net loss of $96.5 million, or $2.25 a share, on revenue of $846.7 million for the full year of 2020. During the conference call, Peed cited a record number of named storms last year and said the catastrophe loss masked a significant improvement in the company's underlying portfolio.

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